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auditing firms in dubai

Benefits of forensic audit services

Forensic Audit services provide examination and evaluation of a company’s financial information and record for use as evidence for any legal proceedings. A forensic audit can be conducted to prosecute a party for embezzlement, fraud or other financial claims.

Forensic Audit Team assists clients to identify both the perpetrators of fraud and the areas that are at risk for future fraudulent activities. They have a unique and proven approach, that can rapidly identify the fraud thereby enhancing the potential of apprehending the persons responsible for the improper or illegal act.

What is the Difference Between a Qualified and Unqualified Audit Report?

Some of the common benefits of outsourcing audit services in Dubai are:

Cost Reduction

The primary benefits for outsourcing forensic auditing services are, it can help to minimize and prevent unnecessary losses. Fraudulent activity and general financial crimes incur a huge amount of money. outsourcing a forensic audit can ensure minimal cost for conducting any audit services.

Effective Solutions

Forensic audit plays an important role in examining and investigating current financial process and standards which can help in the identification of more effective solutions.

Risk Awareness

A forensic audit can ensure that the risk of further exploitation is significantly reduced. The concept of forensic audit helps in dealing with the risks and makes sure to reduce the risk of business before fraudulent activity can take place.

What are the Steps that You Need to Do in an Audit Process?

Legal Support

By availing forensic audit companies will be able to have closer look at the legal issues. Dealing with instances of fraud can be costly for the business. In an ideal situation, a forensic audit can be used to avoid such scenarios.

Resolves Disputes

Facing contractual issues regarding contracts while dealing with business clients can be solved by outsourcing forensic audit services in auditing companies in Dubai, which can help in solving disputes

Facts You Should Know About Fraud Auditing

Tracking illegal activity

Forensic audit services are used by various companies with the aim of tracking any illegal activity or malpractices being followed in a company by gathering evidence of such illicit activities so that the management can take action.

 Formulating economic policies

With the help of forensic audit services, a company can determine the flaws in the working of the business and formulate the economic policies according to the budget of the company

Improves brand Reputation:

Forensic auditing will help to identify such unprofessional conduct and allow management to take remedial measures so that the goodwill the company improves.

Simplifies Litigation

Forensic auditing helps in investigating a particular company regarding the accurate price and potential profitability of the company and also presents the company’s net worth. forensic auditors are required if there is any lawsuit filed against a company

What to Look for When Choosing an Auditing Firm?

Functions of forensic audit services

A forensic audit is conducted by certified fraud examiners, there are certain function conducted by forensic auditing services

  • Forensic research to trace funds and recovery of assets
  • In-depth analysis of financial data
  • Prepares reports based on analysis conducted
  • Generate analytical data for litigation

What Are The Auditing and Assurance Standards?

Forensic auditing services in UAE

Forensic auditing is a specialized service which requires highly skilled team members who have experienced not only in accounting and auditing techniques but also relevant legal framework. At Farahat and company a professional audit firm in Dubai, UAE, our forensic experts provide you with the forensic auditing related services if you are looking forward to initiating the process do contact us!

Mohamed Ali Farahat has worked on various forensic accounting assignments, which include operational and financial audits, reconstruction of accounting statements, financial information analysis, and investigation of fraud and financial distress. Read more