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Operating a business or organization has become more complex than ever and as a result executives financial and legal needs have expanded as well. Business transactions have become more complex than ever and so at some point, you may need forensic accounting services.
What Is Forensic Accounting?
This is a very common question and the answer it fairly simply; it's the highest level of Accounting and Auditing Services offered by Certified Public Accountants. The forensic accountant's conclusions are normally the most sustainable in adversarial proceeding or in a judicial or administrative review. They offer the highest level of assurance since a forensic accountant's independent findings are based on scientific detection and the most comprehensive interpretation of evidence under examination.
Forensic investigations are quite different from financial statement auditing and other types of financial reporting services since in those services the objective is to attest that the figures are presented fairly and in accordance with Generally Accepted Accounting Principles (GAAP). Similarly, in fraud engagements the main objective is to predict the likelihood that fraud is detectable or preventable in a corporate or regulatory environment.
What Is A Forensic Accountant?
Forensic Accountants are highly trained investigators; they are independent and unbiased and normally have years of first-hand experience. A Forensic Accountant usually becomes an integral part of negotiations or litigation by providing accurate information needed in the evaluation or settlement of disputed amounts. The main reason for hiring a Forensic Accountant is to use their findings and conclusions to create value in settlements, claims and jury awards by quantifying and supporting the findings.
When Should A Forensic Accountant be Hired?
Forensic accounting engagements relate specifically to an issue(s) usually defined by the party engaging the accountant. The client normally defines a specific task or goal, such as calculating a loss because of a catastrophic event, calculating a royalty or the value of the pension plan, unreported employee benefit contributions, wage and hour issues, etc. We always tell potential clients, "you'll know when the time comes to hire a forensic accountant". We are often asked why shouldn't I hire my regular accountant and our answer is, "you can but, even though your regular accountant may be highly qualified to perform your normally recurring work they may not have the expertise required to perform these very specialized services".
Our 'Certified Financial Forensics' (CFF) and professional staff members perform forensic accounting and litigation services continuously which, in our judgement, is vital to be effective and efficent. Our CFFs offer forensic and litigation support services in the following areas:
- Acquisitions and Mergers
- Bankruptcy Proceedings/Insolvencies
- Breach of Contract Losses
- Business Interruption
- Business Valuations
- Catastrophic Event Claims
- Class Action Cases, Securities, Drugs, etc.
- Commercial Fraud Investigations
- Delinquent Employee Benefit Contributions
- Expert Testimony in Litigation matters
- Financial Statement Fraud Detection
- Hidden Assets Investigation
- Insider Trading Cases
- Marital, Corporate and Partnership Dissolution
- Personal Injury and Wrongful Death
- Wage and Hour Litigation
- Unreported employee benefit contributions and other assessments
We look forward to working with you when the need arises, please call us at 877 529 9301 with any questions or additional information.
We offer clients a proven and unparalleled record of superior service at cost effective prices. We encourage you to call us for a quote on services. 877-529-9301 or email@example.com we look forward to hearing from you.
LaPadula Carlson +Co has offered Assurance services for four decades. Our clients can rest assured our team of professional auditors and accountants will evaluated the reliability, credibility, relevance, and timeliness of your financial statements and underlying systems and procedures.