Forensic Audit services provides examination and evaluation of a company’s financial information and records for use as evidence for any legal proceedings. A forensic audit can be conducted to prosecute a party for embezzlement, fraud or other financial claims.
Forensic Audit Team assists clients to identify both the perpetrators of fraud, and the areas that are at risk for future fraudulent activities. They have unique and proven approach, that can rapidly identify the fraud thereby enhancing the potential of apprehending the persons responsible for the improper or illegal act.
Some of the common benefits for outsourcing audit services are:
The primary benefits for outsourcing forensic auditing services is, it can help to minimize and prevent unnecessary losses. Fraudulent activity and general financial crimes incur a huge amount of money. outsourcing forensic audit can ensure minimal cost for conducting any audit services.
Forensic audit plays an important role in examining and investigating current financial process and standards which can help in the identification of more effective solutions.
Forensic audit can ensure that risk of further exploitation is significantly reduced. The concept of forensic audit helps in dealing with the risks and makes sure to reduce the risk of business before fraudulent activity can take place.
By availing forensic audit companies will be able to have closer look at the legal issues. Dealing with instances of fraud can be costly for business. In an ideal situation forensic audit can be used to avoid such scenarios.
Facing contractual issues regarding contracts while dealing with business clients can be solved by outsourcing forensic audit services in a company, which can help in solve disputes
Tracking illegal activity
Forensic audit services are used by various companies with an aim of tracking any illegal activity or malpractices being followed in company by gathering evidence of such illicit activities so that the management can take action.
Formulating economic policies
With the help of forensic audit services, a company can determine the flaws in the working of business and formulate the economic policies according to the budget of the company.
Provides expert services:
The outsourcing service providers comprises a team of proficient and skilled people who contribute with excellent services.
They flow strict confidentiality and different data security policies which ensure information is completely safe
Focus on core business activity
The company would be able to focus on more core business functions and could utilize the resources in a better way.
Improves brand reputation:
Forensic auditing will help to identify such unprofessional conduct and allow management to take remedial measures so that the goodwill the company improves.
Forensic auditing helps in investigating a particular company with regarding the accurate price and potential profitability of the company and also presents the company’s net worth. forensic auditors are required if there is any law suit filed filed against a company
Functions of forensic audit services:
Forensic audit is conducted by certified fraud examiners, there are certain function conducted by forensic auditing services
- Forensic research to trace funds and recovery of assets
- In dept analysis of financial data
- Prepares reports based on analysis conducted
- Generate analytical data for litigation
Forensic auditing services in UAE:
Forensic auditing is a specialized service which requires highly skilled team members who have experienced not only in accounting and auditing techniques but also relevant legal frame work. At Farahat and co forensic experts provide you the forensic auditing related services, if you are looking forward to initiating the process do contact for further consultation.