Financial records can easily be intimidating in Hillsborough, Santa Rosa, Fresno, San Jose, Sacramento, Los Altos Hills, CA, and the surrounding areas, even when you understand what you are doing. There are some trends that are at the forefront of financial forensics, and our team at Sugarman & Company LLP are ready to tackle the most challenging financial situations head on. While in the past financial forensics has only been able to focus on proving fraud happened in the past, today the shift is on for more real-time monitoring of financial transactions, including predictive analytics that help to identify potential issues much faster. More and more we are seeing the international community look to tighten regulations, and to look more into ESG issues, bribery, corruption, as well as complex international transactions. In order to do this, you need expert financial forensic accountants that understand what to look for with technology as well as understanding financial documents. Contact us today to learn more about the importance of financial forensics.
AI and Data Analytics
There is a lot of talk about what AI can and cannot do, but one thing that it can do well is sift through huge volumes of data to find the proverbial needle in a haystack. This use is helping to not only catch fraud, but also to predict it by finding telltale signs that might otherwise go undiscovered for months or years. With the rise of cryptocurrencies, there are new wrinkles to old fashioned fraud that makes it imperative to keep up with and understand.
Ideally it is better to detect fraud early, or to even stop it before it starts, but this is very hard to do. Predictive intelligence is providing new tools in the fight to prevent fraud along with the loss of dollars and productivity that comes with it. Our financial forensic team is vital in maintaining trust and transparency, which leads to integrity in our complex global systems.
The Future of Financial Forensics
Finding financial fraud is one thing, but helping to explain what was going on is another thing. This is where financial forensics experts will likely be spending more of their time being expert witnesses and providing the data that shows where and how the fraud was perpetrated. Technology is making rapid advances in detection, but that will not deter the would-be fraudsters as they will continue to find ways to cheat the system and try and get away with it.
Even small players in Hillsborough, Santa Rosa, Fresno, San Jose, Sacramento, Los Altos Hills, CA, and the surrounding areas can now operate internationally much easier than they ever could, making it more difficult to spot them. But when they are discovered, our experts at Sugarman & Company LLP will help to make the case against them and provide professional support no matter what sort of issues are at play, from insurance claims to damage calculations and more. Contact us today to get our team on your financial forensic project.