The Main Function or Scope of Forensic Auditing Essay

2004). In forensic auditing special procedures are carried out in order to produce evidence. Moreover the auditing techniques are also used to identify and to gather evidence to prove any fraud. For example, how long the fraud has been carried out and how it was conducted and concealed by the perpetrators. Furthermore the forensic auditing is distinct from statutory auditing in various perspectives. The main objective of statutory audit is to express opinion on financial statements as to ‘true fair’ presentation whereas forensic auditing objective is to determine whether fraud has actually taken place in the financial statements. Basically forensic auditing refers to the whole process of investigating a financial matter. Furthermore,†¦show more content†¦(2010)]. Forensic auditing performs comprehensive analysis of investigations result across the enterprise to identify pervasive control issues. It also oversees the investigations, planning, and forensic report writing process forensic audits, and investigations and presentation of findings through reports and exhibits. It works closely with financial training function to enhance fraud auditing skills and conduct activities in areas of moderate to high risk and conduct investigations as well in complex and extremely sensitive parts. Importantly, forensic auditing promotes education and awareness on fraud risk management. [Mann, D., Nath, Y. (2010)]. DIFFERENCE BETWEEN FORENSIC AUDITING AND STATUTORY AUDITING S.no Particulars Statutory audit Forensic audit 1 Objective Express opinion as to true and fair presentation. Determine correctness of the accounts or whether any fraud has actually taken place. 2 Techniques Substantive and compliance procedures Analysis is of past trend and substantive or ‘in depth’ checking of selected transactions. 3 Period Normally all transactions for the particular accounting period. No such limitations. Accounts may be examined in detail from the beginning. 4 Verification of stock, estimation of realizable value of current asset, provisions/liability estimation etc. Relies on the management certificate/representation of management. IndependentShow MoreRelatedBenefits Of An Office Assistant1630 Words   |  7 Pagesnot change the essential position. Below are examples of the unfair and fair job changes: †¢ An administrative staff member who is inquired to undertake lunch coverage of the reception duties or learn current system could be taken to fall within the scope of an Office Assistant. †¢ Moving the same Office Assistant into a role which contains basic of food and beverage service could constitute a redundancy situation. 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