A forensic audit is an assessment and evaluation of the financial records of a business or person to obtain statistics, which can be used in the court of law. Forensic audit is an examination and evaluation of a firm's or individual's financial records. In general terms Forensic means application of scientific methods and techniques in an investigation process.
Forensic Audit applies accounting, auditing, and investigative skills to investigate, analyze, and report on the financial information in such a way to be presented to the court.
Forensic Audit Services are only required when there is a dispute or a court case already in place. The goal of the Forensic Audit is to investigate, report, and assist the court to understand the financial aspects of the case. Also, when there arises suspicion of misappropriating funds from the business the clients employ auditors as forensic accountants to run a Forensic Audit.
Forensic Audit and accounting professionals utilize the same accounting skills, but the purposes of engagements are different.
An audit is performed by an internal or external auditor, who must adhere to a certain set of standards established by the prevailing laws and International Accounting and Auditing Standards.
Audits are engagements that examine and evaluate the financial statements of any given organization. An audit’s objective is to provide assurance, to the intended user, that the information contained in those financial statements is a fair and accurate representation of the organization
A Forensic Audit applies accounting, auditing, and investigative skills to examine, analyze, and report on financial information in a manner suitable to the court.
A Forensic Audit is designed to analyze a specific set of transactions or to search for misappropriated assets.
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