The job of a forensic accountant is to provide litigation support through accounting. A company has many reasons to hire a forensic accountant due to their skills of investigatory auditing which is required in various circumstances. They discover and prosecute financial crimes using tools such as historical accounting and digital forensics. Here are some situations where people and companies hire a forensic accountant :
Divorce and marital assets. During a divorce, divisionof marital assets especially for a couple with high net worth can get really messy. Multiple bank accounts,investment portfolios and other private investments make it more complicated and difficult. A party may try to hide their financial funds by stowing them offshore and humbling up their financial records. A forensic accountant is needed in these cases to comb through the financial statements and bank accounts of both parties and discover any irregularities.
Mergers and acquisitions. When one company merges with another or purchases another company, there is a lot of financial analysis that must be done. If the mergers are equal, they may both want to analyse each others finances and discover frauds if any and if it is the purchase of a company, the acquiring company may want to check the other company’s finances .A forensic accountant is needed to ensure that all books are in order. They have highly special skills and tools to discover frauds and irregularities that traditional accounting cannot detect.
Company audits. Standard audits only discover misstatement that are of a certain amount and hire and ignore small ones. This may be used by someone to steal a small of money over a long period of time and have a huge total. A forensic accountant has special skills that can detect these small misstatements and detect a pattern and detect fraud.
Insurance claims. There are some cases where an individual or company may inflate the value of their physical and real assets and use those fraudulent numbers in their insurance claims or even capitalise on a fraud case and claim to have incurred a larger loss than they had. A forensic accountant can investigate and find out the truth.
Embezzlement cases. Tracking embezzlers and catching them is far from easy. Standard accounting methods and even CPAs are not able to find them. When a company detects embezzlement the best thing to do is to contact a forensic accounting team. They have special methods that they use to track the embezzlers down and catch them.
There are several forensic accountants out there and getting one will not be hard .The hard part is finding the best one. Do your research online and find out which forensic accountant is a highly skilled professional and gas years of experience in the field. Check out the services they offer and if they are what you need. Also check out the customer service is it high quality or not? Lastly check out if the reviews of previous clients are good. You can now settle on the best forensic accountant for you in Miami.