Competitive Strategies

BUS 508

Assignment #3

Competitive Strategies

Juan P. Lari

Prof.: Dr. Victor Oladapo

20 November 2012

Introduction

The economic crisis of 2008 has brought about a lot of changes in the financial world. On one hand there have been additions of new services, on the other hand there have been upgradations of the existing services. One of the factors that has developed is that the companies are now looking forward to proactive services that can look out for mistakes and frauds in the beginning when the harm is least done. This means that keeping an eye on the happenings as and when the action occurs and not looking out for cover up actions. And that calls for special services to be provided and powerful and talented skilled labour force that has got an eye for details and misdoings. Forensic accounting is one such service that has received prominence in the last 2-3 years. The report below deals with what the service is about and what are the services that it can offer.

Forensic accounting: The word forensic is a culmination of something that is fit to be produced before the law or proofs and logic that are packaged to be accepted and prove a point. Accounting means keeping a track of the ledger balances that occur on the financial side of a company. And the combination of the two is forensic accounting that has come up as a latest trend that are being provided by the financial services providing companies. While all the sectors are using the same in large proportions, it is the funding, banking and insurance sectors that are major users of the same. That being said, forensic accounting is a field that involves accounting along with services of auditing and investigation for the purpose of keeping a watch on the performance of the accounts but is also majorly used for the purpose of keeping records, collecting data, analyzing them and providing the processed data for the purpose of debate, public discussion and also during any cases...