| Topic : Forensic Accounting and Fraud Detection for Corporates |
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Finance & Accounts
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Activity:
Question posted: 09 24 2009 10:02:03 +0000,
2 answers, 1466 views, last activity
07 06 2010 20:18:08 +0000
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There is a confusion on difference between Statutory Audit and Forensic Audit. So can you throw some light on their difference.
Apart from what Prakash has said ,if any fraud is detected, Negative opinion or qualified opinion is expressed with/without quantification in case of statutory audit and in forensic audit there will be Legal determination of fraud and naming persons behind such frauds.
The main Objective of statutory audit is to express opinion on financial statement as to ‘true & fair’ presentation but forensic accounting objective is to is determine whether fraud has actually taken place in the financial statements. And normally all transactions for the particular accounting period are included in statutory audit but in forensic accounting there is no such limitations, selected item may be examined in detail from the beginning.
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