Over the course of the past four decades, economists increasingly have been called upon to offer their expert opinion regarding the valuation of economic losses related to specific events such as auto accidents, employment termination, breach of contract to name a few among numerous potential claims.
This practice has developed into the applied field that has come to be known as forensic economics. Its invokes a multi-layered set of skills including competency in economics, effective oral and written communication skills, a reasonable level of familiarity with relevant law, acumen in operating one’s practice as a small business, the ability to withstand harsh criticism under oath, and skillful management of interpersonal professional relationships.
Apparently, forensic economics is the scientific discipline that applies economic theories and methods to the issue of pecuniary damages as specified by case law and legislative codes. Read more ...
Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation.
"Forensic" means "suitable for use in a court of law", and it is to that standard and potential outcome that forensic accountants generally have to work. Forensic accountants, also referred to as forensic auditors or investigative auditors, often have to give expert evidence at the eventual trial.
All of the larger accounting firms, as well as many medium-sized and boutique firms and various police and government agencies have specialist forensic accounting departments. Within these groups, there may be further sub-specializations: some forensic accountants may, for example, just specialize in insurance claims, personal injury claims, fraud, anti-money-laundering, construction, or royalty audits. Read more ...
Every commercial entity suffers from fraud, although management might not know it. According to Managing the Business Risk of Fraud: A Practical Guide, published by Association of Certified Fraud Examiners (ACFE), the visibility of these controls acts as one of the best deterrents to fraudulent behavior.
It is important to continuously monitor and update your fraud detection strategies to ensure they are effective. Detection plans usually occur during the regularly scheduled business day. These plans take external information into consideration to link with internal data. The results of your fraud detection plans should enhance your prevention controls.
It is important to document your fraud detection strategies including the individuals or teams responsible for each task. Communicating this to employees is a prevention method in itself. Taking the disciplinary action can hinder employees’ plans to commit fraud. Read more ...
We are the team of devoted professionals, having working for decades in the financial and legal industry of Montenegro.
Having the proper plans in place can significantly reduce fraudulent activities from occurring or cut losses if a fraud already occurred.
We have created the small partnership, in order to use it as a service providing entity.
With our partners, our objective will remain the same - to provide in services of fraud prevention, economic and accounting forensic with precision and high quality.
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