FRAUD INVESTIGATION AUDIT SERVICES
Fraud Investigation Audit Services in Dubai, UAE
FORENSIC AUDIT SERVICES
Forensic Audit Services in Dubai, UAE
Forensic Audit Services | UAE Forensic Auditors
Forensic Audit Services involves a detailed evaluation of records and documents to obtain and extract evidence against the Crime or Fraud that can be used in a court of law or legal proceeding. Going by the general definition of the term Forensic means application of scientific methods and techniques in the investigation process. Forensic Auditing is very different from Forensic accounting.
Forensic accounting is like a Fraud investigation where the fraud is committed by employees, vendors, customers who are against the Business. Whereas Forensic Audit is required when there is fraud or crime for the Business. This may involve Shareholders, Owners, Management, Partners themselves indulging in Frauds.
Forensic Audit Services are generally on Financial frauds. It requires the utmost expertise and knowledge in the field of accounting & auditing. Forensic Audits are ordered by external parties to gather the evidence. For e.g. Banks may order Forensic Audits on Non- Performing Assets, or for accounts where funds are not utilized by borrowers for the purpose for which they were borrowed, and so on.
IFRS Advisory Services Dubai, UAE
Scope of IFRS Advisory Services in the UAE
SPS Management Consultancies Co LLC Pioneers in IFRS Advisory Services in Dubai, UAE.
Who Initiates a Forensic Audit?
Generally, it is ordered by Stakeholders, Banks, Regulatory Authority, Financial Institutions, Court. Forensic Audit is to confirm and evaluate the fraud with concrete evidence and documents.
Steps while conducting a Forensic Audit
The steps or process involved while conducting a Forensic Audit will be similar to that of a normal Financial Audit with one additional and important step of representation or appearance in the Court of Law or Legal Proceeding. The evidence gathered would need to be presented in the Court of Law. Largely the steps in Forensic Auditing will include:
Planning the Audit Investigation
- Detailed and proper planning is must to attain the objectives of Investigation
- Methods and techniques to be used to be structured
- The period during which the fraud has occurred to be identified
- Quantification of financial loss suffered
- Identifying controls & system gaps for the cause of fraud
Collecting Evidence
- 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 understand
- It should help in revealing the details of fraud and corresponding financial loss
- Evidence should be concrete and should not be altered or modified
- Evidence should be preserved and kept safe from any possible damage or attack
Reporting
- The report should clearly mention the scope of the investigation
- Complete details on identified fraud
- A detailed summary of evidence collected
- Flow or explanation on how the Fraud was planned and perpetrated
- Recommendations & suggestions on how to avoid such frauds
Presentation in Court of Law
- It will be the duty of the Forensic Auditor to present to Court the evidence collected and provide an explanation on how suspects were identified
- To explain complex accounting matters in a simplified approach
- Provide all the required support by Court on the investigation done
Who Initiates a Forensic Audit?
Initiating a Forensic Audit
ECA Emirates (formerly Emirates Chartered Accountants Group)
Professionals in Forensic and Investigative Audit Services in Dubai, UAE.
Call for Consultation
Pradeep Sasi | Managing Partner
Mob: +971 55 6552901
Email: Pradeep.Sasi@eauaerats.com
Who Initiates a Forensic Audit?
Generally, it is ordered by Stakeholders, Banks, Regulatory Authority, Financial Institutions, Court. Forensic Audit is to confirm and evaluate the fraud with concrete evidence and documents.
Steps while conducting a Forensic Audit
The steps to be considered while conducting a Forensic Audit will be similar to that of a normal Financial Audit, with one additional and important step of reconstruction or appearance in the Court of Law or Legal Proceeding. The evidence gathered would need to be presented in the Court of Law. Largely the steps in Forensic Audits are as follows:
Who Initiates a Forensic Audit?
Initiating a Forensic Audit
ECA Emirates (formerly Emirates Chartered Accountants Group)
Professionals in Forensic and Investigative Audit Services in Dubai, UAE.
Call for Consultation
Pradeep Sasi | Managing Partner
Mob: +971 55 6552901
Email: Pradeep.Sasi@eauaerats.com
Who Initiates a Forensic Audit?
Generally, it is ordered by Stakeholders, Banks, Regulatory Authority, Financial Institutions, Court. Forensic Audit is to confirm and evaluate the fraud with concrete evidence and documents.
Steps while conducting a Forensic Audit
The steps to be considered while conducting a Forensic Audit will be similar to that of a normal Financial Audit, with one additional and important step of reconstruction or appearance in the Court of Law or Legal Proceeding. The evidence gathered would need to be presented in the Court of Law. Largely the steps in Forensic Audits are as follows:
FORENSIC AUDIT SERVICES -FAQ
People usually ask