Overview
A Forensic Audit is an examination of a company’s financial records to derive evidence which can be used in a court of law or legal proceeding.
At IMCA, our forensic audit and investigation team not only have the expertise of accounting and auditing procedures but also have expert knowledge regarding legal framework. Our team is well aware of various frauds that can be carried out and how evidence needs to be collected.
If you suspect any of below mention activities in your organization, IMCA is fully equipped with professionals and resources to perform investigation:
Forensic Audit and Investigation Process
Planning of investigation include the understanding of what the focus of the audit is. For example, there might exist a suspicion about the possible fraud in terms of quality of raw material supplied. Our investigation plan will achieve the following objectives:
Our forensic auditors will make sure that the evidence collected should be adequate enough to prove the identity of the fraudster(s) in court, reveal the details of the fraud scheme, and document the amount of financial loss suffered. We take each and every precaution to ensure that documents and other evidence collected are not damaged or altered by anyone.
Common techniques used for collecting evidence in a forensic audit include the following:
The final report will include the findings of the investigation, a summary of evidence, an explanation of how the fraud was perpetrated. At IMCA we provide comprehensive suggestions on how internal controls can be improved to prevent such frauds in future. These suggestions are also included in the final report.
Our forensic auditor will be present during court proceedings to explain the evidence collected and how the suspect was identified. They will simplify the complex accounting issues and explain in layman’s language so that people who have no understanding of the accounting terms can still understand the fraud that was carried out.