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Forensic Audit2021-12-19T11:06:39+04:00

Forensic Audit

Your organization may require to conduct a forensic audit if individuals suspect fraud, theft, or inaccuracies in account balances.

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Preventing liquidation of an unbalanced market will leave you in tears.

Ben Bernanke

Does forensic audit elicit shudder in you? Fret not, you have got the back of one of the best business setup advisories at Adam Global. The firm teems up with expert professionals hands-on with various services that you might need on a daily basis while running your business. And one of them is a forensic audit which means fraud investigation and examination in layman’s terms. Yes, Adam Global is way beyond business setup service in Dubai, UAE which realizes the fact that you may approach us for any accounting and financial management needs including forensic audit which has become increasingly relevant at a time when corporate fraud is on the rise.

Your organization may require to conduct a forensic audit if individuals suspect fraud, theft, or inaccuracies (both positive and negative) in account balances. Well, from this, you might now have a clue about what a forensic audit is all about. It is a kind of investigation performed by an auditor specialising in the field of forensic accounting which involves going over financial records with a fine-tooth comb with the purpose to identify illegal finance activity. After carrying out a thorough examination of a particular individual’s or organization’s financial statements/information, the forensic auditor brings to light criminal behaviour such as fraud or embezzlement or derives concrete evidence that could potentially be used in a court of law or legal proceeding for conflict resolution among shareholders. Forensic audits could also be required in situations that have nothing to do with financial fraud. For instance, disputes related to bankruptcy filing disputes, business closures and divorces. Look below if you want to check what kind of fraud:

  • Manipulation, falsification or alteration of records or documents.
  • Misappropriation of assets.
  • Suppression or omission of transactions from records.
  • Recording of a transaction without substance.
  • Misapplication of the accounting policies knowingly.

Audit firms in Dubai conducting forensic audit act as a third eye to give the third degree to the matters pertaining to fraud, financial crimes and commercial disputes. We are experts in dealing with problems that are not susceptible to a simple solution.

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Forensic Audit: Significance

Whether developed, under-developed or still-developing, no country in the world is fully insulated from crimes and frauds. And UAE is no exception despite ranking second in the highest law and order index and being one of the world’s safest places to live and work. We have to admit the fact that – more the success higher the crime possibilities. After all, wealth lures criminal activity. People tend to do shady things that would give them quick gains with no sweat. To simmer down this, the UAE government brought into existence Penal Code Article No. 399 in 1987.
Fraud is a crime that can happen anywhere. The business industry is mostly concerned with this said crime. Therefore, for businessmen, it’s of utmost importance that they are in the know of the things that they ought to be aware of regarding fraud because doing so will help them in preventing themselves from being a victim or practising one considering it a simple matter with not many repercussions. Even a small fraudulent activity, done intentionally or unintentionally, can put all your years of hard work and reputation down the drain if caught. Despite carrying out business activities fair and square, companies may fall victim to suspicion from their shareholders. But it’s not always the case. There may be diverse reasons that can generate the need of knocking on the door of third-party fraud investigation service providers in the UAE. This may cause significant damage to the company’s reputation if the fraud leads to adverse opinions. In a nutshell, a forensic audit is required when a business needs to:

  • Find a piece of evidence or two while dealing with a case in court concerning funds/money
  • Determine the root and causes of financial errors, alleged employee fraud, reduction in company revenue, increase in cost and other operational matters so your company runs smoothly without any fear throughout the foreseeable future.
  • Ensure that they are complying with the law and not violating anything, businesses approach forensic accounting service providers in Dubai, UAE.

Please note that errors found in the data samples tested don’t always point to fraud. It could be the result of faulty procedures as well or maybe something was done incorrectly, but innocently.

Adam Global: Your Forensic Audit Expert

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Corporate frauds may result in significant damage to the company’s reputation if not detected timely and efficiently. Forensic Audit is the answer but you still need to figure out who can do it in the most efficient manner. With the surge in the number of frauds due to the ever-changing technology and new fraudulent methodologies, the need for forensic auditing has gained a worthwhile forte. Therefore, you should not undermine the forensic audit service and only go for the best service providers in the field. Our forensic audit service in UAE is the answer to every business requiring support to keep fraudulent acts at bay. Businesses in Dubai and other emirates of the UAE turn to Adam Global because we are simply the best in the industry. Adam global knows forensic audit is much more than just a response to litigations. Not only do we help businesspersons set up or expand their business but also keep from jeopardizing their hard-earned business during the course. When they drop by us seeking forensic audit assistance, they go home with peace of mind that they have hired the right brains to identify and collect evidence against the fraudster determining the impacted areas of their business and its monetary impact.

