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.

Forensic Accountants Investigating Several Strands of Evidence

There are several ways in which Forensic Accountants in Dubai accumulate evidence in corporate fraud cases, and fraud examiners generally use a combination of methods reliant on the case. This involves Computer Assisted Audit Techniques (CAAT), which examine large volumes of data to look for abnormalities.

The auditors in Dubai extract every single transaction that has been done in the business during a certain period, thereby permitting the accounting expert to quickly locate areas for further examination.

Forensic Accountants in Dubai also gather evidence by assessing and reviewing documentation, counting cash, and conducting interviews with appropriate parties. In case of an early appointment, the accountants in Dubai can help in determining the scope of the investigation.

A Valuable Asset to Legal Professionals

The insight and support of accounting experts are indispensable to investigators representing either the legal proceedings or the defence in financial cases. Many legal experts do not have the time or the necessary skill to create a case from financial evidence and need the Forensic Accounting expert’s services to make sense of the data.

Forensic Accounting mainly refers to the overall process of examining a financial crime matter, from mustering and analyzing data, to interviewing parties involved and collating a report.

Complications in Financial Cases

The sheer volume of evidence-driven financial cases can convey that the process of investigation and the subsequent trial can be a very lengthy and complex process. Financial investigations are often intricated by problems such as spoiled or fake documents, and Forensic Accounting experts have to get hold of these potential flaws for their evidence to be effective in court.

Contact us for Forensic Accounting Experts

Fraud cases are often complex and lengthy. Forensic Accountancy experts are very proficient investigators who will assist the investigators throughout the entire timeline of the case. If you are dealing with any kind of financial fraud, we can provide the right Forensic Accountancy experts for your case through our broad network of expert witnesses.

At JAXA Chartered Accountants, we aim to provide the best possible solution for your business problems. We provide various accounting services which will help your company to reach the pinnacle of success. For more details about the services provided, contact us. We will be happy to assist you.

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