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Forensic Accounting Services in Malaysia
Forensic accounting services an area of accounting where the accountant is required to use their set of skills to investigate cases of fraud or embezzlement that could have taken place within a company or organization. Using these skills, it is the accountant’s job to analyze the financial information on hand and use it in the legal proceedings that will follow the case.
Economic conditions are getting tougher as we move forward, and Malaysia is leading the way as the demand for more forensic accounting services continues to grow amidst tough economies and corporate governance. Why the demand exists is because companies are now being more closely scrutinized, and in an attempt to keep fraud at bay, growing efforts are needed to detect and prevent it in addition to taking legal action against those guilty of the charges.
Why Forensic Accounting is Needed?
Because of the detail of work involved, the skills of the average accountant and editor is often inadequate. A forensic accountant is different from the average accountant because they skills that they need involve being something of a detective, investigator, examiner and even an expert witness all rolled into one.
A forensic accountant’s job is to uncover every detail behind a possible corruption case that could have occurred – what happened, how it happened and who was behind it. A forensic accountant is a financial version of a detective, and they must be knowledgeable when it comes to fraud management and business processes to be able to detect the misconduct.
When Do You Need a Forensic Accountant?
Companies often turn to the forensic accounting experts when fraud has been discovered, often after the crime has been done. More companies in Malaysia need to realize the growing importance of hiring forensic accountants actively to prevent the fraud before it can happen, and how imperative the accountant’s role will be in their organization. Fraudulent crimes are not just a costly affair, but one that could also do some damage to the company’s reputation depending on the severity of the crime. Prevention is always better than finding a cure.
Overview of a Forensic Accountant’s Duties
The job scope of the forensic accountant would include (but is not limited to) the following:
- Expert Witness and Dispute Advisory
- Alternative Dispute Resolution
- Fraud Investigations
- Anti-Money Laundering
- Licensing management
- Litigation support
- Fraud risk management
- Data analytics
- Regulatory compliance
Need some help with forensic accounting services? Get in touch with 3E Accounting, where our firm of experts skilled in a wide range of accountancy backgrounds are ready to assist with all your forensic accounting needs.