4 Types Of Services For Forensic Accounting In Singapore
Forensic accounting focuses on accounting and auditing skills to look upon individual or business’ finances by extracting information from records and books. Forensic accounting in Singapore is relatively essential, as most businesses need trained professionals to detect money laundering, misappropriation of funds, and any other crimes that can occur in the organisation.
Forensic accounting and support services involve the collection and evaluation of gathered evidence by Certified Public Accountants (CPAs). Below are the four most common forensic support services.
#1. Criminal Investigation Service
Forensic accounting in Singapore also involves the process of a criminal investigation. Forensic accountants have expert technical skills in reviewing financial documents, accounting records, monetary transactions, and other supporting documents.
#2. Dispute Resolution Service
Most big companies or organisations have shareholders where they have individual disputes. Dispute resolution allows individual shareholders to seek third party assistance at the earliest sign of disagreement on disputes. The best people to call when this happens are forensic accountants.
#3. Insurance Claim Service
Forensic accounting also intervenes with insurance claims. Forensic support services include checking individual accounting records and reviewing business performance. It’s to help CPAs verify people or business-owners settling their insurance. To help safeguard your insurance and other assets, you may seek help from business tax advisory accountants or consultants.
#4. Fraud Investigation Services
Fraud investigations are the top forensic support services happening globally. Fraud can happen from small cash to high-value assets inside and outside the organisation. Hiring a CPA can avoid and detect fraud in your company.
Forensic support services are to be interpreted by CPAs. The findings and other substantial evidence can be used in the courtroom, boardroom, or other legal venues. However, if the worst cases happen, getting litigation support services can be the best choice. Lawyers would assist you with record retrieval, subpoena services to forensic accounting, legal photography, and other tasks related to the case.
Associate yourself and your business’ finances with CPAs or tax advisors. You may reach out to Nexia TS’s website for their business tax advisory, tax consultations, and other financial services.