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Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that investigates whether firms engage in financial reporting misconduct, [1] or financial misconduct within the workplace by employees, officers or directors of the organization. [2]
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 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.
Turnover in accounting personnel or other deficiencies in accounting and information processes can create an opportunity for misstatement. As for misappropriation of assets, opportunities are greater in companies with accessible cash or with inventory or other valuable assets, especially if the assets are small or easily removed.
Forensic accounting is the study and interpretation of accounting evidence, financial statement namely: Balance sheet, Income statement, Cash flow statement. Forensic aerial photography is the study and interpretation of aerial photographic evidence.
Also refer to forensic accountancy, forensic accountant or forensic accounting. It refers to an investigative audit in which accountants with specialized on both accounting and investigation seek to uncover frauds, missing money and negligence. [citation needed]
Forensic accounting – specialty practice area of accountancy that describes engagements that result from actual or anticipated disputes or litigation. Fund accounting – accounting system emphasizing accountability rather than profitability , used by non-profit organizations and governments.
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.