Role of Forensic Accountants in Fraud Examination
Money is in the centre of all the crimes which have been committed and the latest trend is of committing online fraud. Online fraud is now the most recurrent crime that mainly includes identity theft. Fraud comes in several forms and can range from small value thefts up to extensive corruption within global businesses.
Legal cases, including financial crime, can be very lengthy and complex, with many pieces of evidence to investigate. For this reason, many lawyers enlist guidance from an experienced forensic accountant.
Forensic Accounting expert witnesses can play a vital role in ensuring these cases run smoothly. A forensic accountant will conduct the investigation of the crime and will be able to provide a great amount of assistance in the investigation.
Legal work needs support from several scientific fields to support legal decisions. Forensic Accounting is one of these leading and upcoming specialties in the legal field. Let us briefly understand what forensic accounting is and then the role of Forensic Accountants in fraud examination in Dubai.
What is Forensic Accounting?
Forensic Accounting can be defined as that niche used to reveal any accounting or financial violations in a business or industry. The skills needed for practicing Forensic Accounting to impact positively are numerous and every forensic accountant must possess them. Forensic Accounting is not only concerned with the accounting jobs but also assists in utilizing all the skills and experiences to test matters related to business.
Forensic Accounting relies on different pillars. These pillars consist of the character of an accountant and the knowledge of the law. The accountant’s character is considered the experience of the accountant, self-reliance, creativity, and investigation capabilities.
Giving an Independent Expert Opinion using Industry Expertise
Forensic Accountants in Dubai are completely trained, with years of experience, and are also qualified accountants. Their experience of financial services and accounting means that they are able to scrutinize and interpret large volumes of data, including confidential documents, financial transactions and banking records of the business.
Forensic Accountants in Dubai use their skills in accounting and financial services combined with their investigative ability to quantify or challenge the amount of a claim. A Forensic Accountant with the appropriate experience may also submit evidence in court as an expert witness. Their insights can help ascertain a financial claim’s quantum in a varied range of financial cases involving criminal and civil fraud and insurance claims.
