A forensic audit is an evaluation and examination of an
individual's or a
firm's financial records to stem up evidence that can be used in a legal proceeding or court of law. Forensic auditing is a specialization within the accounting field, and most large accounting firms have a forensic auditing department. Forensic audits necessitate auditing and accounting procedures as well as expert knowledge about the legal outline of such an audit.
Generally, Forensic audits cover a wide range of investigative activities. A forensic audit may be directed to prosecute a party for embezzlement, fraud, or additional financial crimes. Moreover, the auditor may also be called to help as an expert witness during trial proceedings of a forensic audit. Forensic audits could also involve situations such as disputes related to business closures, bankruptcy filings, and divorces that do not involve financial fraud.
Who can conduct Forensic Audit?
Forensic auditors do not differ from other legal professionals; They investigate
accounting and different reliable settings by combining their knowledge of accounts, law, finance, and investigating skills to find evidence of corruption or financial crimes. The professional goes beyond looking into the financial statements, which includes examination and investigation, bringing out evidence, writing reports, understanding the legal scope of the evidence, and ways to prove it in court. Starting from collecting evidence to examining the shreds of evidence, later zeroing the culprit behind the fraud to appearing in the court for submitted the testimony, a forensic auditor plays a vital role as a part of his responsibility.
Created & Posted by Pooja
Income Tax Expert at TAXAJ
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