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What is Forensic Audit
Forensic auditing refers to the thorough examination and investigation of an organization or individual's financial statements and records, aimed at uncovering evidence that may be utilized in legal proceedings. There are numerous motivations for conducting forensic audits, including the prosecution of individuals for embezzlement, financial misconduct, or fraud.
The forensic auditing process generally resembles other auditing types, encompassing stages such as planning, investigation, review, and reporting to the client. The primary objective of the investigation is to ascertain whether fraud has occurred, identify the individuals involved, quantify the financial loss, and ultimately present the findings to the client and, if necessary, to the court.
In summary, forensic auditing can be understood as a systematic procedure designed to generate evidence. The techniques employed in auditing facilitate the identification and collection of evidence to substantiate various elements, including the duration of the fraudulent activity, the individuals involved, and the extent of the financial loss.
Forensic audit is an examination and investigation of the financial statements of a firm to detect any diversion of funds or any possible window dressing to find out evidence which can be presented in the court of law.
There are mainly two functions of a forensic auditor that are litigation support and investigation to seek any damages that might have occurred.