A forensic audit is an examination and evaluation of a firm's or individual's financial records to derive evidence that can be used in a court of law or legal proceeding. A forensic audit may be conducted to prosecute a party for fraud, embezzlement, or other financial crimes.
Forensic Accountants combine their accounting knowledge with investigative skills, using this unique combination in litigation support and investigative accounting settings. Due to society’s heightened awareness and growing intolerance of fraudulent activity, demand for forensic accountants is rapidly increasing.
Need to Conduct a Forensic Audit
Forensic audit investigations can uncover, or confirm, various types of illegal activities. Usually, a forensic audit is chosen, instead of a regular audit, if there's a chance that the evidence collected would be used in court.
Services Offered by US :
- Identifying the fraud & Gathering relevant evidence that is admissible in court.
- Suggesting measures to prevent such frauds from occurring in the future
- Financial data analysis
- Testifying as an expert witness
- Forensic intelligence gathering