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.
Some forensic accountants specialize in forensic analytics which is the procurement and analysis of electronic data to reconstruct, detect, or otherwise support a claim of financial fraud. The main steps in forensic analytics are (a) data collection, (b) data preparation, (c) data analysis, and (d) reporting.raud is an adaptive crime, so it needs special methods of intelligent data analysis to detect and prevent it. These methods exists in the areas of Knowledge Discovery in Databases (KDD), Data Mining, Machine Learning and Statistics. They offer applicable and successful solutions in different areas of fraud crimes.