Forensic Audit Services in Dubai

Forensic Audit Services in Dubai, UAE

Forensic auditing entails a thorough examination of records and documents in order to obtain and extract evidence that can be utilised in a court of law or legal process against a crime or fraud. According to the general definition of the term “forensic,” it refers to the use of scientific procedures and techniques in the course of an investigation. Forensic accounting is not the same as forensic auditing.

Forensic accounting is similar to a fraud investigation, except that the fraud is perpetrated by workers, vendors, and customers who are working against the company. When there is fraud or crime in the business, a forensic audit is required. This could include fraud perpetrated by Shareholders, Owners, Management, and Partners.

Financial scams are the focus of forensic auditing services. It necessitates the highest level of accounting and auditing expertise and understanding. External parties commission forensic audits to acquire evidence. Banks may, for example, order forensic audits on non-performing assets or accounts where funds are not used for the purpose for which they were obtained, among other things.

Who Initiates a Forensic Audit?

Stakeholders, Banks, Regulatory Authorities, Financial Institutions, and Courts are usually the ones who order it. The goal of forensic auditing is to use concrete evidence and records to confirm and analyse the fraud.

Steps while conducting a Forensic Audit in Dubai, UAE

The procedures or process involved in performing a Forensic Audit will be identical to that of a regular Financial Audit, with the exception of one additional and crucial step of representation or appearance in a Court of Law or Legal Proceeding. The obtained evidence would have to be produced in a court of law. The following are the major steps in forensic auditing:

Who Initiates a Forensic Audit

Audit Investigation Planning

Audit Investigation Planning

  • To achieve the investigation’s goals, detailed and effective planning is required.
  • To be structured, methods and approaches will be applied.
  • The time frame in which the fraud took place must be determined.
  • Calculation of the monetary loss suffered
  • Identifying fraud-causing controls and system flaws

Gathering Evidence

  • The evidence acquired by the investigative team must reveal the identity of the fraudster. It should be organised in a sequential order so that the court can grasp it.
  • It should aid in uncovering the specifics of the deception and the resulting financial loss.
  • Evidence should be concrete and should not be tampered with or changed in any way.
  • Evidence must be protected and kept safe from any harm or attack.

Reporting

  • The scope of the investigation should be stated explicitly in the report.
  • Complete information about the fraud that has been discovered
  • A thorough account of the evidence gathered
  • Flow chart or explanation of how the heist was planned and carried out
  • Recommendations and suggestions for avoiding similar scams

Presentation in the Court of law

  • The Forensic Auditors job will be to present the evidence gathered in court and explain how suspects were identified in a straightforward manner.
  • Provide all necessary court backing for the investigation.

Reporting

The benefit of conducting a Forensic Audit

The benefit of conducting a Forensic Audit

A forensic audit is different from a regular audit. It entails inquiries into criminal acts that may reveal or corroborate them with tangible evidence. The regular audit may be utilised in court for presentation, but the forensic audit report is used in a court of law or legal procedure.

Frauds or crime may involve the following:

  • Corruption
  • Misappropriation of Assets
  • Financial Statements Fraud
Faqs

Yes, forensic auditing is not the same as financial auditing. The evidence in the instance of forensic auditing must be produced in a court of law.

In order to present the evidence and explain how the suspects were identified, the forensic auditor must appear in court.

Yes, in forensic auditing, collecting actual evidence is essential.

Yes, forensic auditing requires the use of unique techniques and approaches.

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