Forensic auditing is referred as the specific procedures carried out in order to produce evidence. Generally the forensic audits are carried on in order to prosecute a party for fraud, embezzlement or other financial claims.

At Gapeseed Consulting, we apply audit techniques to identify and to gather evidence to prove, for example, how long the fraud has been carried out, and how it was conducted and concealed by the perpetrators. Evidence may also be gathered to support other issues which would be relevant in the event of a court case. Common issues which require Forensic Audits include:

• the suspect’s motive and opportunity to commit fraud
• whether the fraud involved collusion between several suspects
• any physical evidence at the scene of the crime or contained in documents
• comments made by the suspect during interviews and/or at the time of arrest
• Attempts to destroy evidence.

A forensic investigation is a very specialist type of engagement and requires highly skilled team members who have experience not only of accounting and auditing techniques, but also of the relevant legal framework. Forensic auditing is sometimes also referred to as forensic accounting.

Forensic auditing combines investigative techniques along with an understanding of accounting principles to determine if there are suspicious practices hiding beneath company or individual financial records and statements.

IMPORTANCE OF FORENSIC AUDITS

Forensic auditing is important because it presents financial statement and transaction information in a way that is suitable for court.

Forensic Audits are required for investigating white-collar crimes like fraud and embezzlement. Forensic accounting skills would enable you to follow money trails and conduct audits of finances.

Forensic audits also assist private individuals and corporations under audit to prove their innocence. Forensic auditors are often required to prepare reports on their findings and testify as expert witnesses in trials.

You may also find yourself investigating financial claims for an insurance company. Some forensic auditors work to detect insider trading and securities fraud.

Forensic auditors at Gapeseed Consulting can be called on to help sort out almost any type of illegal financial activity. Share the details here.

Write to us on info@gapeseedconsulting.com or call us +91-9599444639 | +91-9599444630 to know more.