Every business or company faces a large no. of threats, be it financial theft within the company or securities fraud. Such types of problems only destroy the business and its core values, which in turn, makes the business less reliable both for its employees and the investors. But with threats come the solutions, forensic accounting services in Delhi are widely chosen by business owners. You must be thinking why? Don’t worry, we have at your disposal everything you want to know.
Hearing’s news of fraud and embezzlement in or by a company is something that is not rare in a corporate environment. However, if you are a business owner and worried about how not to let your company’s name come in this type of news headline, then consulting forensic accounting firms in India is the best way to get the required support you need to make it happen.
There are several types of audits conducted by specialists to investigate suspected and ongoing frauds in a company. Below, we have discussed a few of them so that you get an idea about where you should start.
External auditors
The external financial audit is performed by accountants, the main object of this work being the issuance of an opinion on the reasonableness of the financial statement figures of a company under audit.
Likewise, it is noted that the responsibility of accountants consists of expressing an opinion on them, based on the audit carried out by the following international auditing standards, their purpose not being to detect embezzlement or irregular actions.
However, it should be noted that there an external audit can also be held responsible for not detecting fraud when an external audit is performed.
As it is the auditor’s responsibility that he should detect significantly erroneous information that results from fraud or error when auditing financial statements.
If the auditor encounters situations making him suspicious or determined that a fraud or error has occurred then should communicate to those charged with the entity’s direction and management, as soon as possible and at the appropriate level of responsibility.
Forensic accountants
Forensic accountants are responsible for investigating those cases where financial crimes are present, and of which they can be formally and legally contracted by the management of an organization that has suffered fraud, as well as by third parties who act against an entity to clarify fraudulent actions that have caused patrimonial damages.
It is argued that forensic accounting has a magnificent projection in the field of financial crimes, which are not committed with weapons but are usually very harmful, in addition to the fact that the activity carried out by the economic criminal turns out to be imperceptible many times to traditional detections and controls.
Forensic accounting is necessary when the existence of a crime is assumed, so the financial information of which there is doubt is investigated, analysed, and interpreted, focusing on exceptions, inconsistencies, and irregularities.
Forensic accounting turns out to be a necessary means of support in investigations of possible criminal acts and is carried out by specialists who collect evidence through the application of various techniques and scientific methods.
This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.