Forensic Accounting is a specialty practice area in which accountants perform accounting investigations and analyze financial information for use in legal inquiries and proceedings.
When a Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. client spots trouble, perhaps suspecting fraud, industrial espionage, or someone cooking-the-books, or when they need extensive financial support for a legal matter, they call on our forensic accountants.
In other words, forensic accounting is investigative accounting.
The word forensic actually means, “Used in courts of law or public discussion and debate,” and our forensic accountants are working towards that standard and prospective outcome.
According to Dr. Larry Crumbly who edited the Journal of Forensic Accounting, “You have an external auditor – that’s like a guard dog. Maybe a bulldog. An internal auditor is a seeing-eye dog. A forensic accountant is a bloodhound.”
That’s because fraud is usually well-hidden by its perpetrators and must be sniffed out.
One Source Services, Inc. dba Sherman Oaks Accounting & Bookkeeping responds to fraud situations by assessing accounting systems and appearance to conclude whether or not the numbers mirror reality.
Our forensic accountants combine their strong accounting knowledge and investigative skills with accounting concepts, theories, and auditing techniques to investigate situations resulting from actual or anticipated litigation or disputes.
During the early part of an investigation, our forensic accountants will first determine which people, functions, or areas of an organization require their attention and then use their investigative, accounting, and auditing skills to figure out what really took place in the financial setting.
One Source Services, Inc. dba Sherman Oaks Accounting & Bookkeeping forensic accountants have the advanced technical knowledge required to identify fraud.
We are masters of extensive data analysis and perform strategic, efficient accounting and financial investigations.
Our forensic accountants do things like:
- Conduct broad financial data analysis
- Use investigative research to trace funds and identify assets for recovery
- Produce financial reports from their findings
- Prepare analytical data for litigation and even testify when necessary
Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. provides forensic accounting to clients with many needs:
- For family law matters including divorce and child support.
- For breach of contract and other wrongful acts, calculating and quantifying the resulting losses and economic damage.
- For business valuations.
- For disputes related to acquisitions, professional negligence, and other business matters.
- For non-accountant attorneys and law offices who want a better understanding of key accounting principles and financial statements that may be relevant to fraud, embezzlement, legal disputes, insurance claims, bankruptcies, and other legal situations.
Our mission at Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. is to simplify finances and improve quality of life with high quality accounting services.
Our forensic accountants will be on your team when you need them to heighten organizational awareness and intolerance of fraudulent activity, offer professional support to you and your lawyer during stressful legal situations, and perform investigations and research to uncover the information you need to obtain peace of mind.