Forensic Accountants are accountants who conduct investigations, know how to use various computer programs and communicate well with others. Some forensic accountants specialize in specific industries that are susceptible to fraud. Insurance and banking industries are considered a higher risk for fraud. These accountants learn their business practices of these fields in order to understand what is happening and be able to stop the fraud. They need to be discrete when they are conducting these investigations in order to keep the identity of the individuals and companies private. In the article, how forensic Accounting works, states that “they must be independent and impartial, taking into account both the financial records and the conduct
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realized what was happening, they notified law enforcement agencies and had an investigation done by forensic accountants to figure out how much was stolen by Michael. Since this incident, the company has added more checks and balances to its accounting systems to help prevent fraud. The forensic accountants are estimating that Michael embezzled $3.3 million. In the article, Asst. treasurer accused of stealing $3.3M at eatery chain, it states that the “auditors discovered thousands of dollars in withdrawals from Hudson's personal accounts at the Horseshoe Casino Cincinnati, Maier said. But they also found that Hudson purchased more than $400,000 worth of land, 19 different properties, vehicles and some jewelry.” This restaurant business does not anticipate receiving the embezzled money because they suspect that Michael did not file his return with all of the money he stole. Therefore, the internal revenue service will be looking for their tax money before any goes back to the restaurant business. Therefore, it was important for this company to contact a forensic accountant so they could understand how much was embezzled from their company and update their internal controls so that this type of a situation does not occur
realized what was happening, they notified law enforcement agencies and had an investigation done by forensic accountants to figure out how much was stolen by Michael. Since this incident, the company has added more checks and balances to its accounting systems to help prevent fraud. The forensic accountants are estimating that Michael embezzled $3.3 million. In the article, Asst. treasurer accused of stealing $3.3M at eatery chain, it states that the “auditors discovered thousands of dollars in withdrawals from Hudson's personal accounts at the Horseshoe Casino Cincinnati, Maier said. But they also found that Hudson purchased more than $400,000 worth of land, 19 different properties, vehicles and some jewelry.” This restaurant business does not anticipate receiving the embezzled money because they suspect that Michael did not file his return with all of the money he stole. Therefore, the internal revenue service will be looking for their tax money before any goes back to the restaurant business. Therefore, it was important for this company to contact a forensic accountant so they could understand how much was embezzled from their company and update their internal controls so that this type of a situation does not occur