Severance pay is a payment made by the employer when the employee is separated from the job. severance pay was not used to determine a workerâs eligibility for unemployment benefits. benefits. payable in the weeks to which the severance payment is allocated or distributed.
forensic accounting. Definition. A method of accounting that deals with financial procedures that have been challenged or charged as illegal. One example of forensic accounting is examining insurance fraud claims. Related Terms.
His audit ensures that the company's financial statements reflect its current position. Forensic audits are different. A forensic accountant examines the company's books for evidence of fraud, as well as inspects the accounting system for weaknesses that could enable someone to defraud the company.