Forensic Audit: Our Role & Your Benefits

Our forensic auditors don’t just do official documentation of business sitting in the air-conditioned office. They perform a wide spectrum of investigative activities including fieldwork to gather information and finally to authenticate their findings. Based on the official document and gathered information, we proceed further in search of evidence. Our forensic auditors are not only adept at detecting the wrongdoings going on in business but also the culprit behind it with the core reason for the fraud. The evidence produced by us is sure to support you during the legal proceeding against the offender. All in all, we help you predict, detect, and respond to the risks and vulnerabilities ahead of time, avoiding any possible financial and reputation losses and damages in the long run. Not only that but our team uses the latest tools and techniques that help them to investigate every tiny detail and generate the truest results. No fraud, misconduct, or control weakness can escape the detail-oriented eyes of our investigators.

By choosing us for your business’s forensic audit in UAE you get:

  • Exemplary service with full value-for-money you pay
  • Peace of mind that your data is secure
  • Timely & accurate outcomes
  • Findings based on advanced technology & techniques
  • Highly qualified & trained professionals to handle the case
  • Monitoring assistance to help you keep a close eye on your employees
  • Specialized workforce comprising of highly experienced auditors, accountants, fraud investigators, forensic examiners, CPAs, and more
  • 24x7x365 support from forensic experts
  • Continued assistance, advice & guidance
  • Free consultancy (first time)
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FAQ

How forensic auditors are different from regular auditors?2021-12-19T08:56:26+04:00

The process of investigation, detection, and prevention of fraud/theft in a company is forensic auditing. While ensuring that there are no material misstatements in financial statements and that these financial statements are an accurate representation of a company’s financial position is auditing. In other words, an auditor determines whether a company’s financial statements offer a fair assessment of its current position in accounting and forensic accountants are deployed to do the exact opposite of what they do using their sceptical attitude.

What is the role of the forensic auditor?2021-12-19T08:57:01+04:00

Forensic accountants must combine a diverse set of skills. They, by virtue of their skills, uncover and document fraud in financial transactions. Using their excellent analytical, perceptive, and deductive abilities they bend over backwards to accomplish the responsibilities they have been trusted for. Below we have described a forensic auditor’s role in four steps:

  • Investigation: To figure out what type of fraud is going on as per the client’s suspicion. It includes figuring out who is/are doing it since when. And how have they been managing it to conceal it and what are the repercussions of their wrongdoings on the company.
  • Evidence Generation: The appointed forensic auditor needs to present concrete evidence in support of their facts and findings. They try to elicit useful information by questioning suspected wrongdoers or witnesses. The techniques that are used in gathering evidence are – Interviews, Internal Controls, Software Programs, Analytical Procedures, Substantive Procedures.
  • Reporting: The process ends with preparing a report explaining the findings, evidence summary, and other details such as how the fraud was carried out along with recommendations to prevent such kinds of fraud in the future. This report is good to be proffered as evidence in court if the client wants to file a case.
  • Court Proceeding: The auditor has to be present during the court proceeding in order to explain in simple terms how they gathered the evidence and also how they spotted the suspect.

Without a doubt, a forensic auditor plays a pivotal role in the entire fraud investigation. You may easily find an experienced forensic auditor in Dubai from a well-established accounting or business consultancy firm.

Who orders forensic audits usually?2021-12-19T08:57:22+04:00

Forensic accounting is no less than fraud investigation where the culprit (or victim) can be either an employee, a vendor, or even a customer who is against the business. Therefore, it can be initiated by anyone from stakeholders to the bank to the financial institution to the regulatory authority to the court of law with a motive to unveil or determine any illegal or fraudulent activities (with bona fide evidence) a business is suspected to undertake.

How can Adam Global help me?2021-12-19T08:57:41+04:00

Our forensic audit specialists are au courant with forensic knowledge around laws, courts and dispute resolution, planning and preparation, information gathering and preserving, discovery, reporting and testimony to equip you to battle asset misuse, potential financial damages, shareholder disputes, family law, fraud through prevention, detection and response, bankruptcy & insolvency, electronic data insecurity and risk through feeble internal controls.

What type of corporate frauds can you help me detect?2021-12-19T08:58:06+04:00

Corporate frauds have been divided into three major categories as below:

  • Asset Misappropriation: Cash Thefts, Fraudulent Disbursements, Inventory Frauds & Misuse of Assets
  • Corruption: Conflict of Interest, Bribery, Extortion
  • Financial Statement Fraud