November 2, 2021Dated: | By admin |Forensic Accounting involves the investigation of financial flows and fund transfers to seek out financial crimes in business transactions. In addition to business entities, the services of forensic accountants are utilized by law enforcement, banks, hospitals, divorce proceedings, law firms, insurance agencies, real estate, etc. to investigate a wide array of financial frauds. In addition to financial investigations, forensic accountants also ensure compliance with the law and their results could be submitted during legal proceedings. Forensic accounting is a novel and professional way to tackle financial crimes, ensure compliance, and curb illegal transactions.What does a forensic accountant do?While traditional accountants deal with the organization and analysis of books and records, forensic accounting specializes in seeking out illegal and irregular activities in financial transactions. With the digitalization of banking and accounting, financial crimes are on an increase possibly due to the false anonymity that online crimes offer. Forensic accountants, however, are able to detect these hidden threats and report them to the concerning authorities. The results are viable to submit before the court and help support the investigation of various crimes ranging from money laundering to terrorism. A qualified forensic accountant will be able to track the flow of transactions through any channels, compile evidence, and even organize the records so as to curb financial crimes. Accounting firms and insurance agencies hire forensic accountants on a daily basis and a growing need for their services is visible throughout the commercial sectors. What are sectors that utilize forensic accounting services?Business firmsAccounting firmsFinance AgenciesBanksInsurance agenciesHealthcare agenciesLaw enforcement agenciesProperty Market and Real Estate AgenciesGovernmental AgenciesWhat are the crimes investigated in forensic accounting?Financial TheftManipulation of financial recordsBriberyTax EvasionNon- ComplianceContract disagreementsProperty disputesMoney LaunderingInsurance and Medical malpracticeTerrorismDue to the high volume of financial crimes committed across industries, a professional investigation into accounts and books is undoubtedly necessary. Subsequently, financial accountants are high in demand not only to investigate financial crimes but also to ensure compliance with the law. The demand for competitive forensic accountants is on the rise and more people are choosing it as their career option. As financial crimes are increasing and as criminals are finding novel and unique ways to carry out their crimes, the importance of forensic accountants in financial sectors are undeniable.For the past 17 years, Flying Colour Tax and Accounting has been assisting clients in all matters related to VAT in the UAE. Please feel free to mail your queries at firstname.lastname@example.org or contact us at +971 4 4542366.