Forensic accounting is the examination and evaluation of financial documents to obtain evidence that can be used in legal proceedings. This may include the detection and prevention of fraud, terrorist financing, and money laundering. This audit includes the examination of accounts to detect financial irregularities and to follow the movement of funds and assets within organizations.
What is a forensic audit?
A forensic audit deals with the full scope of fraud and embezzlement in a given area to give you the better independent assurance that meets your specific objectives. A forensic report provides evidence that can be presented in proceedings before the competent court.
Why is a forensic audit carried out?
The following are the reasons why a forensic audit is necessary.
- Suspicion of fraud, misrepresentation, or robbery.
- Significant unusual financial changes.
- Fictitious accounts are observed in the accounting records.
- Fictitious employees, customers, suppliers, or other interested parties are discovered.
- There is no proper substantiation of an unexpected financial pattern.
- Cases of fabricated or falsified financial statements were identified.
- The staff has prepared accounting documents for budget approval, performance appraisal, proposal evaluation, financing, tax filing, etc.
- False information provided by staff on matters such as false invoicing, theft of stock/cash/assets, and payments to non-existent suppliers or employees.
- Misappropriation of company assets using the authority granted to employees.
- False invoicing
In all such cases, a forensic audit is carried out to identify the originator of the activity. Preventing such activities promotes business growth and restores a controlled environment and good governance to the organization.
A forensic auditor can be relied upon to provide you with evidence to help identify instances of fraud and embezzlement within your organization that can be brought to court.
Forensic audit in Dubai
If you are looking for a forensic audit, BestaxCA is your right team with experienced and skilled resources to provide you with the right solutions to these damaging issues.
Take advantage of our top-quality accounting services in Dubai
BestaxCA provides a wide range of professional accounting and bookkeeping services in UAE, which mainly includes the following services:
- Double entry of sales invoices, purchase invoices, and cash transactions.
- Recording of all bank entries and preparation of bank reconciliations
- Preparation of payroll and fixed asset schedules
- Preparation of all trade receivables and trade payables reports.
- Consolidation of accounts
- Preparation of profit and loss account and balance sheet
- Forecasts and projections
- To provide all other financial reporting as required by management.
WHAT WE OFFER
We are a firm of chartered accountants with extensive experience and knowledge of international accounting standards and the latest accounting software. We are best suited for companies who wish to outsource their accounting and finance functions to avoid the burden of appointing full-time accountants.
One of the leading accounting firms in Dubai, Abu Dhabi, and throughout the UAE.
Considered one of the leading accounting firms in the UAE, our services mainly cover the following areas:
- We offer accounting and bookkeeping services that enable our clients to obtain up-to-date information on the financial position of their businesses.
- We interpret financial results from management reports to help our clients understand the key variables affecting their business.
- In order to maintain a healthy and long-term business relationship with our clients, we also advise our clients on areas that need attention to improve business performance. This mainly includes cash management and working capital management, among others.
- As we have extensive knowledge of the operations of various industries, we can advise our clients on how to improve the financial reporting process in order to make sound financial decisions. This may include recommendations related to the appropriate adaptation of existing accounting software or the implementation of new accounting software that is well suited and ideally designed for our client’s specific business.