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What is Forensic Accounting ? - Printable Version

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What is Forensic Accounting ? - tery_batman - 04-29-2004

dosto i had seen the last papers of module E auditing, where i had seen the term forensic accounting.i think in pakistan there should be some institute which gives the training of Forensic Accounting. what are your views about this. if u dont know about it pls refer the following.
The integration of accounting, auditing and investigative skills yields the speciality known as Forensic Accounting.

"Forensic", according to the Webster's Dictionary means, "Belonging to, used in or suitable to courts of judicature or to public discussion and debate."
Other Terminology

Forensic Investigation

The utilization of specialized investigative skills in carrying out an inquiry conducted in such a manner that the outcome will have application to a court of law. A Forensic Investigation may be grounded in accounting, medicine, engineering or some other discipline.

Forensic Audit

An examination of evidence regarding an assertion to determine its correspondence to established criteria carried out in a manner suitable to the court. An example would be a Forensic Audit of sales records to determine the quantum of rent owing under a lease agreement, which is the subject of litigation.

Internal Audit

An audit performed by an employee who examines operational evidence to determine whether prescribed operating procedures have been followed.

External Audit

An audit performed by an auditor engaged in public practice leading to the expression of a professional opinion which lends credibility to the assertion under examination.

plz reply me
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