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Forensic auditing is defined as an examination and investigation of a firm or individual’s financial statements and records to find evidence that can later be used in the court of law. There are various reasons for conducting forensic auditings, such as for prosecuting someone for embezzlement, financial crimes, or fraud.

The process of forensic auditing is most likely to be similar to other types of auditing, as it includes phases like planning, investigating, reviewing, and reporting to the client. The reason as to why the investigation is conducted is to discover if the fraud actually took place, and if it did who were involved, to quantify the monetary loss and finally present the record to the client and ultimately to the court.

Therefore, in simple words, it can be concluded that forensic auditing is a procedure carried out to produce evidence. The auditing techniques helps in identifying and gathering evidence to prove various aspects like duration, the involvement of people and quantity of loss, etc.