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[2] [3] Additionally, with growing issues on accounting, financial and loan irregularities, there is a increasing need to conduct forensic accounting examinations and investigations with professional approach for any evidence discovery to meet the high level of scrutiny which can be proved legally in Court.
The American Board of Forensic Accounting was established in 1993. [8] Large accounting firms often have a forensic accounting department. [9] All of the larger accounting firms, as well as many medium-sized and boutique firms and various police and government agencies have specialist forensic accounting departments.
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.
Benny K B Kwok is a forensic accountant and an expert witness, the author of a series of published titles in print worldwide - Forensic Accountancy 1st & 2nd Editions [1] Financial Analysis in Hong Kong 1st & 2nd Editions, [2] "Business Terms & Phrases for Surveyors, Engineers & Facilities Managers in Hong Kong" (Knowledge Conservation 2016) ISBN 9789887735106 and Accounting Irregularities in ...
According to the Institute of Cost and Management Accountants, cost audit is "an examination of cost accounting records and verification of facts to ascertain that the cost of the product has been arrived at, in accordance with principles of cost accounting." [citation needed]
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The FDIC is an independent government agency charged with maintaining stability and public confidence in the U.S. financial system and providing insurance on consumer deposit accounts.
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.