What is forensic accounting?
When the word “forensic” is used, many think of crime scene investigations, DNA, fingerprints, and the like. But the term “forensic” is actually an adjective meaning to be used in a court of law, public discussion, or debate. Forensic accounting involves the analysis of monies, financial transactions, financial statements, et cetera as it relates to a court of law, public discussion or debate. At Workman Forensics we like to define forensic accounting as: bridging the gap between accounting and the legal process. Forensic accounting is applicable to numerous situations.
Possible applications of forensic accounting include:
- Fraud Investigation
- Expert Witness Testimony
- Partnership/Corporate Dispute
- Fraud Prevention
Industries served by Workman Forensics include:
- Banking/Financial Institutions
- Investment Services
- Mortgage Services
- Not for Profit Organizations
- Professional Services
- Tribal Governments
- United States Government
Almost every day, it seems, there is a new story about fraud: lottery scheme, Ponzi scheme, check fraud, loan fraud, securities fraud, mortgage fraud, embezzlement; the list is endless. With schemes discovered so often, how can investigators keep up? Who will work your case?
Experienced assistance in maneuvering through the legal system is invaluable as a victim of fraud. You would like restitution and justice as soon as possible. Let Workman Forensics help you through this emotionally devastating time with efficient and effective investigation to get you back on your feet in no time.
While the evidence may appear stacked in the victim’s favor, let us help you sort through that evidence to help you receive a fair trial and evaluate actual damages. Workman Forensics traces financial transactions to verify the damages claimed by the victim.
The facts of a case can be confusing and having a consulting expert witness to help sort through the facts could be vital. If the case so needs, the consultant can also testify during the hearing or trial to help the jury better understand your case. Workman Forensics specializes in breaking down the complexities of a financial case to better relate to the audience: judge, jury, et cetera.
Forensic accounting is essential during partnership disputes in answering the following types of questions: Who generated the income? What personal expenses were paid from the company’s assets? Are there abnormal transactions? Was fraud involved?
In sorting through the legal process involving estates, trusts, probate, et cetera, if you believe improprieties exist in the distribution of the assets or expenditures, contact Workman Forensics. We can assist in working through the various transactions to help you identify potential discrepancies or verify accurate distribution.
A customer has defaulted on a loan, and you’re looking to appoint an independent and qualified Receiver to help secure the assets collateralizing the loan. At the same time, based on the financial statements you’ve received from the company, you don’t know why they’re in default. Sometimes, the funds from a loan are not used for the purposes originally intended and result in loan fraud. While at other times, the customer simply does not understand management of cash. With experience in tracing financial transactions, performing fraud examinations, and with accounting experience, Workman Forensics can assist a secured creditor while operating the company to pay down as much of the outstanding debt as possible. At the same time, Workman Forensics will work on behalf of the company to continue operations as allowed.
Fraud research shows time and again that those who protect their organizations using anti-fraud measures significantly reduce their risk of fraud and therefore fraud related losses as well. The Association of Certified Fraud Examiners research explains that 5 percent of an organization’s annual gross revenues are lost each year to fraud; from this perspective, fraud prevention is not an expense, but rather, an investment.
After Workman Forensics helps a client sort through the aftermath of a fraud incident, we do not like to leave the client unprotected for the future. Fraud prevention services are referred to our strategic partner, Report Fraud. Report Fraud provides fraud prevention solutions for all types of companies no matter their size or industry.