Forensic accounting is a process that involves accounting, investigation and auditing paradigms to find fraudulent acts committed against a business. The culprit in this case can either be employee, vendor or a client. As a running business, your finances are always vulnerable. Thus, it’s required that you all the preventive steps beforehand to create a visage of strict oversight to deter anyone within your organization from committing a fraud. One of the many benefits of forensic accounting is creating such an image. It will protect your organization in the long run.
In this article, Manoj Pahwa and associates introduce you to many benefits to your organization courtesy of forensic accounting. The importance of forensic accountingIn this digital era, criminals enjoy an easy time committing frauds. Even within your own organization, there are several ways to exploit the files. Without proper knowledge, you won’t be able to take any measures. The reasons for these are the white collar crimes. All over the world, such crimes are on the rise. Thus, you won’t be surprise to know that over 1 trillion dollars of losses across the businesses are due to them. Therefore, there is a need of a new perception towards accounting – one which implies the method of trust but verify, hence the reason forensic accounting is important. Benefits of forensic accountingFollowing are the benefits of forensic accounting:
Also Read: Difference between Forensic Audit and Forensic Accounting
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