Forensic audit
Forensic audit
Corporate fraud has been a serious risk to businesses of all sizes and types.
Some of the recent cases of large corporate frauds have shown that dishonesty is prevalent everywhere, and it affects the profitability, efficiency, and reputation of the organization. Forensic auditing includes a vast spectrum of activities, and it is not limited to regulatory guidance. It is a very specialist type of auditing, and it requires a team of highly skilled forensic auditors to carry out the fraud investigation. The process of forensic auditing is a very sensitive one and requires cooperation from both the client and the forensic auditor. We are here to assist you through every step of forensic accounting and forensic auditing to make it a straightforward process.
What is Forensic audit
The process of forensic auditing is most likely to be similar to other types of auditing, as it includes phases like planning, investigating, reviewing, and reporting to the client. The reason as to why the investigation is conducted is to discover if the fraud actually took place, and if it did, who were involved, to quantify the monetary loss and finally present the record to the client and ultimately to the court.
What is Forensic audit
A Forensic audit is a detailed examination and investigation of a company’s or individual’s financial records and transactions to uncover potential fraud, embezzlement, or financial misconduct. The primary purpose of a forensic audit is to collect evidence that can be used in legal proceedings.
Our forensic audit methodology:
Types of Fraud
Asset misappropriation
As per our experience, it is the most common fraud by far. It includes cash theft, which can be anything from stealing petty cash to cash from the office treasure. Fraudulent disbursement is also an example of this fraud where the employees might make payments to fictitious suppliers. Fictitious invoices, misuse of assets, and embezzlement of stock in trade are some of the examples of asset misappropriation.
Corruption
Financial statement fraud
THE PROCEDURE OF FORENSIC AUDITING
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