Forensic Audit

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Forensic Audit

A forensic audit is the process of examination and assessment of the financial information of the company or the individual to utilize as the evidence in the court. A forensic audit may be undertaken in order to prosecute a party for fraud, embezzlement or other financial claims. Forensic audit basically aims at identifying the frauds of three broad categories namely corruption, asset misappropriation and financial statements frauds. 

Conducting forensic audit requires the highly specialized knowledge of fraud investigation techniques and the legal framework. At trademark bazaar, we have a team of experts who possess the required expertise and skills required to conduct a forensic audit.

Benefits of Forensic Audit -

  1. Helps to identify financial crimes.
  2. Provides assistance in litigation.
  3. Communicates the finding of the financial reports.
  4. Provides accounting expertise and industry knowledge.
  5. It ensures enhanced effectiveness and efficiency. 

Procedure of Forensic Audit -

To start the procedure of forensic audit initially a plan would be developed by the team of auditors with regard to identifying if fraud has been committed, how long it has been going on, the parties involved, quantifying the financial loss and providing fraud prevention measures. Further, the auditing team will examine the relevant documents and collect the evidence to be used in the court. Finally, a report is prepared by the audit team and will be handed over to the client or the court as the case may be.

Frequently Asked Questions

 

What is the Forensic Audit?

Forensic Audit is an examination and assessments carried out by the auditors in order to identify irregularities relating to the misappropriation of funds, fraud or specific allegations. 

What is the difference between Forensic Accounting and Forensic Auditing?

Many times these two procedures may sound similar however there is a difference between the two. Forensic accountants search specifically for fraudulent activity within organizations whereas auditors verify that companies are compliant with federal regulations and organizational policies.

Why is the Forensic Audit conducted?

Forensic audit is conducted when allegations regarding the misuse of funds, fraud or misrepresentation of information are received.

What is the time limit for completion of the Forensic Audit?

The time consumed in forensic audit varies from case to case. It depends on the complexity of the work and the cooperation of those people who need to be consulted or interviewed to provide the auditors with the necessary information for the examination, as well as the availability of necessary documentation. 

Does the department seek to recover the funds spent inappropriately?

Yes, the Department will seek to recover funds in cases the findings of a forensic audit indicate the misuse of funds.

 

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About Trademark Bazaar

The most preferred partner in India for those looking to set up their own business. Give your business dream a flying start with us as we are right here to make it realistic and possible in a cost effective manner. Set up in the year 2017, our aim is to make it easy and affordable for entrepreneurs to make their boats sailing in the right manner. Right from the beginning, we are poised towards infusing unprecedented levels of ease and value in the company incorporation procedure.

We help entrepreneurs in meeting legal and regulatory requirements by partnering them at each & every stage of their business life cycle.

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Setting up a business in India is quite a mountainous job for many due to huge complexity.  Be it a Private Limited Company, Public Limited Company, Limited Liability Partnership, Sole Proprietorship, One Person Company or any other company format, choosing the right procedure and meeting all statutory guidelines is utmost necessary for a smoother drive ahead. At Trademark Bazaar, our business incorporation experts would guide you through the most appropriate business model basis your distinctive needs, budget and other factors. Our personalized and consultative approach towards business incorporation makes us a leader in the segment.

Intellectual Property :

Securing your business assets is another important aspect for a business owner. Intellectual property elements such as trademark, copyright, and patents need to be obtained in a prescribed manner from the respective authority so as to gain full control of your products/services. At Trademark Bazaar, we are all set to provide full-fledged assistance in regard to Intellectual Property management. Irrespective of your industry type and product category, our professionals are ready to provide value-oriented services in a cost effective manner.

Be it Trademark Registration, Copyright Registration, Patent Search, or Design Registration; get all IP-related services under one roof in a professional environment.

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