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 Fraud investigation where the fraud is committed by employees, vendors, customers which 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 Audit on Non- Performing Assets, or for accounts where funds are not utilized by Borrower for the purpose for which they were borrowed, and so on.

Who initiates a Forensic Audit?

Initiating a Forensic Audit

Emirates Chartered Accountants Group -  Professionals in Forensic and Investigative Audit Services in Dubai, UAE.

 

Call for Free Consultation
Pradeep Sai | Partner
Mob: +971 556530001
Email: sai@emiratesca.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 or process involved while conducting a Forensic Audit will be similar to that of 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

  1. Detailed and proper planning is must to attain the objectives of Investigation
  2. Methods and techniques to be used to be structured
  3. The period during which the fraud has occurred to be identified
  4. Quantification of financial loss suffered
  5. Identifying controls & system gaps for the cause of fraud

Collecting Evidence

  1. Evidence gathered by the investigation team must provide the identity of the fraudster
  2. Evidence should be arranged in the sequential order making it easy for the court to understand
  3. It should help in revealing the details of fraud and corresponding financial loss
  4. Evidence should be concrete and should not be altered or modified
  5. Evidence should be preserved and kept safe from any possible damage or attack

Reporting

  1. The report should clearly mention the scope of the investigation
  2. Complete details on identified fraud
  3. A detailed summary of evidence collected
  4. Flow or explanation on how the Fraud was planned and perpetrated
  5. Recommendations & suggestions on how to avoid such frauds

Presentation in Court of Law

  1. It will be the duty of Forensic Auditor to present to Court the evidence collected and provide the explanation on how suspects were identified
  2. To explain complex accounting matters in a simplified approach
  3. Provide all the required support by Court on the investigation done

 

The benefit of conducting a Forensic Audit

Forensic Audit is more than normal Audit. It involves investigations which may expose or confirm illegal activities with concrete evidence. The normal Audit might serve the purpose of its presentation in court but the Forensic Audit Report is used in the Court of Law or legal proceeding.

Frauds or crime may involve the following:

  1. Corruption
  2. Misappropriation of Assets
  3. Financial Statements Fraud

Our role as UAE Forensic Auditors

Forensic Audit is a very specialized type of audit which requires skilled members with expert knowledge on the subject. We at Emirates Chartered Accountants Group, have a qualified team to undertake the Forensic Audits.

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Forensic Audit Services FAQ

People usually ask

Yes, Forensic Audit is different from Financial Audit. In the case of Forensic Auditing, the evidence is to be presented in the Court of Law.

Forensic Auditor has to appear in court to present the evidence and provide an explanation on how the suspects were identified.

Yes, gathering concrete evidence is very important in Forensic Auditing.

Yes, Forensic Auditing requires a special technique and methods to be followed.

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