The investigation of suspected fraud still carries the risk of further harming the business. So it’s important to ensure those charged with the task have the skills and experience to know what to do, how to do it and how to protect the company.
A financial fraud investigation team needs to have legal expertise and investigation skills. Business fraud differs from volume or individual fraud in that the financial fraud investigator will also need a good understanding of how companies operate, plus knowledge of financial data. This is because some of the evidence of the fraud can be recorded within the business’ books and accounting records.
This is where experienced forensic accountants are particularly useful. They can analyse financial data, extract evidence from accounting records, and then simplify or explain it so a judge or jury can understand what happened.
Forensic accountants work well with both businesses and legal advisors, advising on the commercial aspects of pursuing fraudsters and considering the options for recovery.