Forensic Audit Report Is The Uncommon One

When the forensic auditors can prove that they have found the blunder inside the statement, then it is going to bring to the realm of law: the result of forensic audit reports can be legal evidence.

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The Types and Function Of Forensic Audit Report

It has to be competent accountants or auditors to able to do a forensic audit. Not every accountant or auditor can do. They have to have a specific certificate to do that.

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Forensic audits also have a number of actions. That used by the accountants or auditors as their foundation to investigate.

1.  The characteristics of the forensic audit report

There are two types of acts that underlie the accountants or auditors have to do their job as a forensic auditor.

  • Proactive

It is an audit that uses for guarding and supervising the financial statement of the company from the worst possibility. Its use for something like preventive.

  • Reactive

The reactive characteristic means forensic auditing has to hold because there is something wrong inside the company’s financial statement. For instance, there are fraud and corruption inside that company.

2.  The function of forensic auditing

When the company smells something wrong inside the internal financial and decides to do a forensic audit, it is the things that the company is going to get an advantage from it.

  • Get rid of the fraud

It is the answer from the companies’ insecurity about their financial statement. Even if it happens, the companies quickly going to know, and it is preventing to be massive fraud inside the companies.

  • It is for the loss preventer

It also can use to investigate the financial condition of the companies. Whatever it is going to be a healthy or unhealthy financial, the companies will realize it immediately.

  • The legal evidence

If the accountants or auditors have found the fraud and corruption inside the companies. Then the company is going to bring the report into the realm law. The result of forensic auditing and even the accountants and the auditors themselves can be a piece of legal evidence in the legal proceedings.

  • Be the evaluator

The result of the forensic audit used by the companies to evaluate their performance. They will know which department needs to increase the quality to adjust the standard of the company.

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The companies less use forensic audits and creating the forensic audit report because they may think the internal and external inspection is enough. However, it is going to bring the companies to the next level of financial awareness.