Forensic Accounting in Malta

Updated on Thursday 18th June 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.

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.

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.

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.