Forensic accountants at Kloudac combine audit knowledge with investigative skills which are utilized in various litigation support and investigative accounting settings. Our findings, in written reports and as experts, often are utilized in court, in disputes or in arbitrage cases. Our team of forensic accountants are experienced investigators. we offer confidential personal feedback to our clients on a really regular basis.
What is a Forensic Audit?
A forensic audit is an examination and evaluation of a firm’s or individual’s financial statements to work out if they’re accurate and lawful. Forensic accounting is most ordinarily related to HMRC and tax audits, but it’s going to even be commissioned by private companies to determine an entire view of one entity’s finances. Forensic accounting is sort of a Fraud investigation where the fraud is committed by employees, vendors, customers who are against the Business. Whereas Forensic Audit is required when there’s fraud or crime for the Business. this might involve Shareholders, Owners, Management, Partners themselves indulging in Frauds.
Steps while conducting a Forensic Audit
- Detailed and proper planning is must attain the objectives of Investigation
- Methods and techniques to be wont to be structured
- the amount during which the fraud has occurred to be identified
- Quantification of monetary loss suffered
- Identifying controls & system gaps for the explanation for fraud
- Evidence gathered by the investigation team must provide the identity of the fraudster
- Evidence should be arranged in sequential order making it easy for the court to know
- It should help in revealing the small print of fraud and corresponding loss
- Evidence should be concrete and will not be altered or modified
- Evidence should be preserved and kept safe from any possible damage or attack
- The report should clearly mention the scope of the investigation
- Complete details on identified fraud
- an in depth summary of evidence collected
- Flow or explanation on how the Fraud was planned and perpetrated
- Recommendations & suggestions on the way to avoid such frauds
- it’ll be the duty of the Forensic Auditor to present to Court the evidence collected and supply an evidence on how suspects were identified
- to elucidate complex accounting matters during a simplified approach
- Provide all the specified support by Court on the investigation done