Are you in need of forensic accounting assignment help? We are here for you. It is important to posses accurate accounting information in today’s world to aid in better decision making. It is thus the responsibility of the company to disclose true and relevant information to the public while maintaining responsibility, honesty and integrity. However, there are instances where directors of the company collaborate with auditors to manipulate financial reports with the aim to extort the public. This may be done in order to conceal a serious fraud or the struggling financial position of the company.
Forensic accounting employs accounting, auditing and investigative accounting approaches in order to conduct a thorough examination of the company financial statements. The aim of forensic accounting is to provide precise answers and evidence exposing how a financial fraud took place. Forensic accounting is not only an interesting field but also one that requires great expertise and effort. We provide forensic college accounting homework help for students all over the world. You will get quality, well researched and original forensic accounting paper that will guarantee you best grades at the end of your study.
Branches of forensic accounting
This type of accounting emanates when there is a fraud involving employee, manipulation of financial records, insurance fraud or any other type of fraud in an organization. Investigative accounting provides a detailed explanation on how the fraud occurred and possible explanations.
This branch of forensic accounting provides quantification of an economic damage. It is an order by a court of law in order to determine extent of damage for the purpose of resolving a dispute through compensations and settlements.
Forensic accounting procedure
This involves the initial suspicion of a fraud and the call for an investigation to answer the fraud doubts. At this stage; we know that there s fraud but the source is not specific. Preliminary investigation involves extensive examination of all the financial statements in order to identify the specific fraud area.
Planning stage involves identification of specific objectives and audit methods to use in conducting the investigation. This follows when we have sufficient evidence of fraud from the preliminary investigation. There is no forensic activity taking place in planning stage; rather it is a projection of forensic goals and how best to attain the set goals.
Collecting of information
At this stage, compilation is done for all relevant information. It involves an in-depth interviewing of key employees, collecting of financial statements and any other data that could be relevant for the investigation process. In some instances the investigator can examine off site information in order to ascertain consistency with the onsite information.
Analysis of information
Analysis depends on the information and data collected; it is an ascertainment of the level of fraud. Analysis will use calculations to indicate the level of damage, tracing of assets and sensitivity analysis.
Completion of a forensic accounting report is done. It details the objectives, methodology, findings and expert conclusion. The report is confidential and only produced as a requirement by the court indicating the extent of fraud and those involved. Unlike financial statements, forensic reports cover a larger time period of more than one financial year.
Types of fraud
Financial statement fraud
This is intentional omission, alteration, overstating an expense or understating of revenue with the aim of personal financial gain. Most high profile company frauds are in this category of financial statement fraud.
This type of fraud happens when staffs or third parties entrusted with organization assets steal from it. This may occur though personal use of resources initially meant to maintain and repair a particular asset.
Theft of intellectual properties
Intellectual property theft is on the rise over the recent past as a result of wide spread information technology. Examples of intellectual property include copyrights, patents, trade secrets and trademarks. Theft of intellectual property refers to the duplication of an original piece of work without the owners permission.
This type of fraud occurs when cash leaves before entering into the company accounting system. This is easy form of fraud to effect but difficult to detect since there are no records indicating the transactions.
Indicators of fraud
- Unpredictable large losses
- Noncompliance with internal controls and standards
- Unexplained employee lifestyles
- Inventory shortages
- Forgery and use of duplicate documents
Forensic accounting assignment help
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