Forensic Accounting Service
Forensic Accounting Service is necessary when there is suspected fraud. It involves the use of scientific methods and special accounting techniques to investigate accounting malpractices. Forensic Accountants are trained in areas of accounting, auditing and investigation so that they have the necessary knowledge and skills to scrutinize the financial transactions.
Companies and businesses may be motivated to misrepresent their profits to show better results or to evade tax. As Statutory Financial Audit is not tasked to uncover fraud (i.e. Statutory Audit only provides an opinion on whether the Financial Statements are drawn up in accordance with Singapore Financial Reporting Standards), Forensic Accounting Services becomes critical in revealing the true financial position of the companies and businesses. The main difference between Auditors and Forensic Accountants is that Auditors act as patrolling guards who skim the surface of the Financial Statements while the Forensic Accountants are detectives who dive deep into the financial numbers and gather financial evidence of misleading transactions which are intentionally recorded to conceal the truth.
Forensic Accounting Service is frequently called upon when there is suspected corporate fraud, whistle-blower issues, bribery and corruption cases.
As many financial transactions are recorded in electronic form, Forensic Accounting Service Provider usually has 2 specialized teams – One team has Financial Forensic knowledge (i.e. Forensic Accountant) and another team has Computer Forensic knowledge (i.e. Computer Forensic Expert). The Computer Forensic Team is responsible for imaging or cloning the information found in the computer hard-disk and server, and sieve out relevant information for the Forensic Accountant. It also ensures that the computer evidence is preserved in a manner which can be used as evidence in court. The Forensic Accountant will examine the information extracted by the Computer Forensic Team and draw conclusion, similar to putting together a jigged-jaw puzzle.
Past Cases where Forensic Accounting Service is Required
In the past, there were a few investigation cases relating to Singapore charitable organization where forensic accountants were involved to uncover fraudulent transactions. They are the Ren Ci Case, NKF Case and City Harvest Church Case. The forensic accountant plays a critical role in surfacing evidence for court prosecution.
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- Application for Certificate of Residence
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