Forensic means “suitable for use in a court of law.” Hence, forensic accounting and audit engagements are usually outcomes of anticipated or actual litigations, as a consequence of fraud.
To carry out such engagements, we use our understanding of business information, economic theories, accounting and auditing procedures and standards, financial reporting systems, and data analysis techniques for fraud detection.
Such engagements usually entail the following:
- Identifying areas of potential wilful defaults and siphoning off of funds.
- Fact finding to see whether fraud/embezzlement has taken place.
- Collecting evidence
- Investigating and analysing financial evidences
- Assessing damages