Owning and running a business can be a complex responsibility. There are often a number of challenges that can come up that require the help of some specialized accounting known as forensic accounting. It can prove to be helpful in a number of different situations for clients professionally and personally. When there is some investigating that is necessary to solve certain disputes, forensic accounting can prove to be invaluable. Principle Insolvency is here to talk about some of the different circumstances in which forensic accounting is needed.
Ways Forensic Accounting Can Be Beneficial
It doesn’t matter if you are an individual or in the public or private sector, there are situations where you might find yourself in need of help from a forensic accountant. Here are some examples of those types of situations.
– Fraud: If there is evidence of fraud in a company, it is often a reason to call in forensic accountants to help uncover the truth. This is a difficult thing to do when you don’t have the experience or the expertise needed to get to the bottom of what is going on. A forensic accountant is able to identify the fraud, quantify the loss, and find the perpetrator and identify the funds as well as the assets of that individual. These funds and assets are frozen to help recover them.
– Reconstructing Lost Records: Sometimes, record keeping is purposely hidden to try and hide shady behavior. Sometimes, locating these translations, assets and tracing them can be a difficult thing to do without the expertise of a forensic accountant. During this process, a forensic accountant will be able to reconstruct records so that financial data isn’t lost.
– Money Laundering: There are some situations where money laundering is occurring as well. Hiding money and moving it in a way that you can pocket it rather than honestly record it with the company is illegal. This type of behavior can be hard to pinpoint. It may require the help of a forensic accountant to help identify the origins , flows and whereabouts of missing income. We will also work to uncover the truth of who is behind it all as well.
– Separation: On a personal level, there are times where a forensic accountant is necessary in working with those couples that have decided to separate. A forensic accountant can help ensure both parties are treated fairly as the assets and funds are divided equally between them.
Insolvency Services in Auckland, Hamilton, Levin & New Zealand Wide
It can leave you feeling uncertain and uncomfortable when you decide that you need the help of a forensic accountant for whatever reason. If you find yourself in this position, you can turn to Principle Insolvency to help you uncover the truth. Our forensic accountants will work with you to help you find the answers you’re looking for. Our team of experts can look at your financial situation and help guide you through the process. Call us today!