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Audit & Assurance Service /

Forensic Audit

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 auditing is a specialization within accounting, and most large accounting firms have a forensic auditing department. Forensic audits require accounting and auditing procedures and expert knowledge about the legal framework of such an audit.

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 crimes. In the process of a forensic audit, the auditor may be called to serve as an expert witness during trial proceedings. Forensic audits could also involve situations that do not include financial fraud, such as disputes related to bankruptcy filings, business closures etc.

Forensic

Audit

Forensic audit investigations can uncover or confirm various types of illegal activities. Usually, a forensic audit is chosen instead of a regular audit if there’s a chance that the evidence collected would be used in court.

The process of a forensic audit is similar to a regular financial audit—planning, collecting evidence, writing a report—with the additional step of a potential court appearance. The attorneys for both sides offer evidence that either uncovers or disproves the fraud and determines the damages suffered. They present their findings to the client, and the court should the case go to trial.

We at forthright help clients to perform forensic audit with below process:-

  • Planning the Investigation:- During the planning stage, our team will plan their investigation to achieve objectives
  • Collecting Evidence:- The evidence collected should be adequate to prove the fraudster’s identity (s) in court, reveal the fraud scheme’s details, and document the financial loss suffered and the parties affected by the fraud.
  • Reporting:- A forensic audit requires a written report about the fraud to be presented to the client to proceed to file a legal case if they so desire.
  • Court Proceedings:- The forensic auditor must be present during court proceedings to explain the evidence collected and how the team identified the suspect(s). They should simplify any complex accounting issues and explain the case in a layperson’s language so that people who have no understanding of legal or accounting terms can understand the fraud clearly.

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