Forensic Accountant Melbourne
What is Forensic Accounting?
Forensic accounting, sometimes referred to as financial forensics, is a specialty best understood when broken up into its components: “forensic” and “accounting”. “Forensic”, in this instance, means “suitable to a court of law”. That is, it is a process suitable to the requirements of a legal procedure in terms of both analysis and depth. “Accounting” refers to a broad body of knowledge concerned with – among other things – recording and keeping financial transactions and accounts. Forensic accounting, then, is a field in accounting that examines and considers financial information for the primary purpose of legal investigation.
Because forensic accountants regularly engage in in-depth investigation and analysis, this is a field that values attention to detail. As part of our role, forensic accountants must consider detailed financial information and translate this information into comprehensive reports or presentations. These reports may then be used in a court of law to support trial evidence, for instance, or to advise a private individual in advance of a legal dispute. It is this detailed nature of Kingston Knights Forensic Accountant Melbourne’s work, as well as our keen ability to ascertain substance over form, that makes us so crucial in the resolution of financial concerns or disputes.
Consulting a Forensic Accountant
Since the GFC, the role of forensic accounting has gained increasing significance for the global financial stage. With a greater awareness of dubious financial undertakings, businesses and individuals are turning to the courts for fiscal security. Relevant civil and criminal court proceedings might use forensic accountants to provide insight into such things as:
– Calculation of damages
– Breaches of warranties
The role of the Forensic Accountant Melbourne, however, isn’t limited to the courts. Clients may seek advice from a forensic accountant before making the decision as to whether civil or criminal action is necessary or even warranted. As these are important legal decisions, a forensic accountant may be called upon to ensure accuracy and certainty in advance of legal disputes.
Who Consults a Forensic Accountant Melbourne?
Here are some examples of those who often retain our forensic accounting services:
– Private individuals
– Businesses and corporate entities
– Government departments or organizations
– Company shareholders
The clientele for forensic accounting is as broad as the role itself. Extending in and out of court, the legal and financial acumen of a forensic accountant may be called upon by those in a range of positions or vocations. Forensic accountants may be retained by members of the legal community for authoritative support in a court investigation, or by an individual in pursuit of secure financial advice prior to potential legal proceedings.
Here are some examples of these specialisations:
– Economic damages calculation
– Business valuation
– Post-acquisition disputes
– Tax or securities fraud
– Money laundering
– Claims (insurance or personal injury)
Our specialised approach to forensic accounting allows for a more detailed engagement with each enquiry.