Besides being an accountant, forensic accountants also specialize in investigative work, which means they are trained to conduct investigation into fraud, bribery, money laundering, and embezzlement. They also use a variety of skills and methods to conduct their investigations.
Investigate incidents of fraud, bribery, money laundering and embezzlement
Using forensic accounting in investigations can help uncover and resolve financial crimes. Forensic accountants are experienced in preserving and analyzing financial data, which often includes documents, electronic communications, and physical evidence.
The Financial Crime Investigations Unit investigates complex crimes involving businesses, individuals, and funds belonging to a business or individual. These crimes include money laundering, fraud, and embezzlement.
Fraud investigations are increasingly complex. Typically, an investigation begins with a money trail left by the fraudster. This trail may be hidden, or it may be public. In the latter case, an investigation may find clues by examining the public record. For example, in a financial institution investigation, the investigator may learn that the subject transferred funds from a legitimate source to a fraudulent one. During the investigation, the investigator should try to uncover any other activities that the subject may have engaged in.
An investigation may also involve interviews of people within the organisation. These interviews may reveal the fraudster’s intent. This is important to regulatory enforcement and criminal prosecution. It may also provide a clue to the other assets the fraudster may have acquired.
Quantify economic claims arising due to an automobile collision
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Present value and discount rates help forensic accountants accurately determine the true worth of a claim
Using present value and discount rates to value claims helps forensic accountants assess the true worth of a claim. Present value refers to the amount of money received after transaction costs and interest have been deducted. Discount rate refers to the rate of return required to value a financial instrument.
Present value and discount rates are also used to measure a company’s stockholders’ equity. Equity is the nominal value of the assets in a corporation. The monetary value of the stockholders’ equity is calculated by dividing the market price of the stock by its number of outstanding shares.
Other financial indicators used to measure a company’s performance are its balance sheet, cash flow statement, and income statement. These three financial statements help forensic accountants understand the financial position and performance of a company.
The first in first out accounting method, or FIFO, is a method of valuing inventory. In this method, inventory is valued at its lowest cost. This is achieved by subtracting the normal profit margin from the net-realizable value of inventory.