Forensic Audit: A Step Ahead of Internal Audit

Abstract

Forensic is process of establishing evidence scientifically to prove a crime. Such evidences are required to be presented before any court to render appropriate judgment over crime. ‘Audit’ can be defined as examination of facts and state of any item.

Forensic Audit is a purposeful process of getting evidence which can be used in a court of law. This process includes various audit technique like analysis, inquiry, observation, evaluation and examination.

Without technology doing any business by any organization is very difficult nowadays. Technology provides ease for doing business. Many businesses are now running on screen based platforms and most businesses now cannot be imagined without technology. Technology has its own risks. Technology can also be used for carrying out frauds. Therefore many organizations have established their own Risk Assurance / management cells. Where this is not the case they hire external forensic expert to unearth frauds.