Forensic accounting is a specialized form of accounting that is used by many businesses and firms. It is based on the same principles used for other forms of accounting, however, it specifically takes an investigative approach while working with the accounts. It is specifically used to track any funds that are missing or to find out any other discrepancies that may get missed during the general form of accounting.
Forensic accounting is a specialized way to find out if there has been any tax fraud or tax evasion. It is interesting to note that forensic accountants must also have a sound knowledge of taxation laws as they are required to deal with the legal professionals on a daily basis. Therefore, they should have a clear understanding of the taxation rules and regulations that are applicable in a specific geography. There are forensic accounting services in Sydney that can help you with audit procedures at your business or your firm. They would run substantive tests on the agreed accounts to give you the assurance that the accounts are compliant with the accounting principles.
It is important that you run these audits for your business if you don’t have an annual audit mechanism in place. In case you do not have sufficient accounting knowledge, experienced and professional forensic accountants would help with all your auditing needs, including any requirement related to revenue testing procedures, asset verification procedures, balance sheet items review, stock reviews, etc.