Forensic & Fraud Investigation Auditing
A forensic audit examines and evaluates a firm’s or individual’s financial records to derive evidence used in a court of law or legal proceeding. Forensic audits cover a wide range of investigative activities. A forensic audit is often conducted to prosecute a party for fraud, embezzlement, or other financial crime, corruption, asset misappropriation, and financial statement fraud. A forensic auditor is required to have special training in forensic audit techniques and the legalities of accounting issues. By the conclusion of the audit, the forensic auditor is required to understand the possible type of fraud that has been carried out and how it has been committed.
With the responsibility of detecting and preventing fraud placed directly on the accounting profession, we are responsible for recognizing fraud and learning the tools and strategies necessary to stop it. Forensic audits require accounting and auditing procedures and expert knowledge about the legal framework of such an audit. Forensic audits could also involve situations that do not include financial fraud, such as disputes related to bankruptcy filings and business closures.
Fraud Investigation Audit would help a company in assessing the actual loss incurred to a company in terms of financial & non-financial aspects. A well-run fraud investigation can enhance a company’s welfare, which can help detect and recover the source of lost assets, identify responsible culprits and recover losses. In a fraud audit, there typically is an allegation of fraud or fraud has already been discovered; the accountant is called in to gather evidence or to act as an expert witness in connection with legal proceedings relating to the fraud.
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