Corporate Audits & Assurance

Fee Structure

Consultation Per Hour
Total : 25000/- INR


Forensic Accounting

Forensic accounting is a method of investigating financial transactions and business situations in order to obtain the truth and develop an expert opinion regarding possible fraudulent activity. Forensic accounting is the application of specialized knowledge and specific skills to stumble upon the evidence of economic transactions. Forensic accounting can be described as the use of auditing and investigation skills to examine financial statements in preparation to be used in a court of law. Two areas of expertise make up the field of forensic accounting: -litigation support and investigation or fraud accounting. Forensic accountants are now being hired by boards of directors to assist with companies’ corporate governance and financial reporting in efforts to reduce fraud.

 

Types of Forensic Accounting

There are various types of forensic auditing that can take place, and they are typically grouped by the types of legal proceedings that they fall under. Below are some of the most common examples:

  • Financial theft (customers, employees, or outsiders)
  • Securities fraud
  • Bankruptcy
  • Defaulting on debt
  • Economic damages (various types of lawsuits to recover damages)
  • M&A related lawsuits
  • Tax evasion or fraud
  • Corporate valuation disputes
  • Professional negligence claims
  • Money laundering
  • Privacy information
  • Divorce proceedings 

 

When Are Forensic Audits required?

  • wherever an entity’s finances present a legal concern,
  • in cases of suspected embezzlement or fraud,
  • to determine tax liability,
  • to investigate allegations of bribery,
  • to strengthen a company’s already good business practices,
  • to either determine the lost income as a result of a fraudulent financial/ operational report,
  • or to determine the damage that falsified reports caused to shareholders, clients, or employees.

 

Forensic Accounting for Litigation Support

Forensic accounting is utilized in litigation when quantification of damages is needed. Parties involved in legal disputes use the quantifications to assist in resolving disputes via settlements or court decisions. For example, this may arise due to compensation and benefit disputes. The forensic accountant may be utilized as an expert witness if the dispute escalates to a court decision.

 

Forensic Accounting for Criminal Investigation

Forensic accounting is also used to discover whether a crime occurred and assess the likelihood of criminal intent. Such crimes may include employee theft, Securities Fraud, falsification of financial statement information, identity theft, or Insurance Fraud.

 

Forensic Accounting in the Insurance Industry

Forensic accounting is routinely used by the insurance industry. In this capacity, a forensic accountant may be asked to quantify the economic damages arising from a vehicle accident, a case of medical malpractice, or some other claim. One of the concerns about taking a forensic accounting approach to insurance claims as opposed to an adjuster approach is that forensic accounting is mainly concerned with historical data and may miss relevant current information that changes the assumptions around the claim.

 

Forensic accounting as part of Risk Management

It's not all about outright crime. Forensic accounting may help organizations establish or improve their risk management and risk reduction procedures through the customized design of accounting and auditing systems.

As a function of due diligence and investment analysis, Forensic accounting may advise on a wide variety of planned financial transactions including mergers and acquisitions, venture capital investments, purchases of corporate bonds, commercial paper and stocks, and bankruptcy proceedings.

 

How White Code Legal help?

With our experienced team of auditors and extensive experience in forensic accounting we provide a wide range of services including;

  • Forensic accounting investigations and analyses, financial record reconstruction, and evaluation of accounting transactions
  • Investigative due diligence of individuals and entities and asset searches
  • Assistance with conducting witness and fact-finding interviews
  • Computer forensics and electronic data preservation, retrieval, and analysis
  • Enterprise-wide complex data modeling and analysis
  • Damage quantifications
  • Expert witness testimony at trial
  • Root cause analysis and internal control and compliance program remediation
  • Design and implementation of robust internal controls
  • Court- or regulatory-agency-appointed monitoring
  • Whistleblowing mechanism 
  • Internal control and checks 
  • Fraud detection and investigation 

 

Service Delivery Process followed by White Code Legal:

  1. The Client has to register themselves on our website.
  2. Once the Client is registered, we raise a Service Request.
  3. The Client receives a proforma invoice with an option to confirm and pay now or pay later.
  4. Once the Client confirms, our dedicated relationship manager liaisons with our experts, and clients share a list of client information required to deliver the service.
  5. Once we receive the information, we take the required steps to deliver the service and the service request is closed.

 

Service Inclusions

  • Professional Fees

 

Service Exclusions

  • GST, Government Fee, and other Additional Taxes

 

Why White Code Legal? 

At White Code Legal we prioritize and always strive to deliver excellence. Keeping a focus on maintaining affordable prices and delivering 100% client satisfaction we aim to make worth every penny our clients spend with us and build a lasting relationship with them.