Forensic audit is different from other types of audit in many ways. First, in most cases it is not compulsory. Second, its purpose is to discover evidence for legal purposes.
The word Forensic means related to investigation of crime and that's what this audit does. The main aim of forensic audit is to scrutinize the financial information of an entity so that it can be used as evidence in court.
PocketLawyer is India's leading platform to connect professionals and users. We make the entire forensic audit process easy and hassle-free for you. In addition to forensic auditing services, PocketLawyer can also help you with Internal Audit, Statutory Audit, Secretarial Audit, Tax Audit, Audit of Charitable Trust and Audit of Cooperative Society.
Who is it for?
For individuals or organizations dealing with other entities and who wish to have the accounts of these entities examined. For example, banks against borrowers. It is compulsory in cases of:
- Large advances, and
- Restructuring of accounts.
A forensic audit will:
- Find out if funds have diverted elsewhere.
- Detect if there is willful fraud.
- Discover instances of window dressing.
Who does it?
All individual CAs or CA firms specializing in forensic audit.
Which areas does it cover?
A typical forensic audit will cover the following.
- Credit or investment decisions.
- Income and expenses.
- Compliance with regulations of bodies like SEBI, RBI etc.
- Illegal activities, if any.
- Illegal recruitment, promotions, or transfers.
- Systems as well as procedures in place and compliance with them.
What is the Timeline?
No specific timeline. Depends upon the size of entity under audit and also the size of transactions.
How much does it cost?
Depends upon the professional and the volume of work. Post you requirement to know the cost involved.
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