A fraud audit is a detailed examination of the financial records of a business. A fraud audit is conducted to find occurrences of fraud in a business. The procedure adopted while conducting a fraud audit is more detailed than a normal audit procedure. There are some types of fraud where very small amounts of money are involved, which might fall below the standard materiality threshold.
Some types of fraud need early detection as they might cause heavy losses or negatively impact the company's financial position. Hence, at that point, the auditor's task is to collect evidence regarding the fraud, which may also result in acting as an expert witness during a legal proceeding if one arises.
Types of Accounting Fraud
- Cash Embezzlement
- Accounts Payable fraud
- Setting up a fake supplier account to misappropriate cash
- Using company cash for personal purchases etc.
Fraud investigation An audit would help a company assess the actual loss incurred in terms of financial and non-financial aspects. A detailed fraud investigation report and evidence could help in legal proceedings (if any) against it.
How can SPK Auditors help with Fraud Investigation services in UAE?
Fraud risk assessments
Evaluating an organization's vulnerability to fraud and identifying potential risk areas.
Fraud examination
Conducting a thorough investigation into suspected fraudulent activity, including gathering and analyzing evidence, interviewing witnesses, and preparing reports.
Fraud prevention
Implementing measures to prevent future fraud, such as implementing stronger internal controls, developing anti-fraud policies, and providing fraud awareness training to employees.
Fraud recovery
Assisting organizations in recovering lost assets and minimizing financial losses from fraud.
SPK specializes in providing Fraud investigation services in UAE and helps organizations detect and prevent fraud. Our services involve a variety of activities, including:
Various industries, including finance, insurance, healthcare, government, and retail, engage our services. You can use them in response to suspected fraud, as part of a proactive effort to prevent fraud, or in support of legal proceedings related to fraud. Organizations need to choose a fraud investigation service provider with the necessary experience and expertise in the specific type of fraud being investigated. We have a strong track record of delivering effective results and can work collaboratively with the organization to achieve its goals.