Why Involve a Forensic Accountant and Forensic Investigators?

The outcome of fraud investigations may be critical to the survival of the business. Even the smallest engagement ay have serious consequences for individuals, innocent or guilty. It is accordingly vital that the appropriate experience is brought to bare. A specialist forensic accountant must always be consulted on potential engagements where fraud is at issue. General type investigation procedures are not adequate to investigate fraud. Different standards of evidence and of control and collection of material apply. Evidence through interviews and collection of documentary evidenceprove likely to be much more significant. There are no small fraud investigation engagements. Seemingly small frauds are frequently the tip of the major iceberg. All engagements must therefore be carried out to the same high professional standards. Fraud investigation work is wide ranging. The same investigation may be covered determining whether fraud has occurred and, if so, the nature of the loss and those responsible; tracing of assets lost and legal action against those responsible to obtain recovery; disciplinary proceedings; civil and criminal litigation. Few clients will have previous experience of fraud investigations and investigations will often be undertaken in an atmosphere of serious concern, and perhaps crisis. Effective assistance will be dependent on the forensic investigator's ability to help the client manage the crisis, shape his expectations and take action quickly and with discretion. It must be recognised that the outcome of investigations may rest not only on the quality of the investigation but on the decisions made by the client, and it is therefore vitally important that the client be accurately and correctly advised at the outset. It is thus of utmost importance that when fraud of any kind is suspected, a experienced forensic team manage and investigate the matter. This can only benefit the client in the long run.