Forensic Audit
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Forensic Audit Services
In UAE
Forensic auditing is a special procedure that is carried out to make evidence. In forensic auditing, audit techniques are used to gather evidence. There are many companies that do fraud against other people. Forensic auditing helps to gather evidence about those carried frauds by the companies. The aim of forensic auditing is to find out how long the fraud was happening and how it was conducted. Evidence can support the relevancy in the events of court cases.
A forensic audit evaluates and examines a company’s individual financial records to gather evidence for legal, proceedings. Forensic audits need auditing procedures and accounting procedures as well as expert legal knowledge of an audit. Top forensic accounting firms have their separate forensic auditing departments.
Forensic auditing covers many investigation activities. A forensic audit is conducted to prosecute a party for embezzlement, fraud, and other financial criminal activities. During the trial proceedings, the auditor can be called an expert witness. Bankruptcy filings, divorces, and business closures are also handled in forensic auditing other than financial fraud.
How Do Forensic
Audits Work?
There are many forensics audit experts in Dubai that deal with the investigations. The process is not different for forensic audits. It is the same as planning, collecting evidence, writing reports, and potential court appearance. As part of auditing, we assist people to complete their VAT registration and identify any errors in the legal process.
Both sides of attorneys offer evidence that disproves or uncovers the fraud. It also determines the damage suffered. Forensic auditors present the findings or evidence to the client. If you have done some addition to your expense report or even thought about it, you should know that it can be easily found out vis a forensic audit. In a forensic audit, the auditor will be finding the conflicts of interest and the extortion.
These objectives are achieved during the planning or fraud auditing or forensic accounting:
- To identify what fraud is done.
- To determine the period of fraud.
- To discover how the fraud was covered.
- To find the names behind the fraud.
- To identify the loss suffered due to the fraud.
- To gather the proper evidence for the court.
- To suggest how to be careful in the future from these frauds.
Collective
Evidence
The evidence should be logical so that it can be presented in court also. Top forensic accounting firms make sure that the evidence they collected is not damaged or altered. We also help people to deal with the taxation in UAE as UAE corporate tax is also going to be implemented in July.
Reporting
Forensic audit in Dubai requires a proper report of the fraud to show to the client. This reporting helps the client to file a legal case if they want to. The report for the forensic audit must include the following:
The findings of the investigation.
A summary of the evidence.
A detailed explanation of how the fraud was conducted.
Proper suggestions to prevent such frauds in the future.
Court proceedings.
The forensic auditor should be present during court proceedings to give an explanation of the evidence. The auditor would explain how they suspected the fraud. They also present complex accounting issues in easy language so that a layperson can also understand them.
How ebs Will
Help You?
Sometimes forensic audit cost is quite high, but we are providing forensic audit services at affordable prices. It is important for you to make sure that everything is running well in your company and if some scam happened our team is up for help.
We are also providing completely reliable and innovative solutions to all your requirements regarding accounting and bookkeeping, auditing, and other services.
With more than 10 years of industry experience in the UAE, we have gained impeccable expertise in the use of technology that is used for serving UAE-based businesses and international clients.
If you want to reach out to our accountants for a meaningful discussion on forensic auditing in UAE, connect with us.
FAQ’s
A forensic audit is an evaluation and examination of a company’s financial records. During a forensic audit, the auditor seeks to derive evidence that could be presented in court. A forensic audit is used to uncover criminal activities and behavior like embezzlement and fraud.
The main objective of the forensic audit is to detect criminal activity such as fraud or embezzlement. All the financial statements and records are maintained to use for court purposes. It is specially designed for restructuring past financial transactions.
A forensic audit is designed to pay attention to arranging past financial transactions for detecting fraud. Whereas a traditional financial audit evaluates the financial statements presented in compliance with accounting standards.
A forensic audit can help any kind of organization that deals with financial transactions because it assists with a forensic audit, fraud risk assessment, and forensic examination. Accounting firms and bookkeeping firms can benefit from forensic audits to reduce fraud risk of any kind.
There are four main steps involved in forensic audit:
Planning the investigation
Collecting evidence
Reporting
Court proceedings
The forensic audit helps to recognize the areas that are most at risk of suffering some type of property crime. A forensic audit involves the practice of utilizing accounting auditing, investigative skills to detect fraud, and Data mining tools.
Conducting a forensic investigation can help the professional forensic audit firm prevent fraudulent activities before they cause legal issues. If the legal proceedings have been started by the professional auditor then it can be used as evidence to prove the wrong allegations as well.