Forensic Audit is an examination and evaluation of a firm’s or a business owner’s financial operation for the purpose of using the information gathered as evidence in court. Forensic audits can be done internally with the help of an institution’s auditors and it can also be carried out by private companies in order to establish a complete view of an entity’s finances.
What is Forensic Audit
Forensic audit is sometimes compared with a Financial Audit. This is because both forensic audit and financial audit involve careful examination of financial records. The only difference between the two is that forensic audits require analysis of financial transactions for use in court cases while financial audit is basically undertaken to give regulators, investors, directors and managers reasonable assurance that an entity’s financial statements are accurate.
The report of a forensic auditor must be complete and well-documented to meet the standards of presentation before a court of law. The forensic auditor needs to supply evidence relating to which case is being investigated, whether it is for fraud, embezzlement or conflict of interest. On the other hand, a financial audit report has statements and notes about the auditors’ findings and whether the financial statements of the company are fair and accurate.
When Is Forensic Audit Undertaken?
- To prosecute a party for fraud
- To investigate possible embezzlement
- To investigate any kinds of financial claims
- To determine tax liability
- To investigate a spouse during divorce proceedings
- To investigate allegations of bribery and extortions
- To investigate conflict of interest
EAPAC’s Forensic Auditors
Our team of professionals are experts in criminology and accounting. They are highly trained and skilled to follow any money trail, keep track of balance sheets and point out inaccuracies in income or expenditures. Moreover, our team has conducted forensic audits numerous times, making our staff knowledgeable and reliable in providing expert testimony during trial proceedings.
We protect our clients’ businesses the way that we protect ours. Our accountants do not only undertake the audit for the sake of preparing reports but to eventually figure out where the business is headed to. We treat each client as a business partner whose business interests must be protected at all times.
Please contact us. We are here to answer your questions 24/7