Have you ever come across ‘forensic accountant’ and wondered what exactly does one do?
Well, you have come to the right place.
Here at James Hyland and Company, we have an experienced team of forensic accountants in Cork who can help you in a number of ways.
Forensic accounting utilises accounting, auditing and investigative skills to conduct an examination into the finances of an individual or business.
Forensic accounting provides an accounting analysis suitable to be used in legal proceedings.
Meanwhile, forensic accountants are trained to look beyond the numbers and deal with the business reality of a given situation. They examine data to determine where missing money has gone and how to recover it.
They then present reports of their financial findings as evidence during hearings and they often testify as expert witnesses. Their work serves a very important purpose in public accounting,
So, how can a forensic accountant help you?
Unlike general accountants who sometimes work for individuals, forensic accountants work with consulting firms and solicitors
However, the role an accountant plays with each can vary depending on the setting and the issue at hand. Each deals with money in different ways.
Some forensic accountants work on broader cases while others work in specific fields such as insurance or public accounting.
What does a forensic accountant do in their work?
A forensic accountant will carry out what is called an audit.
In an audit, there are three areas of focus.
These include investigation, reporting and litigation.
An investigation will see the accountant collect evidence when fraud suspicions exist. Using the information gathered, they will form a hypothesis as to what happened and create a follow-up plan.
Reporting takes place after the investigation. Once the fraud is determined, the accountant decides how to handle the case and suggests the next steps to be taken.
Finally, litigation involves the forensic accountant participating as an expert witness. They present their findings in court and testify against the offending party.
If you have any questions, please do not hesitate to contact James Hyland and Company at (021) 480 6346 or email email@example.com
Read more: Meet the team