Why is forensic accounting a growing field?
A guide to forensic accounting
Legal cases that involve financial crimes can be lengthy. It is important that all strands of evidence are presented accurately in these cases. A lot of solicitors enlist the help of a forensic accountant to help gather the relevant evidence for court.
In this guide, our experts will discuss everything you need to know about forensic accounting and why it’s a growing field.
What is forensic accounting?
Forensic accountants have a wealth of experience in finance and accounting. The insight into financial cases from accounting experts is often vital to solicitors during court cases.
Forensic accountants help to gather data and evidence in fraud and other financial cases that have proceeded to court. Their investigations are used to present data involving financial irregularities.
Forensic accounting duties usually involve gathering and analysing the relevant data, interviewing parties involved and providing a witness report.
What role does a forensic accountant play?
A forensic accountant must be experienced with accounting, auditing and investigating. They must be able to investigate suspicious financial activity and collect evidence. As leading forensic accountants, we use our specialist skills to examine all data. Our team has a proven record to track and recover missing finances successfully.
Forensic accountant services include analysing large volumes of data for these cases. This means that a forensic accountant may be called to present evidence in court as an expert witness. Here at Hartley Fowler Chartered Accountants, we have been ‘checked’ as an Expert Witness by the Law Society.
What cases could require a forensic accountant?
A forensic accountant can gather data for claims made in multiple industries and fields.
The duties of a forensic accountant will vary on a case by case basis. Sometimes forensic accountants are requested on large fraud cases. Sometimes their services can be requested on more personal cases. This could be family and marital disputes or termination of employment-related cases.
A forensic accountant’s services could be required during a dissolution of a marriage. The accountant will review the financial assets of both parties to provide solicitors with accurate information for court proceedings.
Forensic accounting services could also be required for the following scenarios:
- Business disputes
- Unexplained wealth
- Professional negligence
- Personal injury claims
What data does a forensic accountant investigate?
Forensic accountants assist solicitors during the entire length of the case. Forensic accountants have the skill of looking beyond the transactions that are in front of them, helping to establish whether missing funds are a result of a crime or an accident.
The data a forensic accountant may have to investigate could include transactions, banking records and other financial documents. They usually have to conduct interviews, analyse evidence and create a detailed report.
To learn more about how we can help with our forensic accounting services, click here.
Why is forensic accounting a growing field?
Forensic accounting is a growing field. This increased demand is mostly due to the rise in new businesses and enterprises. There has been a surge in new businesses in the UK since the coronavirus pandemic, with nearly 80 new businesses being created per hour in the first 6 months of 2021.
As these are new entrepreneurs trying to grow their business, they are likely to need the skills of a forensic accountant. Our experienced forensic accountants can offer their support and protection from fraud for a range of businesses. Regardless of if a business is new or existing, it will benefit from a forensic accountant at some point during trading.
For experienced forensic accounting services
Here at Hartley Fowler Chartered Accountants, we provide businesses and their advisers with in-depth forensic accounting services. Our team has extensive courtroom experience and can produce prompt and reliable witness reports. When you choose our team you’ll be choosing a wealth of experience and a successful track record.
We can help with bigger fraudulent cases and those smaller, more personal legal proceedings too.
If you’d like to speak to a member of our expert team about our forensic accounting services, please call us today on 020 8946 1212. Alternatively, please book a free initial consultation here. We will provide you with as much advice as we can with no obligation.