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Forensic Audits – Conducting, Project Management

If any suspicion, indication or evidence of fraud arises during a fraud due diligence audit, scheduled internal or external audit, through information received from internal or external sources or as a result of routine control activities, the company management is obligated to follow up. This is usually done by delegating the job to the internal auditing department or by engaging the services of external specialists.

When conducting forensic audits, the AuditFactory adheres to all applicable professional standards and works in close cooperation with the client. The aim is to gather information and documentation on the relevant facts of the case and put them in a form that is suitable for presentation in a court of law. Doing this effectively will ensure the highest possible level of compensation on the widest possible basis.

We do not focus exclusively on accounting or on business-oriented factors, but provide support for your legal experts in assessing the interim and final findings in the context of the relevant aspects of employment, criminal and civil law. Forensic audits are carried out using accounting based, forensic and economic auditing methods.

When carrying out forensic audits, we continually consult with our clients (depending on individual requirements) in order to inform them of the latest findings and to agree on how to proceed with the project in the light of these. The precise aims of the audit depend on the individual circumstances of the suspected fraud, but they are typically to identify the following:

  • Type of fraud
  • How the fraud was committed (fraud pattern)
  • Number of perpetrators
  • Extent of the fraud (material and intangible losses including potential losses not yet realized)
  • Root causes of the fraud

Additionally, solutions have to be found with regard to the fraud case in question, and the weaknesses and vulnerabilities of the organization also need to be addressed. Hence these further (not always mutually compatible) aims:

  • Recovery of financial losses
  • Claims for compensation
  • Employment law action
  • Criminal prosecution of the perpetrator
  • Avoiding damage to reputation
  • Preventing a repeat case (corrective measures)

The AuditFactory can help you conduct a forensic audit. You can either:

  • outsource the job to us and we will handle the entire project, or
  • engage us as a partner and we will work on the project together with your internal audit department, company security and fraud manager.