Forensic Accounting in Malta

Updated on Monday 24th August 2020

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Accounting has several branches and each of them requires specialists in the respective field. This is also the case of forensic accounting which deals with the legal side of an accounting issue. Most of the time, forensic accounting is used in the court of law when the services of a financial consultant are used in order to determine the legitimacy of various accounting methods.

Our accountants in Malta are ready to offer their support in various accounting matters, including forensic ones. This is why we invite you to read below on the main forensic accounting matters you can rely on us.

Types of forensic accounting services in Malta


Forensic accounting is a broad field of accounting which is why there are many accounting firms in Malta to offer specialized services in this area. This is also the case of our firm which can offer the following forensic accounting services:
 
  1. services related to the calculation of various damages which can be received after a contract has been breached;
  2. services related to the resolution of financial and accounting disputes between companies in a Maltese court;
  3. services related to insolvency, reorganization and bankruptcy matters which require court hearings;
  4. services related to various types of frauds: tax evasion, securities fraud, and even money laundering;
  5. specialized computer forensic services which require the analysis of accounting documents;
  6. services related to professional negligence in the accounting field, as well as in marital disputes, such as the division of assets in divorce cases.

If you find yourself in any of the situations mentioned above, you can ask for tailored support from our forensic accountants in Malta.

Our Malta tax advisors can help you with other accounting services for your local company.
 

When is forensic accounting necessary in Malta?


Forensic accounting can be necessary in any of the cases presented above, and our accountants in Malta can offer suitable support in procedures that require a thorough analysis of financial documents that can be used in the court of law.

Our forensic accountants can also perform audits in Malta which can be used to prove cases in various types of disputes. Investigations can also be conducted by specialists when it comes to forensic accounting in Malta.

It is important to note that financial documents of Maltese companies and individuals can be examined under a forensic accounting investigation, which is why the accountants performing such investigations must be specialized in this field. This is why our firm only works with Malta CPA accredited accountants.
 

Who can offer forensic accounting services in Malta?


Accountants are the most qualified to offer forensic accounting services in Malta, however, one must make sure that he or she is a certified accountant. Experience and a good knowledge of the Maltese legislation are also important when dealing with forensic accounting.

There is also the possibility of asking for forensic auditing services, a case in which knowledge of the audit regulations must be observed.

No matter the type of service you need, our accounting firm in Malta is at your disposal with tailored advice. You can rely on us for various services, among which tax consultancy and registration for taxation and VAT purposes with the local authorities. Moreover, our services are available in several Maltese cities.

We also invite you to read about the available forensic accounting services in Malta in the infographic below:
 
Forensic Accounting in Malta


Contract verifications completed by our forensic accountants in Malta


All commercial relations are based on contracts that need to be carefully verified before entering them. However, the good faith of business owners can lead to problems when dealing with fraudulent operations and financial loss for their companies. This is where a forensic accountant can make a difference by thoroughly verifying the respective contracts.

Our accountants in Malta have good knowledge of the commercial and contract legislation and can help business owners who have had their contractual rights breached and have lost various amounts of money because of this. In such situations, our forensic accounting services can help uncover all problems in contracts in order for the party creating the issue to pay before the authorities.
As a matter of fact, the advice of a Maltese forensic accountant is important when in need to make a complaint with the relevant authorities.

Among the contracts that can be verified by a forensic accountant are sale-purchase agreements, business-to-business and business-to-customers contracts, mortgage contracts which are concluded with Maltese banks and other financial institutions.

There are also cases where Maltese citizens or residents borrow different amounts of money and do not pay attention to the contracts they sign. This is a case where our CPA Malta accountants can verify the terms of the respective contract and inform the client about any irregularities. From there, the person can decide to make a case and present it to the relevant authorities.

In Malta, the Financial Services Authority (MFSA) is in charge of the supervision of financial institutions.

Our forensic accountants in Malta can also calculate the loss resulted from the breach of a contract in order to know the damage that can be obtained with the authorities.
 

Financial dispute resolution in Malta


The number of financial disputes has increased at a worldwide level, not only in Malta. In such a situation, the guidance of a forensic accountant is crucial in helping parties reconcile. As most disputes arise between companies, such cases are handled by accounting firms in Malta when it comes to verifying the conditions which have led to the dispute.

If a case is presented in a court of law, it will take the advice of a forensic accountant to testify as an expert in financial matters related to the dispute. This is why, when dealing with forensic accounting, the specialist will usually have a deep knowledge not only of the facts but also of the law.

We are a multi-disciplinary team and you can also rely on for audit services in Malta if you are in search of independent auditors.
 

Forensic accounting in company dissolution in Malta


Terminating a business is not easy as there are various procedures to complete. Moreover, the dissolution of a company must be made under specific regulations depending on whether it was decided by the shareholders or if the creditors have filed a petition with a court. In the latter situation, the help of a Maltese forensic accountant is crucial when it comes to verifying the financial documents that need to be presented by the creditors in order to recover outstanding amounts of money. Also, the guidance of a forensic accountant is important when the distribution of the assets must be made between the creditors, especially in the case of large companies with multiple creditors.

