The integration of accounting, auditing, and investigative skills yields the specialty known as Forensic Accounting. It is the study and interpretation of accounting evidence. It is the application of accounting methods to the tracking and collection of forensic evidence, usually for the investigation and prosecution of criminal acts such as embezzlement or fraud.
In a forensic audit one searches for the point where the numbers and/or financial statements do not mesh. It is a meticulous review of financial documents conducted when fraud is suspected. Some entities do them as a precaution to prevent fraud from happening and to catch it before the loss magnifies.
Forensic auditors often go outside the books of accounts to find fraudulent transactions. This may include reviewing receipts, not only from the client’s account but from customers as well. Any inconsistencies in these numbers could help uncover an act of fraud.
Forensic Audit is our key area of focus. Akash Saxena & Co. has represented several private as well as public sector Clients for the purposes of a forensic audit.
Our work Approach includes: –
- Investigative, substantive, or in-depth checking and identifying red flags.
- Independent verification of suspected/selected items where misappropriation is suspected.
- Regulatory & propriety of these transactions/contracts are examined.
- Legal determination of fraud impact and identification of perpetrators depending on scope.
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