Fraud & Forensic Audit

Steps while conducting a forensic audit

Forensic audit is conducted in a firm for examining the financial statements and records and utilizing such audit reports as evidence in a court of law or for any kind of legal proceedings.

The main objective offorensic audit servicesis to prosecute any party who is involved in fraud, malpractices, or embezzlement.

Forensic audits can also be conducted to regain public confidence which may be reduced due to false allegations imposed by other parties on the firm.

Planning the audit investigation

1. Detailed and proper planning is must attain the objectives of Investigation

2. Methods and techniques to be wont to be structured

3. The amount during which the fraud has occurred to be identified

4. Quantification of monetary loss suffered

5. Identifying controls & system gaps for the explanation of fraud

Collecting evidence

1. Evidence gathered by the investigation team must provide the identity of the fraudster

2. Evidence should be arranged in sequential order making it easy for the court to know

3. It should help in revealing the small print of fraud and the corresponding loss

4. Evidence should be concrete and will not be altered or modified

5. Evidence should be preserved and kept safe from any possible damage or attack

Reporting

1. The report should clearly mention the scope of the investigation

2. Complete details on identified fraud

3. An in-depth summary of evidence collected

4. Flow or explanation on how the fraud was planned and perpetrated

5. Recommendations & suggestions on the way to avoid such frauds

Presentation in Court of Law

1. It’ll be the duty of the Forensic Auditor to present to Court the evidence collected and supply evidence on how suspects were identified

2. To elucidate complex accounting matters during a simplified approach

3. Provide all the specified support by Court on the investigation done

Our forensic auditing services include:

• Corporate fraud investigation
• Asset misappropriation
• Financial reporting fraud
• Suspicious transactions
• Bribery & corruption
• Claims analysis
• Anti-money laundering
• Determination of compliance