It is the process used to examine an individual's or a company's financial information for use as evidence in court.
A forensic audit is therefore an independent and comprehensive process of reviewing a person's or the company's financial statements to determine if they are accurate and whether or not any financial benefit has been attained by way of presenting an unrealistic picture or any illegal activity.
Objectives of Forensic Auditing:
To use the forensic auditor's conclusions to facilitate a settlement, claim, or jury award by reducing the financial component as an area of continuing debate.
To avoid fraud and theft.
To restore the downgraded public confidence.
To formulate and establish a comprehensive corporate governance policy.
To create a positive work environment. A forensic auditor can ensure the integrity and transparency of financial statements by actively investigating for fraud, identifying areas of risk and associated fraud symptoms and a good fraud prevention program can help to create a positive working environment where employees do not indulge themselves to abuse their responsibilities.
At HCO we undertake financial investigations of misconduct, bribery and corruption; with the main focus on assessing the financial transactions, accounting irregularities, and regulatory and compliance issues on behalf of the public and closely held companies, multilateral agencies, private equity firms, government agencies & nonprofit making institutions. Our well trained and qualified subject matter experts handle such issues with great proficiency.
