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All QuestionsCategory: Indian AS/IFRS ComplianceCan anyone explain to me what is forensic audit?
Profile photo of Consultease AdministratorConsultease Administrator asked 3 years ago

Can anyone explain to me what is forensic audit?

Can anyone explain to me what is forensic audit?

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1 Answers
Profile photo of rishabh1983rishabh1983 answered 2 years ago

Forensic audit is a specialised field in the world of accounting. 
“Forensic” means suitable for use in Court, and it is to that standard and potential outcome that forensic accountants generally have to work.”
“Forensic Accounting is the specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation.”
“Forensic accounting utilizes accounting, auditing and investigative skills to conduct an examination into a company’s financial statements. Forensic accountants are trained to look beyond the numbers and deal with the business reality of a situation. They are frequently used in fraud cases.”