MASC 2012

Plenary Session 2
Discovering the Infinite Potential in Advisory and Consultancy
by Forensic Acc-Sukdev Singh

MUSCAT: “There are tricks for identifying fraud, but also ways to prevent it from happening.”

In this session, three main issues will be discussed which include forensic accounting, internal auditing and corporate restructuring.

1. Forensic Accounting
Forensic accounting is a type of accounting practice that specially engages with legal proceedings and controversies. The emergence of forensic accounting can be traced back to just few years ago, where they act as forensic auditors or investigative auditors to give their professional opinions on frauds to be used on court. Recently, the larger firms have started to form a unit and even department for forensic accounting. Through this, we can see that the importance of forensic accounting is far more significant, beyond our expectations.

Sources: Journal of D.Larry Crumbley

2. Internal Audit 
Internal audit is another field of accounting which has been a major concern for many firms. People start to aware of the consequences of fraud, some even untraceable. The loopholes in the auditing process are always the opportunities in committing fraud. When there is opportunity, ethic is no more exists but greed is slowly surfacing. Hence, internal audit would be a protective wall, to deter all the crimes from loopholes. The role of internal auditors would become more vital in sustaining the firms’ value and prospect.

3. Corporate Restructuring
Corporate restructuring refers to the process of redesigning the systems and operations of the company to reach a higher level of competence. Undoubtedly, the upgrading process is not easy, as to strengthen the company’s position and create values for the company. Here is where the role of advisory and consultancy come in. With the assistance of an advisor or consultant, company can gain competitive advantage with a minimal effort. Hence, the potential of advisory of consultancy have grown tremendously, especially during the economic recession. Here we would discover the power of advisory and consultancy.