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Forensic accountants utilize an understanding of economic theories, business information, financial reporting systems, accounting and auditing standards and procedures, data management & electronic discovery, data analysis techniques for fraud detection, evidence gathering and investigative techniques, and litigation processes and procedures to ...
Forensic accountants need to have a great deal of access to information regarding the company they are investigating or assisting. The information will determine how much a person actually makes, the worth of a business, if there has been fraudulent activity, who committed the fraud, everyone involved, how much was taken from the company, where the money went, and how much can be recovered.
Some forensic accountants specialize in forensic analytics which is the procurement and analysis of electronic data to reconstruct, detect, or otherwise support a claim of financial fraud. The main steps in forensic analytics are data collection, data preparation, data analysis, and reporting.
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Based on the report of forensic auditor appointed by banks the latter declares an account as fraud or wilful defaulter [5] and such procedure was missing earlier. [2] The guidelines are being drafted after consulting RBI, Ministry of corporate affairs , the comptroller and auditor general of India , and the Securities and Exchange Board of India .
Forensic data analysis (FDA) is a branch of digital forensics. It examines structured data with regard to incidents of financial crime. The aim is to discover and analyse patterns of fraudulent activities. Data from application systems or from their underlying databases is referred to as structured data.
Audit technology is a general term used for computer-aided audit techniques (CAATs) used by accounting firms to enhance an engagement. These techniques improve the efficiency and effectiveness of audit findings by allowing auditors to analyze much larger sets of data, sometimes using entire populations of data, rather than taking a sample.
Forensic archaeology is the application of a combination of archaeological techniques and forensic science, typically in law enforcement. Forensic astronomy uses methods from astronomy to determine past celestial constellations for forensic purposes. Forensic botany is the study of plant life in order to gain information regarding possible crimes.