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What is a Forensic Accountant and Why Are They Necessary? Today we now have the opportunity to pursue a career a forensic accountant, as the need for them appears to be more prevalent than ever. This type of accountant is capable of working either internally or externally as an auditor and they are typically brought into to assist with investigations involving cases of bankruptcy, fraud or other types of legal conflicts. Great forensic accountants are liaisons between the financial paperwork, the party in need of assistance, and the people or organization believed to be committing foul play, and the accountant will act as a detective of sorts, actively determining who is at fault, and how much is owed to the proper party. Once the full investigation is completed, a report is produced post audit, and can be used in court as evidence. There are many times when an accountant will be called to the stand to testify and explain what he or she discovered during his or her audit. For those who are curious to know why it is suddenly necessary to hire a forensic accountant, all you have to do is take a look back at our society for the past couple decades and you will be inundated with a series of scandals regarding financial institutions who were improperly handling their finances, creating serious legal trouble for themselves, and not being properly audited for it. We have created forensic accountants because it has become necessary to audit businesses and prevent them from stealing or improperly working on the books. In the past, well paid employers completely devastated the lives of many lower paid employees, and thus the birth of forensic accounting became increasingly necessary, so that this would never happen again, ultimately preventing the economy and many people from entering a complete and total state of financial disarray.
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It is important to note that forensic accounting is one sector of financial accounting, and its an extension to traditional auditing, only used one a situation calls for further investigation. In other words, you only need a forensic audit, not as a routine process, but to resolve a discrepancy. Here are a series of issues where it may be necessary to call upon a forensic accountant: agency fraud, insurance fraud, personal injury claims, insurance claims, SEC inspections, marital disputes, royalty audits, construction audits, etc. Whatever the reason may be, it is important that you work with an accountant you trust implicitly, as this person may be solely responsible for retrieving a large sum of money for you. The best way to start searching for this person is to rely on referrals and do the appropriate amount of research needed to find exactly what you are searching for.