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Forensic Accounting Services In UAE

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Forensic Accounting Services In UAE

Each business’s growth is influenced by the level of compliance it has with regulations, whether it is an SME or a large enterprise. A profitable business damages its goodwill when involved in wrongful or illegal activities. An organization with a complex structure is more likely to be involved in fraud, so they need expert services to protect themselves. We provide quality forensic accounting services in Dubai, Sharjah, Ajman, Abu Dhabi, and all other states of the UAE. Let’s figure out more!

What Is Forensic Accounting?

Forensic accounting is an investigation process in which business accounts are being examined. It is conducted to inspect whether a business is indulging in financial reporting misconduct. Forensic accounting is usually handled by the certified accountants and auditors of the United Arab Emirate. The main purpose of the investigation is to discover financial crimes in the organization.

The Objective Of Forensic Accounting/ Fact-Finding

  • Safeguard entities from fraudulent activities
  • Aware business owners of any misconduct
  • Minimize growing threats and risks
  • Unbiased fraud investigation
  • Clear insight into the financial transactions
  • Prepare a fraud case for the jurisdiction court

What Are The Major Duties Of A Forensic Accountant?

The forensic accountant has to perform several duties in the United Arab Emirates. This will include obtaining financial data from records, creating spreadsheets, performing forensic research to track money and locate assets for recovery, conducting forensic analysis based on financial data, and preparing forensic accounting reports.

Which Types Of Fraud Needs Forensic Accounting?

In a forensic investigation, multiple types of fraud cases are processed in court. The forensic accounting experts help entities to identify different nature of financial crimes in the business, following are:

1. Fraud Investigations

The companies unintentionally engage in different kinds of fraud, such as securities fraud, insurance fraud, payroll fraud, internet fraud, debit and credit card fraud, and bank account takeover fraud. The fraud investigation is conducted to uncover these illegal activities by looking beyond the numbers. The main aim is to find out by whom and how these wrongful activities happened.

2. Money Laundering & Financial Terrorism

Money laundering is the illegal activity in which the criminal makes a big amount of money through terrorist funding or drugs trafficking and etc. The business owner ought to hire forensic accountants for anti-money laundering.

3. Intellectual Property Theft

Many times internal or external stakeholders store companies’ digital information in computers for their illegal usage. It is a serious criminal act that can be handled by doing a computer forensic and data analysis.

4. Falsification in Financial Statement

The falsification of financial statements is defined as the manipulation of elements in the company’s financial reporting. It happens when an entity overstates assets, sales, profit, expenses, or losses. This activity is considered a criminal act because falsifying does not represent the true position of a company.

5. Financial Corruption

The upper management or government officials often indulge in financial corruption. People in positions of power typically engage in this kind of dishonest behavior. It includes under-the-table transactions, giving or accepting bribes, diverting funds, double-dealing, manipulating elections, and defrauding investors.

6. Employee Theft

Employee theft refers to the stealing, use, or misuse of an employer’s personal property without authorization. It involves the theft of employers’ assets, cash, and other non-monetary properties for wrongful purposes.

7. Tax Evasion

Tax evasion refers to the illegal non-payment of taxes in the UAE. Many organizations submit a false declaration in the VAT or excise tax to the relevant authorities. It entails a criminal penalty when the entity declares less income than the actual amount earned.

These are some popular fraud types but our forensic investigators are not limited to these scenarios. Moreover, we professionally detect this misconduct and explain the financial crime in court.

Is It Right To Outsource Forensic Accountants?

Yes, it is absolutely right to outsource forensic accountants for your business account investigation. Because sometimes the in-house accountants fail to detect frauds in financial records and can’t recover the damage. This also becomes a reason for heavy fines & penalties from the regulatory authorities. They realize criminal acts after it is too late, and business reputation is at risk. In this scenario, it is best to hire forensic accounting experts who can conduct a detailed analysis to find errors in transactions. Always select one of the leading forensic accounting firms in the UAE, which ensures timely and accurate fraud investigation. It is a wise decision to hire a forensic accountant even if it is a bit costly, but in the long run, you will be able to protect many resources.

Our Forensic Accounting Services In Dubai

Our team of chartered accountants and financial consultants provides forensic accounting services in all the Emirates of UAE. While analyzing your accounts we guarantee privacy, accuracy, and on-time process completion. Our accountants are experts in this area of accounting & bookkeeping and use their skills to comply with regulatory guidelines. With our forensic investigators, you get multiple amazing benefits, such as:

  • Discover embezzlement or fraud
  • Explain financial crime in the courts
  • Offer forensic training programs
  • Fight against criminal lawful actions
  • Entails the tracing funds
  • Confidential reporting of fraud
  • Evaluate the company’s historical data
  • Detecting irregularities in financial records
  • Asset identification and recovery
  • Review due diligence
  • Identify non-compliance issues
  • Recommend strategies to combat corruption
  • Fraud risk management

We understand the importance of forensic accounting to protect an organization’s assets and reputation. Let us know how we can help you and save your company from illegal activities.

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However, I was the head of the finance department yet still found it difficult to conduct a financial audit in accordance with UAE regulations. Although, due to the competence and experience of BextaxCA's qualified auditors, all my concerns have been resolved

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I utilized BestaxCA's accounting and bookkeeping services for my retail business in Abu Dhabi. It was fascinating to observe how they handled the finances. They provided me with out-of-the-box accounting solutions, which were really useful

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As per FTA requirements, the Bestax Chartered Accountants in UAE assisted me with VAT registration and filing. I personally consult with their tax experts to ensure they have the expertise necessary to provide timely answers

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 We provide a free 30 days trial, No upfront payment! If you are not satisfied with our services, you don’t pay anything