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Forensic accounting is often brought to bear in complex and high profile financial crimes. The reason we understand the nature of Bernie Madoff's Ponzi scheme today is because forensic accountants dissected the scheme and made it understandable for the court case.
Forensic accountants may also assist in searching for hidden assets in divorce cases or provide their services for other civil matters such as breach of contracts, tort, disagreements relating to company acquisitions, breaches of warranty or business valuation disputes. Forensic accounting assignments can include investigating construction claims, expropriations, product liability claims or trademark or patent infringements. And, if all that wasn't enough, forensic accounting may also be used to determine the economic results of the breach of a nondisclosure or noncompete agreement.
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Forensic accounting is routinely used by the insurance industry. In this capacity, a forensic accountant may be asked to quantify the economic damages arising from a vehicle accident, a case of medical malpractice or some other claim. One of the concerns about taking a forensic accounting approach to insurance claims as opposed to an adjuster approach is that forensic accounting is mainly concerned with historical data and may miss relevant current information that changes the assumptions around the claim.menciaquisusdist.tk
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Key Takeaways Forensic accounting is a combination accounting and investigative techniques used to discover financial crimes. One of the key functions of forensic accounting is to explain the nature of a financial crime to the courts. Forensic accounting is used by the insurance industry to establish damages from claims.
Compare Investment Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Schedule A Consultation Our forensic accountants have the in-depth expertise you need to value marital assets and resolve disputes fairly and timely. For more information about our forensic accounting services, or to schedule consultation in our Camp Hill, Carlisle, State College or Chambersburg offices, call us today. Client Login.
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Call Toll Free 1. Forensic Accounting in Divorce Evaluating and separating jointly held marital assets and debts is one of the biggest challenges in many divorces. The members of our forensic and litigation support team can: Fairly value marital assets, including closely held business interests Calculate income available for support Assist with litigation proceedings Provide investigative and forensic accounting services Help resolve financial disputes Schedule A Consultation Our forensic accountants have the in-depth expertise you need to value marital assets and resolve disputes fairly and timely.