The growth of regulatory compliance requirements for commercial activity both abroad and in Japan, and the increase in fraud within companies is constantly growing. To countermand these potential pitfalls there’s an increasing demand for forensic accountants and forensic technologies to keep businesses on course.
Forensic Accounting could be called the science that deals with uncovering events and involves broad level of business knowledge but highly specialized technical shills. It is the act of fact finding of past transactions. It quantifies losses arising from an incident, such as floods, fires, motor accidents, thefts and earthquakes. It ranges from assisting in investigating allegations of fraud all the way to assessing the monetary consequences of some force majored occurrence. Forensic accounting works mainly in litigation support and with insurance claims. A good forensic accountant will look beyond numbers and ledgers, taking in the full picture of the reality in the business scene. Mainly it is used to quantify insurance claims and in connection with litigation concerning demands of compensation for various business interruption, disputes, personal injuries, and their financial consequences. Forensic Accounting also provides business valuations of companies and/or of specific brands or markets or other such commercial entities. Consultation and advise on these and related matters also falls under forensic accounting.