![]() ![]() The results of their findings are of substantive evidence in a court of law. They are also the true valuation experts of property in cases of insurance claims or divorce settlements. Forensic accountants are mostly called upon to investigate cases of fraud, embezzlement or misappropriations that may have been going on in an organization. Think of forensic accounting as detectives for your financial statements. They exist to be only at the disposal of management and aid them in making sound business decisions based on the numbers such statements project. These are highly confidential and not meant for public domain at all. Examples of internally circulated accounting statements include statements of the budget, standard costing policies, and cost control mechanisms. ![]() Internally, accounting results also serve as a key managerial tool for strategic decisions. This mainly involves drawing up of (1) Balance sheet, (2) Income Statement & (3) Cash flow statement. Its external utility relates to the presentation of financial statements in a condensed form to convey performance reports and future prospects to the shareholders, creditors and other stakeholders.
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