What is Forensic Accounting?
Forensic accounting is the use of accounting and auditing knowledge and tools to analyze financial information in a legal setting and to investigate alleged fraud. In some cases forensic accounting may uncover assets of greater value or unknown assets that the individual held. A business’ financial statements may also be reviewed using forensic accounting.
Why First Fiduciary Corporation for Forensic Accounting services?
First Fiduciary Corporation’s (FFC’s) forensic accounting services assist companies, individuals and attorneys with financial analysis and investigative accounting in situations where fraud is suspected. FFC is able to combine our accounting knowledge with our nearly 50 years of experience to provide expert service and accurate testimony. FFC’s forensic accounting staff have credentials as a Certified Public Accountant (CPA) and Certified Fraud Examiner (CFE) with experience in traditional accounting and auditing as well as forensic accounting. Since FFC is not a CPA firm offering traditional auditing services we run into less conflicts of interest than other firms that perform forensic accounting services.
Our Forensic Accounting Services Include:
Family Law: FFC assists with finding an equitable division of property, proper levels of support and accurate accounting for premarital assets. A forensic accountant is most often needed in these cases when there are assets that are difficult to value properly such as retirement plans, stock options, business ownership or interest and assets held in trusts. A forensic accountant is also helpful when it is suspected that income is being understated or assets are being hidden. FFC has the ability to perform all of these services more quickly and less expensively than attorneys.
Fraud Investigation & Examination: FFC have serviced fraud examination cases involving companies in agribusiness, auto sales, construction, health care, hospitality, and real estate as well as individuals in family, probate and other civil matters. These services include tracing of assets and liabilities, investigating financial statement fraud, investigating bribery and corruption schemes and searching for undisclosed income and assets. Fraud investigation and examination is often part of the forensic accounting.
Litigation Support: FFC has a very successful history in litigation, arbitration and mediation. We are able to calculate economic damages or fraud losses, provide expert testimony and offer other civil litigation support services.
Probate Law: FFC has experience with hundreds of probate cases and can therefore provide a very high level of expertise when it comes to forensic accounting for trusts and estates. We review fraudulent conveyances, misappropriation of assets, beneficial ownership, analysis of transaction flows, and quantification of fraud losses. We also audit accountings completed by other trustees, special administrators and personal representatives. We are also able to take over the role of Successor Conservator, Trustee or Personal Representative (PR), when there are concerns about the financial handling of a client’s affairs under the prior individual or company.