Do you suspect you have a case of employee theft, but can't pinpoint the culprits or how it is happening? You need a professional who can examine and trace how money and inventory are changing hands. A forensic accountant is best suited for such a task. This person has high training in financial examination, research, and review. A forensic accountant is useful when one party feels another is taking advantage of them financially. What are some situations where you can use this professional in your business?
1. Uncovering Employee Fraud
Probably, you have had employees who have taken advantage of your trust in them and made off with company money. You may not even know how they are doing it. A certified fraud examiner can trace the flow of money. They can tell if your employee is involved in theft or an outside party. This professional can also tell you how to prevent employee theft from happening again in your business.
2. Investigating Brokerage Fraud
Sometimes brokerage firms promise high returns on investment but don't deliver. You need to find out whether the broker you are working with has been honest or dishonest. A forensic accountant can help you determine whether your broker has been cheating in commission matters.
3. Preparing for IRS Tax Audit
If you've been audited before, then you know how stressful it can be. A forensic accountant can determine if your business has reported all its income correctly. They can assist with adequate preparations for a tax audit by finding errors in your paperwork and fixing them before the auditor sees them.
4. Resolving Shareholder or Partner Disputes
When you are a partner in a business, there is always the chance that another partner may try to take advantage of the company or the other partners. A forensic accountant can help you find out whether this is happening. They can assist in resolving a shareholding dispute by looking at financial records to ensure every shareholder gets their rightful dues.
5. Due Diligence in Merger/Acquisition
When you intend to buy or merge another company, you need to ensure that you aren't being taken advantage of. You need to ensure that the company isn't hiding any secrets or debts. A forensic accountant can help you with this due diligence by researching the company and finding out whether there are any problems.
In business, there are many instances where other parties may try to take advantage of you, and you need proper information to prevent it. Contact a forensic accountant today if you are in any of these situations and protect your interests.Share