London Chartered Accountant firms are expected to make big money for nest three years as most organizations are turning towards them for help in dealing with the rising regulatory investigations and new anti-corruption laws. The large accountancy firms in UK are estimated to have churned nearly £200 million pounds last year form these forensic accountancy works such as investigating frauds, advising companies to resolve legal disputes and recover lost or stolen assets. The forensic accounting business is expected to peaking even higher by 2012.
The frauds and legal disputes are born of the economic recession, increasing activities of the UK regulators and the initiation of the new anti-corruption laws. The forensic accountants are called upon by a company suspecting a financial fraud in the organization to detect the guilty and recover the lost assets. The forensic accountants are also appointed to investigate the background of a new recruit or appear as witnesses in court cases.
The Government’s recent crackdown of the corruption and bribery has opened up new domains of employment for the UK forensic accountants. The bribery bill that is due before the election is expected to forces penalties on companies engaged in under-the-table dealing to obtain foreign contract. Moreover, the companies failing to control corruption and bribery among their staffs will also be subjected for criminal prosecutions.
The government’s strict stance will be second by the Serious Fraud Office’s efforts to lessen corruptions and bribery in organization to a considerable extent and thus creating even more work opportunities for London forensic accountant firms.
