How To Find The Best Accounting Companies In Singapore?
Forensic accounting is made up of two words, forensic and accounting. Forensic is the term that relates to the pieces of evidence or proofs about the court of law or a legal institution, and accounting means to systematically classify, verify, analyze, interpret and record information and data related to finance.
Forensic accounting, therefore, is an area of accounting, which includes analysis of the financial data of a company and gathering evidence regarding any actual or anticipated fraud or dispute in such a manner that it is suitable to be presented in the court of law.
Many firms provide you with specialized accounting companies in Singapore.
When do you need to consult a forensic accountant?
- If you are planning to sell your business and need an exact evaluation
- If you want to divorce your spouse and have suspicions regarding hidden money
- If you are overtaking a business ( it could be a new business or any inherited business)
- If you are planning to buy a new business
- While facing a tax audit
- If you suspect your employee or business partners of malpractice and misplaced money.
- If you suspect that your company’s corporate secret information is being divulged
- If you lose your paper records due to theft, fire, or any natural disaster
- In a legal case regarding some industrial accident where you need an evaluation of the losses (both current and future)
- You want the insurance money of your business insurance.
Investigative accounting: It is the investigation of criminal matters. The crimes related to a business can be employee theft (either of inventory or property), security fraud, insurance fraud, etc.
When such a crime takes place or is anticipated to take place, you need to get a complete understanding of the situation so that appropriate actions can be taken. For this, you need a team of honest, efficient, sincere, and trusted professional investigating accountants who match your determination to find out the truth.
Many firms in forensic auditing are dedicated to your cause and provide the following services in investigative accounting :
- Careful investigation of the situation at hand and outline plans for an appropriate course of action
- Assistance regarding the recovery of lost /stolen assets and also protecting the assets from damage
- Work in perfect coordination with the other experts working on the case, like private investigators or consulting engineers.
- Assistance in the civil actions or criminal prosecution
Therefore to safeguard your business’s interest, you can help forensic accountants.