Forensic accounting has been described as an “art and science” that investigates people and money. Forensic accountants are known for tracing funds (following the money), uncovering hidden assets and educating involved parties as to potential damages. In simple words, a forensic accountant will hunt until the money is found, make sure that money is applied to the right place, discover if money and/or assets have been hidden, or if funds or assets have landed in the lap of unintended recipients. This is why, (according to the Association of Certified Fraud Examiners - ACFE), forensic accountants are invaluable resources in the discovery and the resolution of the most common type of fraud – Asset Misappropriation. The ACFE also believes that close to 7% of an organization’s revenues can be lost to asset misappropriation. It has become a serious problem and a no win situation for all involved.
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