Forensic accounting is one of the most useful forms of accounting that is used in corporate businesses. Corporate houses and big firms rely heavily on forensic accountants and auditors to resolve their major accounting issues and discrepancies in their accounts. Major applications of forensic accounting include investigations of frauds, cases that include negligence, and also cases that are related to insurance claims.
In the forensic accounting process, one of the main expectations of the forensic accountant is to quantify a loss. As an example, in case of professional negligence, a forensic accountant may help to identify the areas which have got impacted due to professional negligence and then quantify the impact of the negligence on your business or your firm. Forensic accountants may also be approached in case there is a disagreement between two parties and the possibility of mutual agreement seems very limited to none. In such a case, an accounting professional may be approached for an expert valuation of the claims by both the parties. They may also give opinions on the credibility and validity of claims by both parties.
It is interesting to note that forensic accountants also have a strong foundation in legal matters related to accountancy. Accounting advisory services in Sydney can help you coordinate with the legal authorities in your jurisdiction to help resolve any of the accounting-related claims in your business. They are trained and experienced to help you in all the matters related to accounting, including forensic accounting and auditing requirements.