Procedures Involved in Investigation Auditing

 

A detailed investigation of financial statements, accounts,  & business procedures is required when a company is skeptical of engaging in activities like financial crimes, money laundering, or fraud. The investigation process which occurs is given a specific name which is known as an Investigative Audit. These investigation audits utilize a range of procedures to test the presence of monetary inconsistencies, disparities in tasks, or unlawful employment of assets. Best Audit firms in Dubai consist of a range of skilled and highly qualified auditors and they are best in doing investigative auditing.

 Mentioning below the procedures involved in investigation auditing :

• Nature & Scope Determination :

The very first step towards investigation Auditing is to know the requirements of the client concerning nature, scope, & goals and should be obtained in clear & consistent words. It might lead to misunderstandings & complications if the directions are not that clear during the investigation. In the instructions, only the scope, the goal, area, & the time period of investigation are to be covered.

• Development of an Investigation Plan:

An investigation plan cannot be fixed. Based on the numerous events during the investigation at each level, actual investigation techniques must be programmed. The conclusions of the previous steps might determine the investigation’s next step. As the investigation program is being developed the wide scope & bounds of the investigative program must be decided. Afterward, by keeping in mind the investigation’s objective & purpose the checklist of documents & records to be examined and to be prepared.

• Conduct of Investigation :

Depending on the circumstances & discoveries, at each step, the investigator may decide on a different route of investigation. The investigator will keep a detailed record of all work done as proof of the investigation. For formulating a conclusion & compiling an investigation report these records may serve as the foundation.

• Final Report on the Investigation :

After having all the observations and analysis of all of the relevant paperwork & statements, by examining all of the examination records, the investigator can come to a conclusion. When there is suspicious, or fraudulent behavior in a company, it is very important to conduct an investigative audit. Well, it is not at all a very easy task & it must be conducted in a detailed and accurate way. For this detailed procedure, it is better to take the help of professional investigation auditing services in Dubai.