How fraud support works
A NIFA member can review financial records, trace funds, test explanations, assess the scale of loss and prepare clear evidence on what the records show. They can also support fraud investigations by helping to detect suspected fraud, identify possible perpetrators and review the financial evidence needed for criminal or civil proceedings. Members can support matters as Party Appointed Experts, Single Joint Experts or Expert Advisers, depending on the needs of the case.
Who fraud expertise is for
Fraud support is for legal professionals, insurers, businesses, insolvency practitioners and individuals who need independent analysis of suspected deception, misappropriation, false accounting, unauthorised payments or disputed transactions. It can assist victims of fraud once a fraud has been detected or suspected, as well as defendants or alleged perpetrators who require support in preparing a defence.
When fraud expertise can help
NIFA members are experienced in acting for both defendants and the Crown Prosecution Service in criminal proceedings relating to fraud. They can also support police investigations where criminal prosecution is underway or anticipated, and act for both defendants and claimants in civil proceedings relating to corporate fraud. They can help with:
- Tracing funds and reviewing suspicious transactions.
- Investigating alleged misappropriation, false accounting or financial misconduct.
- Investigating suspected corporate or company fraud, including fraud committed against a business.
- Quantifying loss for civil claims, insurance matters or proceedings.
- Explaining accounting evidence in a clear and independent report.
- Reviewing and analysing financial evidence in support of police investigations, criminal prosecutions or civil proceedings.
- Helping companies assess fraud risk and implement preventative procedures to reduce the risk of future fraud.
- Supporting cases involving bank scam emails, benefits fraud and employee fraud including false accounting.
- Assisting the defence with the review of evidence, the review and validation of the prosecution’s assessment of the potential financial loss and further investigations as required.
Fraud process and outcomes
The process usually begins with an initial review of the allegation, the records available and the financial questions to be answered. The forensic accountant then analyses the records, identifies patterns or gaps, traces relevant flows of money and reviews the evidence needed to support the investigation or proceedings. Where a business is concerned, this may include identifying the extent of the suspected fraud, assessing possible perpetrators and recommending procedures to reduce future risk. The outcome is a clearer understanding of the financial position, the loss claimed and the evidence required to support the next step.
Why choose a NIFA member for fraud matters?
NIFA brings together independent forensic accountants who understand fraud investigations, litigation support and expert witness duties. Legal professionals can use NIFA to identify a suitably experienced specialist, while members benefit from shared resources, training, referral opportunities and annual quality review.
To find a forensic accountant with the fraud expertise your matter requires…
FAQs
Without early forensic accounting input, records may be harder to interpret, evidence may be incomplete and parties may rely on assumptions rather than tested financial analysis.
Contact NIFA with a summary of the suspected fraud, the records available and the support required so the right forensic accounting expertise can be identified.
Our recent fraud work
NIFA members regularly support fraud matters involving transaction tracing, loss quantification, corporate fraud investigations, fraud risk assessment and the review of accounting records.
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Long-serving NIFA member, Peter Smith, reflects on institute’s value
Read case studyAs one of the longest-serving members of NIFA, Peter Smith is well-positioned to reflect on the value of the institute and the benefits it brings to members and legal professionals. Having worked for a major law firm for a while, Peter set up his own practice and has worked diligently to make it a success […]
