Audit Investigation

In the recent past years, there has been a considerable increase in the number of businesses coming into the Middle East. With the rise in businesses, there has also been a considerable increase in business fraud. This fraud has the potential to create or break the business. For this reason the management of companies should take special care to conduct Fraud Investigation Audit Services. For this reason the management of the company should always avail the Fraud Investigation Audit services from a knowledgeable and professional Audit Firm.

What do you mean by Fraud Investigation Audit Services?

Audit Investigation also known as Forensic Audit is a dual disciplinary approach which includes extensive know-how in accountancy and investigation seeking fraudulent activities and finding missing money. In general, life Fraud will be explained as any activity that is wrongful deception and, in the end, outcome is any financial or personal gain to the person. Such activity will bring devastating results to a business. In the business world, fraud can be described as a planned activity that is performed with the aim of robbing or depriving the other entity of property or money.

A business will conduct fraud without the management knowing about it. This will create immense losses and improper use of resources and might result in the liquidation of an organization. That is why it’s needed that each business needs a Fraud Investigation Audit Service. A Forensic Examiner will examine all the documents and reports of the company with the aim of finding if any fraudulent or deceitful activity is taking place in the business.

Who is Forensic accountant or a Fraud Examiner, and what’s his Role in Fraud Examination?

A Forensic accountant is additionally called as Fraud Examiner. This individual has a bachelor’s or a master’s degree in Accounting or Finance and is more trained in Criminal Justice or law enforcement. There are variety or number of ways by which fraud can be conducted. Some of the various ways are mentioned below:       

• Telemarketing Fraud Securities Fraud.
• Securities Fraud.
• Money Laundering Fraud.
• Embezzlement, and plenty of others.

These Forensic Accountants are need to perform very important role in the business and should have the expertise of a minimum of one year and need a fluent understanding of all the financial records of the company. They also have to capable of finding any discrepancy in the financial reports of the business in order that they’ll narrow down their search quickly.

What are the various ways to observe fraud during a Business?

Proper Accounting and Bookkeeping can facilitate a business to prevent such fraudulent or deceitful activities from happening. Accounting and Bookkeeping will form the primary line of defense in such cases. But for different situations, there are totally different ways for detecting or sleuthing if any fraudulent or deceitful activity is conducted in the company or not. Some of more frequently used ways of fraud detection square measure provided below:

1. Brainstorming

This is one of the most common and frequently used ways of detecting or sleuthing fraud in a business. During the initiation of any fraud audit, a brainstorming session is performed. During the brainstorming session, the audit team lists all the ways by which the management will find and tackle fraudulent or deceitful activities. As brainstorming is an initial session, it is not necessary that the audit team has to state only viable choices. Something which comes to the mind should be jotted down.

2. Examination of Journal Entries

All the transactions of the company are recorded as a journal entry. The Fraud Investigator will have to examine all the journal entries of the business to search out any discrepancy. Any manipulation in the journal entries of the company will mean that there has been some investigative in the business.

3. Historical Transactions of the Company

The previous transactions of an organization can provide huge information regarding the fraud situation in the company. After watching at the previous transactions of the company, the audit team will get away on what’s the calculable quantity that the company typically spends. If there’s an enormous deviation from this quantity, then the company will be considered a victim of fraud.

4. Reviewing

Conducting the reviews of the business at specific periods can be helpful for the management to catch hold of fraudulent or deceitful activities in the business. Once any such activity is caught, the management can take preventive steps to make sure that such activities don’t happen in the future.

What are the advantages or benefits of a Fraud Audit Investigation Report?

Here are some of the benefits of a Fraud Audit Investigation Report:

• An internal fraud investigation helps to identify any internal frauds.
• It strengthens the organization’s control or management mechanism.
• A fraud investigation audit report can save an organization from long-run damage and helps to retain the reputation of the organizations.
• It acts as the factual information that can be used as a document during a court of law.

Intellect Chartered Accountants Fraud Investigation Audit services in Dubai, UAE

1. We specialize in such auditing so we know what to look for and where.
2. We have no personal or professional relationship with the employees. Hence, the findings will be unbiased.
3. For an error-free and just auditing, you need to hire experts and often such audit leads to criminal prosecution in case of fraud findings.
4. Not only this can be a damage control activity but also we can help you find loopholes in your existing system.

Why Intellect Chartered Accountants?

Intellect Chartered Accountants is providing financial services in Dubai. We offers services which includes accounting, auditing, VAT, and other financial solutions. At ICA, we help our clients in the analysis of company controls, processes, and procedures to spot the suspected fraud. We’ve been providing the most effective audit & assurance services in Dubai. Our Team Of Experts at Intellect Chartered Accountants understand your need for (Audit’s) and provide you with custom made solution as per your business needs considering relevant Law’s & Resolution’s in U.A.E.

For further information connect with our expert.