- July 31, 2020
- Posted by: Dhivya Krishna
- Category: audit
Every established business faces legal issues at least once in its lifetime. Many entities handle these issues on their own, rather than hiring independent forensic auditors as they are unaware of the benefits of forensic audit services. Forensic auditing is the process of examining and evaluating the financial records of a company to gather evidence to be used for legal proceedings. The field of forensic auditing is growing at a rapid rate owing to the growth of crime rates in today’s world.
There is an increasing demand for certified forensic auditors in UAE, as companies are vigilant to prevent fraudulent activities and capital losses.
KGRN provides a platform for companies to get in touch with certified forensic auditors to help them avail of the many benefits of forensic audit services.
What is Forensic Auditing Service?
Forensic auditing involves the process of examining, tracking, evaluating, and investing the financial records and matters related to fraudulent activities, commercial disputes, and financial crimes. It is usually done by external forensic auditors to gather evidence to handle legal issues. Forensic auditing also identifies the cause of financial errors, reduction in revenue, and investigates fraudulent activities.
There are many other benefits of forensic audit services that will help your company steer clear of financial crimes like embezzlement and fraudulent activities.
KGRN’s forensic audit services:
Our certified forensic auditors help you avail of the benefits of forensic audit services in UAE at an affordable price. Some of our forensic audit services include:
- Investigating fraudulent activities
- Examining asset misappropriation
- Investigating financial report
- Overseeing suspicious transactions
- Analyzing claims
- Determining tax compliance
- Repudiate bribery and corruption
- Anti-money laundering
- Commercial litigation
- Managing transaction-related disputes
- Quantifying damages before investments
A forensic auditor examines every single detail of your financial records and transactions, makes background checks on individuals involved, and determines the credibility of statements and information provided.
Forensic auditing involves the following aspects:
The forensic auditors perform the following activities after planning the forensic audit with the company:
- Identifying the root of the fraudulent activity
- Determining the period over which the fraudulent activity happened
- Identifying the perpetrators
- Quantifying the loss suffered by the company
- Stating measures to prevent similar incidents
The forensic auditors will carry out the following activities to gather evidence to use during the legal proceedings:
- Evaluating and tracking every transaction
- Examining your financial records
- Making background checks
- Determining the credibility of statements provided
The forensic auditor will prepare an affidavit after double-checking the evidence. He will then present a report that contains the following:
- An affidavit containing the evidence
- Other findings
- Explanation of the fraudulent activity
- Preventive measures
The company can use this affidavit and other evidence to carry out legal proceedings.
Benefits of forensic audit services:
The benefits of forensic audit services are listed below:
- Firstly, you can reduce the cost involved by outsourcing forensic audits.
- You can minimize the loss caused by fraudulent activities by identifying them at the early stages by conducting a forensic audit.
- Forensic audits can help you arrive at simple solutions for legal issues.
- It reduces the risk of further exploitation of resources.
- You get legal support to handle both internal and external financial crimes and fraudulent activities.
- The forensic auditors resolve both internal and external disputes with transparency and neutrality.
- The forensic auditors are very efficient in tracking illegal activities and in gathering evidence against illicit activities.
- The main benefit of forensic auditing services is that it simplifies litigation.
- Periodic forensic audits will help you improve your company’s reputation, as it identifies and eliminates unprofessional behavior.
KGRN is a reputed organization in the UAE, providing legal services. We are one of the best accounting and auditing firms in the UAE and provide forensic audit services to companies at an affordable price.
Here are a few reasons why KGRN makes a perfect choice:
- Firstly, we are committed to bringing 100% customer satisfaction.
- Secondly, our services are affordable and reasonably priced. You can select a plan from the range of options available.
- Thirdly, we provide timely service.
- Additionally, our services are transparent, and we maintain neutrality and impartiality during audits.
- We also maintain 100% confidentiality. All your private details are encrypted during transactions to avoid privacy breaches.
- Lastly, we are available 24/7 to clear your queries and assist you.
Frequently asked questions:
- Is forensic audit mandatory?
Yes. With a rapid increase in financial crimes and money laundering issues, it has become mandatory for every business entity to have a forensic audit department. But, to bring in more transparency and neutrality, the companies usually hire an independent forensic auditor.
- What are the investigative techniques adopted by forensic auditors?
- Firstly, they help with reviewing financial records
- Secondly, for doing background checks
- Thirdly, by interviewing perpetrators
- Additionally, by gathering information
- Also by analyzing evidence
- Going undercover
- Lastly, by examining financial transactions
- What is the difference between a financial audit and a forensic audit?
Financial audits take place either internally or externally to check the coherence and consistency of financial records. Forensic auditing takes place to identify and investigate financial crimes and fraudulent activities to gather evidence.
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