Forensic audit normally involve an investigation into the financial affairs of an entity and is often associated with investigations into alleged fraudulent activity. It is an examination and evaluation of an entity’s financial information for use as evidence in court or for use by the management also. A forensic audit can be conducted in order to prosecute a party for fraud, embezzlement or other financial claims. It could also cover situations that do not involve fraud or embezzlement, such as disputes related to a bankruptcy, business closures.
In addition, an audit may be conducted to determine negligence on the part of staff by the management of the entity.
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