how has forensic accountig adapted to new requirments

Expert Solution

FORENSIC ACCOUNTING

Forensic accounting is one of the most developing fields of accounting where the skills of investigation, accounting and auditing are used together to conduct an examination about the entity and its financial background. In the current scenario this is of much importance because of the manipulation and fraud taking place in organisations. Forensic accounting provides analysis and interpretation of the accounting and business matters of entities that can be used in legal proceedings. One of the major application of forensic accounting is to establish damage claims of the insurance industry.

Forensic accountant helps in carrying out investigative accounting and provides litigation support. In the current scenario their services are of much demand in the following accounting areas:
01. Helps in finding financial manipulation such as embezzlement.
02. To help in dispute settlement like construction claims, breach of contracts etc.
03. Criminal Investigation and cases relating to professional negligence etc.
04. Helps in settling outgoing partner in a partnership

Thus, it can be concluded that forensic accounting has coped up with the requirements of accounting.

ekkarill92 answered 2 years ago

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