Fraud Audit is a detailed examination of the financial records of a business. Fraud Audit is conducted with an intention to find occurrences of fraud in a business.
The procedure adopted while conducting a Fraud Audit is more detailed than a normal audit procedure. There are some types of frauds where there are very small amounts of money involved which might fall below the standard materiality threshold.
There are some types of frauds which needs early detection as it might cause heavy loss to the Company or it may make a material impact on the financial position of the Company. Hence, at that point of time the task of an auditor is to collect evidences regarding the fraud, which may also result in acting as an expert witness during a legal proceeding if it arises.
A Fraud Audit is actually a consulting service, rather than a type of audit, since the outcome does not involve giving an opinion on a client's financial statements.
A Fraud Audit involves a higher number of interviews than a normal audit, since the auditors have to search for indications of employees who might have noted abnormal behavior which indicates a Fraud.
One of the costliest liabilities’ businesses confront is employee fraud, yet many businesses wait until a fraud is commenced rather than putting comprehensive fraud controls to prevent such activities.
To prevent and detect accounting frauds, it is advised to assign a trusted experienced consultant or hire an expert to review and reconcile accounts at regular intervals.
Implementation of strict internal control measures on accounting functions, rotate duties of employees in accounts payable & receivable section , rotate duties of cashiers regularly , separate the functions of account and operations etc are some of the fraud detection and prevention measures .
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