Do you run a business in and around Nassau County NY, New York City, New York County NY, Raleigh NC, or Suffolk County NY? Then, you should invest in a certain kind of expertise that ensures precise and credible financial analysis with respect to both your business valuation and forensic accounting. We, at BizValue Ltd, are a middle-market accounting, litigation services, forensic accounting, and business consultancy firm with more than 20 offices throughout the United States, ranking high among the biggest associations of business valuation in the country.
Here, we have put together a few essential things that you need to know about forensic accounting so that you can make a well-informed decision.
What is Forensic Accounting?
This is basically specialty practice area of accounting which involves the description of engagements as an outcome of the actual or anticipated disputes or litigation. Forensic accountants are known as forensic auditors or investigative auditors, who can further provide you with expert evidence eventually at the trial.
Forensic accountancy in Firms
All large, medium-sized, or small accounting, as well as boutique firms along with other police and government organizations, should have expert forensic accountancy departments. These groups may further be sub-categorized according to the skills and specializations of the accountants like anti-money laundering, royalty audits, insurance claims, fraud etc.
Categories of Financial Forensics Engagements
The financial forensic engagements can be classified into different sections, including:
Tax Fraud Litigation
Bankruptcy Litigation, Reorganization, and Insolvency
Securities Fraud Litigation
Calculation of Economic Damages via tort/breach of contract
The Role of Forensic Accountants
The forensic accountants can help you with professional negligence claims by analyzing and commenting on other professionals’ work. They are also associated with marital and family law, scrutinizing lifestyles for spousal support cases, along with deciding on the available income for child support or impartial distribution. Others might also have a specialization in forensic analytics which involves the acquiring and analysis of electronic data to identify, reconstruct, or even support a financial fraud claim.
So, if you are interested in availing our credible solutions in forensic accountancy or financial forensics, schedule a free consultation with us at the earliest.