Forensic Accounting Services - A Boon To The Business in UAE

Forensic accounting arises from the effect and cause of fraud and technical errors made by humans. It uses accounting skills to investigate fraud and embezzlement and to analyze financial information for use in legal proceedings. Forensic accounting involves an investigative style of accounting used in determining whether an individual or an organization has engaged in any illegal financial activities. Even though a financial audit helps in detecting financial embezzlement, it can never be equated to forensic accounting, and it does not contain investigative techniques and professional skepticism. Accounting services in Dubai are provided by different companies.

Forensic bookkeeping can be broadly classified into two categories, viz. litigation support, and investigative accounting. Litigation support involves calculating the economic loss or damage resulting from a breach of contract and investigative bookkeeping is concerned with investigations of criminal nature as fraud by an employee, security fraud, insurance fraud, and advance fee fraud.

A major forensic bookkeeping issue is employee fraud, which is a common form of fraud and a very unsuspecting one too. Basic use of forensic accounting skills can enable an organization to take the proper first steps in the event of suspected employee fraud.

Another major issue where forensic bookkeeping comes to service is creative bookkeeping. The practice of creative accounting started during the industrial revolution and continues up to now. It capitalizes on loopholes in the accounting standard to falsely portray a better image of the company. Creative accounting is the process of converting accounting numbers from their actual values to the desired value by management. It is a blessing when something new is introduced to the company but becomes a curse when unethical elements make intrusion. Forensic bookkeeping techniques and services help to curb creative bookkeeping.

The other issues where forensic accounting services are needed are shareholder and partner issues, labor-related issues, and management misappropriations.

The increasing trend of globalization and popularity of social sites like Instagram, Facebook, and Twitter from business to holidays to sharing is more a "thing" than it ever was across the world. There is a global availability of data, with just a touch of a finger and swiping of the screen you can find information and collect data from other countries.

As the economies in UAE develop and elevate their position in the Middle East and in the global stage, they are placed under greater scrutiny in the drive to achieve increased accountability and transparency. And these increases the risks and challenges that they are not accustomed to dealing with, such as fraud and disputes and this is where forensic bookkeeping companies come to play a huge role.

UAE has the best forensic bookkeeping companies which are approved and registered under the Abu Dhabi and Dubai courts. With the best fraud examiners and forensic bookkeeping team, they provide cost-effective, free advisory services in compliance with international standards. A report for the same is submitted to the court in both English and Arabic. Disputes and professional negligence are tackled in an expert, factual, and in a concise manner. With a team of experienced specialists, they support and deliver the solutions a company needs. They conduct investigations manually and technologically according to the circumstances. Valuations are free of conflict of interest and in accordance with relevant rules and regulations.

Contact us at Virtual Accountants LLC.