Forensic auditing is not a familiar form of accounting. And many businesses have not heard about this type of accounting. Why? When we hear the word ‘forensic’, we think of criminal investigation.
This type of auditing is about the investigation – application of financial &scientific knowledge to a business or legal problem.
Generally, a forensic audit is conducted by forensic auditing firms when embezzlement or fraud is suspected.
They also work with government functioning parallel to organisations like CBI to help uncover bigger business scams and frauds.
But the question is can you benefit from forensic auditing? Or better put – how can forensic auditing help your business?
They are three scenarios a business operating in India might face:
- Forensic auditing helps growing businesses that facing an increasing number of internal frauds, embezzlement, asset misappropriations, etc. You can take help of a forensic accounting firm to identify the source accounting inconsistencies.
- Forensic auditing can help your business to collect evidence to produce in court. This evidence helps you to assert claims or facilitate easier fraud settlements.
- If any of your employees have been caught committing white collar fraud and your public image is in jeopardy, forensic auditing can help you find out whether the fraud is substantial or not and also helps you collect evidence.
Forensic auditing also helps you to settle issues with shareholders, employees, partners, etc. without having to go through an actual trial.
How a Forensic Auditing Company Helps You?
- Planning & investigation
- Collection of evidence
- Reporting
- Assistance for court proceedings
Forensic auditing can be used for both actively dealing with fraud or other inconsistencies and to take preventive measures against it.
Forensic auditing is usually the last resort. Businesses must analyse their operations and needs well to ensure that they choose the right type of auditing for them.
Do you want help with analyzing your auditing needs or you to need reliable forensic auditing? Visit us at our website or give us a call on 9810666554/7668010101 today and leave the rest on us. Connect now!
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