play a major role in discovering, measuring, and litigating major fraud cases such as WorldCom, Enron, and the Bernie Madoff Ponzi scheme.
In addition, Jarrod Baker and Brett Clapp, Senior Managing Directors in the Forensic & Litigation Consulting segment, were recognized as Thought Leaders in the Forensic Accountants
and Digital Forensic Experts categories.
In civil cases, forensic accountants
attempt to compile sufficient evidence of fraud and data manipulation to develop a defensible case for the recovery of damages.
Context is key, and forensic accountants
look at each business and claim individually to identify trends and market factors that may change the outcome of the review.
Following the closure of the SFO investigation, one source suggested that while the forensic accountants
had uncovered evidence of illegal activity, it wasn't enough to clear the tough evidential hurdles necessary to bring successful criminal prosecutions.
In addition, the FBI has 600 forensic accountants
as part of its Forensic Accountant
Unlike traditional accounting services, forensic accounting projects arc non-recurring engagements; therefore, forensic accountants
have no "buss season.
According to a participant, forensic accountants
combine their knowledge of accounting and finance with law in order to detect criminal activities such as misstating profits or tax evasion.
After a divorce settlement, Mr Thursfield's ex-wife Linda hired a forensic accountant
to track down her ex-husband's alleged wealth to a Swiss bank account.
Greig Rowand, a forensic accounting partner at Scots firm Henderson Loggie, said: "The forensic accountants
can turn up with solicitors at a house or business with an order from the court and go in and seize financial information.
In this age of high technology, fraud investigators can no longer be satisfied with just auditing or accounting skills, these investigators should be trained as forensic accountants
and this training should include an extensive knowledge of (AIS) accounting information systems (Bressler, 2006; Manning, 2005; Ramaswamy, 2005).
The insurer's "team" may include a field adjuster, claims manager, underwriting department, in-house legal staff, and other experts such as engineers, salvors, outside legal resources, and forensic accountants