Today, I learned of a field in accountancy that is somehow new to my ears: forensic accounting. Accounting is a familiar thing; so is forensic (I always relate it to crimes and court battles). But forensic accounting is quite new, I had to research all about this term.
According to Mister Wiki, “forensic accounting is the specialty practice area of accountancy that describes engagements that result from actual or anticipated disputes or litigation.” Oh the jargons! But to put it in simple terms, the people who are in the field of forensic accounting, called forensic accountants, review and analyze financial data/ find evidence that could be useful in the court.
Now this calls to mind about my girl friend who’s in the middle of a legal battle against his ex-husband. As one of the issues is financial support, this explains why she had to employ the services of one FA. For awhile there, I thought accountants are just useful in mergers, acquisition, bookkeeping/auditing/banking but now I understand they are also likely needed in legal concerns i.e. marital disputes, insurance claims, and the like.