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What Is Forensic Auditing? Benefit For Business
Forensic auditing is the investigation of fraud or manipulation by performing extremely detailed research and analysis of financial information. Forensic auditors are often hired to prepare for litigation related to insurance claims, insolvency, embezzlement, fraud, skimming, and any type of financial theft.The work of a forensic accountant is generally performed by persons with financial or accounting training, who specialize in acquiring, analyzing, and reporting on financial events for the purpose of the decision-making body or a person. The forensic Auditing field can be concluded to be based upon two concepts, perception and reality. Subfields of forensic Auditing include securities and tax fraud, business valuation, computer forensics and electronic discovery, economic damages, bankruptcy and insolvency, and due diligence, which all can be framed as the intersection of perception and reality.
Forensic auditing utilizes accounting, auditing, and investigative skills to conduct an examination into the finances of an individual or business. Forensic Auditing is frequently used in fraud and embezzlement cases to explain the nature of a financial crime in court.
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Types of Forensic Auditing
Forensic Auditors: Scope of work and Forensic Auditing in India
Although the focus is fundamentally on accounting concerns, the function of a forensic accountant may also cover a more generic investigation including collection of evidence. Almost every accounting firm in the country today has forensic accounting sections. Some forensic accounting experts may specialise in insurance applications, and fraudulence construction. Forensic accountants may also offer their services in retrieving profits from crime. In India the forensic accountants known as Certified Forensic Accounting Professionals.Given the nature and types of fraud in India, the Reserve Bank of India (RBI) has compulsorily made forensic accounting audit mandatory for all banks within the country. The establishment of Serious Fraud Investigation Office (SFIO) in India has become the turning point for forensic accountants in the country. The indications of the growing demand for the field are:
- The online criminal offences which grows continuously in the country
- Cyber security fraud which is sky high in the current world
- The dominant fraudulent practices observed as part of the operations of co-operative banks which are going bust
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