The Role of Forensic Accounting in Fraud Investigation and Litigation Support
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Added on 2021-06-17
The Role of Forensic Accounting in Fraud Investigation and Litigation Support
Added on 2021-06-17
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How forensic accountants have helped with assisting in controlling and managing frauds andaudit through investigations in Australian companies 1HOW FORENSIC ACCOUNTANTS HAVE HELPED WITH ASSISTING INCONTROLLING AND MANAGING FRAUDS AND AUDIT THROUGH INVESTIGATIONSIN AUSTRALIAN COMPANIESName:Institution:Course:Tutor:Date:
How forensic accountants have helped with assisting in controlling and managing frauds andaudit through investigations in Australian companies 2Summary of the theory and progression in the fieldThe existence of departments that deals with forensic accounting in different organizations within Australia have mostly helped in the prevention as well as detection of fraud,misconduct, breaches of different operational regulations together with rules. It has also helped in prevention and resolving different cases of disputes. The theory of forensic accounting remains to be the specialty practice sector of accounting that tends to describes different engagements that result from actual or anticipated litigation or disputes in operations of companies. Activities conducted during forensic accounting always help in professional intelligence claims where the accountants are always capable of assessing as well as commentingon the duties of other professionals (Hartley 2010, p. 2). In Australia, operations of forensic accountants are always vital as they help in controlling and managing frauds and poor governance that pose serious dangers for all organizations in the region. Besides, a fraud risk management and audit through investigations in Australian companies is the essential factor in meeting corporate responsibilities of accountability along with transparency. Developing an idealway to controlling and managing frauds and audit through investigations in Australian companies continues to be a complicated concern that needs the appropriate understanding of Australian standards that deal with fraud and corruption control (AS) 80001-2003 (Roertson 2017, p. 245). Therefore, this research paperwork concentrates on examination of different journals report on how forensic accountants have helped with assisting in controlling and managing frauds and audit through investigations in Australian companies.Common findings across the four articles
How forensic accountants have helped with assisting in controlling and managing frauds andaudit through investigations in Australian companies 3The presentation of the selected four material for review have some common results regarding how forensic accountants have helped with assisting in controlling and managing frauds and audit through investigations in Australian companies. They both report that forensic accountants have to engage in different categories to control and handling fraud while auditing their operations. They have to ensure that they conduct economic damages calculations so that they can note if such damages are suffered through tort or breach of contract (Fleming et al., 2016, p. 32). During controlling of fraud, accountants have to examine post-acquisition disputes that comprise of cases of earn outs of violations of set warranties as a way of ensuring that Australian organizations remain to be active in the competitive business marketplaces. It is clear from these articles that forensic accountants involved in operations that include the cases of recovering proceeds of serious crime and about confiscation of different proceedings (Whitin et al., 2012, p. 513). These proceeding concerns or assume proceeds of crime or cases of money laundering in operations of most organizations In Australia as an approach to managing and controlling instances of fraud through audit investigations.From these journals, it is common that the approaches that forensic accountant uses for managing and controlling fraud and audit through operations of organizations differ than internalauditing. Practices and services of forensic accounting in controlling such cases of fraud need to be handled by forensic accounting experts only, but not by any internal audit professional (Hartley 2010, p. 3). Besides, forensic accountants are capable of controlling and managing frauds and review through investigations in Australian companies due to the fact that they use the understanding of theories of economics, business data, systems of financial reporting, accounting, along with standards and procedures of auditing. Other techniques that allow
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