Forensic accounting is not necessary only when terminating a business, as such services can also be used in company reorganization and vetting before a merger or an acquisition.

Bankruptcy procedures can also require the attention of a forensic accountant in Malta and can include court hearings where the specialist needs to testify.

Our accountants in Malta can offer forensic accounting services in accordance with the needs of clients.
 

Forensic accounting in various tax frauds in Malta


Just like any other country, Malta has its share of individuals and companies committing financial and tax frauds, among which embezzlement and frauds which need to be proved in court. This is where a Maltese forensic accountant can be used by the victim to prove their case in court.

A forensic investigation can use the services of one or more accountants in Malta depending on the complexity of the case and the documents which need to be assessed.

If you think you have been a victim of tax fraud, you can rely on the accounting services of our firm in Malta.
 

Thorough document verifications in Malta


One of the most employed forensic accounting services is related to the verification of the financial documents in a company. From invoices to complex financial records, everything can be verified by our accountants in Malta who can prepare a full report in case any irregularities are found.

Forensic accounting is also used in disputes that end up in the courtroom as accountants can testify in trials or hearings, where the case requires it. This is why when working with a forensic accountant, one must make sure the chosen person has the expertise to offer the required services.

Our accounting firm in Malta is made of experienced accountants and auditors who can provide a wide range of forensic accounting services. Among these, complete verifications of financial documents which also imply a deep analysis and tracking of various amounts of money.

The assistance of a forensic accountant can be requested by company owners who suspect irregularities in the accounts of the business, or by third-parties, such as liquidators when the company is under the administration of a liquidator as part of the winding-up procedure.
 

Forensic accounting in professional negligence in Malta


Even accountants can be subject to investigations, and when it comes to financial crimes, a forensic accountant who can verify all the aspects that led to the situation. Professional negligence can take many forms, and the help of a forensic accountant can help sort matters out.

Our accounting firms in Malta work at the highest standards possible, so if you find yourself in the position of needing such services, you can rely on us for professional forensic services.
 

Investment fraud in Malta


There are many cases where people find themselves left without their lifetime savings as a consequence of bad investments. In most situations, however, they fall for false promises made by fraudsters who promise them high returns against various amounts of money. These types of investment frauds, usually known as Ponzi Schemes, have deep roots and spread over several countries, which is why forensic accounting plays an important role in uncovering them.

These types of frauds also require the collaboration of specialized accountants with the police and other authorities.

Fraud investigation is actually quite common among forensic accountants, which is why those who feel that have been defrauded can also request the services of such a specialist.
 

Forensic assistance in insurance claims


Insurance companies must deal with many cases where small accidents and easy personal injuries require the coverage of the insurance policy. However, there are persons who try to obtain as much money as possible from these companies, therefore, insurers can request the assistance of  Maltese forensic accountants when they consider the amount of money requested does not match the type of injury sustained.

Insurers can also have suspicions against companies seeking to obtain compensation for various accidents, such as fires and work accidents which imply large amounts of money as claims. In such complex cases, a forensic accountant can perform various verifications, such as financial and accounting records checks, and even business operations.
 

Forensic auditing services in Malta


Accounting firms in Malta can also provide audit services which imply the investigation of financial information as a consequence of meeting legal requirements. These services are usually offered by auditors with knowledge in the accounting, auditing, and legal fields, as they are related to financial reporting.

A forensic audit can require a lot of time which is why thorough preparation is needed before getting started. Also, some accounting firms in Malta will need additional licenses with the local authorities in order to be able to offer such services.

If you need more information on the types of forensic services you can obtain from our accounting firm in Malta, do not hesitate to get in touch with us.
 

Who can ask for forensic accounting services in Malta?


Both individuals and companies can ask for forensic accounting services in Malta, however, most of the time, insurance companies, banks, governmental authorities, and other institutions ask for such services because they will use the evidence in court.

Forensic accounting implies tracing missing funds, identifying assets that can be used to recover outstanding amounts of money, and conducting financial due diligence procedures.

If you need help, our accountants in Malta can offer various types of services, including tailored tax advice for your local business.
 

How much does it cost to hire a forensic accountant in Malta?


There is no specific cost related to using the services of a forensic accountant, as this is established in accordance with the complexion of the verification and hours required to be completed. However, when choosing a forensic accountant in Malta, it is also important to note that experience is very important and can lead to a higher cost.

For more information on our forensic accounting services and their cost, our accountants are at your disposal with details on how it is calculated.
 

Why choose the services of our accountants in Malta?


With a vast experience in various fields of accounting, our firm is made of specialists who can offer personalized accounting services in Malta, including forensic accounting services.

Considering the tax legislation is very complex, you can ask our accountants for various services, including preparing the documents which need to be filed with the tax authorities.

With respect to financial frauds in Malta:
  • in Malta, the number of money laundering cases reported has increased by 94% between 2017 and 2018;
  • computer-related crimes have also registered a 20% on a year-to-year basis in between 2017 and 2018;
  • another type of financial crime which increased in 2018 was fraud with a growth of 30%;
  • in 2018, the number of money-laundering cases reported was 33.

For complete accounting services (from payroll to bookkeeping services), including forensic accounting in Malta, please contact us.