SOMETHING ABOUT FORENSIC ACCOUNTING-

1. During the General course of the Audit of any client, whether belonging to any Class or Level, there exists some common accounting auditing situations. Some of them are:

i. Payroll Accounting.
ii. Expenditure Audit.
iii. Vendor Payroll.
iv. Receivables.

2. It’s been seen during the past years that the Frauds relating to these areas are of a routine nature as well as are such that these can not be overlooked. When I am talking about Frauds, it includes an array of irregularities and illegal acts characterized by International deception Frauds related to the above.

3. Forensic Accounting thus is the Action of identifying, recording, settling, extracting, sorting, reporting, and verifying past financial data for evidence to be suitable for the purpose of establishing accountability.

4. The Basic objective of Auditing is not to detect fraudulent transactions. Forensic accountants on the other hand searches for exceptions, oddities, irregularities, patterns, and suspicious transactions.

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