Forensic Accounting uses accounting, auditing, and evaluating skills to administer an examination into the finances of a person or business. Forensic accounting gives an accounting analysis suitable to be used in legal proceedings.
A forensic accountant is a financial professional experienced in analyzing financial data for investigating deception and preparing financial records for practice in legal proceedings.
Forensic accountants can be employed for investigating many different crimes correlated to financial fraud, such as sales cheating, inventory fraud, marketing fraud, and securities fraud. They are usually used for help in investigating financial duplicity committed by employees, clients, or customers. Litigation support services are also given to legal professionals as evidence to support or refute claims as needed.
Simply, cheating is the act of deception that will result in personal gain.
More often than not, the goal of people when they conduct cheating is to get money or advantages. Some of the personalities do it to have more money than they should and to obtain documents that they cannot otherwise have if they do not take a step towards dishonest means. It can also signify that the one who did fraud withholds the victim of an absolute right.
Fraud can occur everywhere in the industry. And if somebody or a group of people can be the ones behind a fraudulent activity.
Types of Fraud:
There is a list of the kinds of fraud that are generally known in the industry. This is normal because most criminals tend to bank on these ones in order to get what they want and gain more.
- Payroll Fraud
There can be a lot of techniques that payroll fraud can happen in a company. It can begin with having their timesheet cards show that they were present at these days when they really were not around or having worked at this much hour when they did not do so. Some workers work together to achieve this kind of cheating. Additionally, there are workers who ask for salary advances that they do not pay.
- Money Fraud
Fraudsters can make bogus bills in order to practice it for some payments. The bad part is it can circulate, and you and your client would not even notice it. Anybody can be a victim of money deception. It can only then be recognized that you are a sufferer when you try to deposit it in a bank.
- Return Fraud
Businesses who sell commodities are sufferers of this sort of cheat. Fraudsters can do this with a lot of techniques and forms. Moreover, there can be fraudsters who steal from your company and return the goods to gain money in doing so. Or they can really purchase, use the product, and return it even if it has no defects.
- Financial Statement Fraud
Forensic accounting Dubai comes in such kind of fraud. This is about adding or deleting data from the financial statements of an organization for the goal of being seen as having a particular economic strength when it is, in fact, false.