Forensic Accounting

Accounting for a common man means finalization of accounts and preparation of financial statements according to the provisions of law and also according to the management needs for taking business decisions. This is conventional accounting practices in vogue. However, with the development of trade, commerce, various regulatory authorities emerged and the intricacies and complexities of business also increased. The unscrupulous businessmen, with the passage of time not only made money and expanded trade across the boundaries but evolved different methods of committing frauds and manipulation of records. It therefore imperative on the part of regulatory authorities to seek the guidance and services to deal with the unlawful activities of frauds and misconducts. The forensic accountant came to the rescue of regulatory bodies. The forensic accountants evolved a unique system and developed skills which can prove the books of accounts and the transactions done with certain ulterior motive of evasion of taxes or any other motives with the intention of committing frauds. However, the services of forensic accountants are not only sought by the regulatory authorities but also by the scrupulous businessmen so as to make their accounting system according to the provisions of law and there are no legal or regulatory hurdles arise during the course of business