Forensic Auditing Vs Financial Auditing
Forensic audit in Dubai and even Forensic audit in UAE as a whole is one extensive procedure that involves analysis and investigation on specified matters that need a critical analysis to evaluate whether someone has carried out any unauthorized and illegal activities involving finances from the said company.
This is obviously a sensitive procedure in terms of company process, but in cases a very vital one because the results and findings from these can be used in the court in case of a lawsuit. This single application makes the audit worth way more in terms of honest investigation.
Financial Audit however, involves assessing the financials of the company to validate the numbers that the company has on its records. The main difference between both lies in the use, method and functionality of the data that comes out of it. Financial audit can be done anytime that the company finds necessary to do so, it’s upon the decision of the one who requests an audit. Forensic auditing however, is specifically done when there needs to be an investigation on some illegal use of a company’s financials, or some issues or disagreements with the supplier or vendor in terms of doing business. In this case it is made to be very legally strict, because in case of one or the other taking the matters to court, the results from the forensic audit work as evidence. In any case the findings need to be extremely accurate and unbiased.
Forensic Audit service in Dubai performs the same job with the same vigilance throughout. In forensic audit, elements of business valuation, fraud, commercial litigation, and in some unfortunate cases bankruptcy. But one cannot underestimate the seriousness of each of these reasons, because many a times one of these can cause a major disruption leading to a high profile lawsuit that the company might get involved in. Forensic accounting firms take care of all of that for you, with a forensic audit certification. One can say forensic accounting and auditing does not differ much, but just for the involvement of litigation, one precedes over the other.
Quantum Auditing’s primary action in any forensic audit is to review the information available to determine if the allegation/information is credible and not merely malicious. Should the credibility of the information be such that an investigation is considered necessary, a preliminary fact finding/evidence gathering phase is initiated. The information gathered is then analyzed and a detailed audit plan is drawn. Only at this stage will the formal taking of affidavits take place. Quantum does that all over UAE for companies, that too within the forensic audit cost you might have set out, making it incredibly reasonable and providing extremely accurate results that benefit the company both in the short and long haul.