What Is Forensic Audit and How is It Useful

1. What Is Forensic Audit and How is It Useful? www.hpaccounting.com

2. Forensic Accounting and Auditing A forensic audit is also known as forensic accounting. This Forensic accounting and auditing have nothing to do with forensic sciences or criminology. It refers to the application of accounting methods for detection and gathering evidence of fraud and any other white-collar crime. You can consider it as an application of accounting skills to legal questions. This has taken up an important role in public and private organizations. Difference between Financial Audit and Forensic Audit? It is very important that one should engage in an audit to run a business and all business owners should know the right time when the audit is required. However forensic auditing is different from financial audits, both in terms of procedure and objective. The main purpose of financial audit isthe mere examination of the entity’s financial statement and add credibility to the reported financial position and performance of a corporation or business.

3. Talking about Forensic Auditing is a specialized branch of accounting. This branch requires a specialized skill for fraud detection. The job of a forensic auditor is to examine a company’s system of internal controls. The main purpose of doing this is to identify any weakness in the control which is designed to safeguard assets and to look if anyone in the company has exploited any control weaknesses to misappropriate assets for gaining any personal gains. This also includes bribery, corruption, extortion, misappropriation, and embezzlement. At the times of financial audit, if any suspect-asset-fraud is suspected, then a forensic audit is done to identify it. Now the question is who are forensic auditors and what are their roles?

4. Forensic Accounting Expert Witness Forensic auditors and accountants are not different from other financial accountants. Forensic Auditors have special skills to detect fraud and they have many ways to document it. They play many duties like investigation, writing reports, bringing out evidence, and ways to prove them in courts. A forensic auditor has to conduct critical assessments throughout the audit of all essential material. This is known as forensic thinking. Investigation Services: This starts with the investigation which needs to begin with the auditor. This is done by looking into the accounts and statement and then defects are identified in it. To deal with these defects, the need to find new ways arises which is a reactionary function. HP Accounting is one such service provider that can help you with Forensic accounting and auditing services. We also provide Forensic Accounting Expert Witness.

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