A
forensic accountant can be of assistance to the people or group that retains
him in two major ways which includes:-
(i) Litigation support – By this support we
mean assisting to obtain documentation necessary to support or refute a
claim.
1.
Review of
relevant documentation to form an initial assessment of case and identify area
of loss.
2.
Assistance with
examination for discovery including the formulation of questions to be asked
regarding the financial evidence.
3.
Attendance at the
examination for discovery to review the testimony, assist with understanding
the financial issues and to formulate additional questions to be asked.
4.
Review of the
opposing experts damages report and reporting on both the strengths and
weaknesses of the positions taken.
5.
Assistance in the
areas of settlement discussion and negotiations.
6.
Attendance at
trial to near the testimony of the opposing experts and to provide assistance
with cross examination.
(ii) Investigative support:-
·
Reviewing of the
factual situation and provision of suggestions regarding possible courses of
action.
·
Assisting in
protecting and recovering of assets
·
Co-ordination of
other experts like
(a)
Private
investigations
(b)
Public
investigators
(c)
Forensic document
examiners
(d)
Consulting
engineers
·
Assisting in the
recovery of assets by way of civil action or criminal prosecution.
Scopes
of Forensic Accounting
Forensic accounting like other
professions covers so many afferent areas of disciplines which includes as
follows
(i)
Public
sector accounting
(ii)
Financial
accounting
(iii)
Investigative
accounting
(iv)
Auditing
(v)
Legal matters
(vi)
Quantitative
methods
(vii)
Medicine
(viii)
Engineering
(ix)
Banks
(x)
Telecommunication
(xi)
Criminal matters
(xii)
Financial crime
offences
(xiii)
Insurance
(xiv)
Corporate bodies
(xv)
Research
Fundamental
Forensic Knowledge
A forensic accountant must be
knowledgeable in so many area like
(i) Professional responsibilities and
practice management
(ii) Laws, courts and dispute resolution
(iii) Planning and preparation
(iv) Discovery
(v) Reporting, experts and testimony
(vi) Information
gathering and preservation of documents, electronic data, interrogations,
interviews.