Forensic Audit Defined

It's basic that if the term audit is mentioned, it entirely tackles banking and finance or property custody. But when you speak about legal concerns or investigative processes concerning such, forensic audit is the term to employ. Forensic auditing is an accounting method that tracks down evidence committed in a crime concerning embezzlement and fraud. This process is essential in litigating criminal acts in the court of law. To put it briefly, it is an auditing expertise that is applicable to audit-related activities with legal effects.

Forensic audit is when a comprehensive goal involving errors in accounting and mapping cash transactions is determined. This is used by lawyers and other authorities to perform an investigation that would need legal documentation. The process can be a tool against accounting firms that have been negligent in their operations that led to a financial loss of another party. This can be used against public-elected officials who accept bribes, which are a form of corruption. An audit can be done between the party giving the bribe and the official accepting it. Overall, this is performed by highly trained experts in the field who are holders of degrees such as criminology, sociology or any related course. Forensic accountant is the title given to the expert in this field.

After the investigation, a complete detailed information or report is completed. The report will be based on the information collected by the forensic accountant. They give the report based on what they found out while investigating the case. This report is then forwarded to the right authorities or lawyers who requested the investigation. The completed report can be used as evidence in any court of law. Prosecuting a guilty party would not be hard to do if this report is done correctly. In addition, these audits are done within a certain period of time. However, there are factors that could delay forensic audit such as non-cooperation of the party being investigated.

Forensic audit and audit should be classified differently. The two have different functions though both may deal with accounting and money. This process is already systematized so the right reports could be submitted. This has been a requirement of law and the document is an evidence in any court of law for cases like embezzlement and fraud. Without these experts, investigations into fraudulent audit cases will take longer and may never even prosper.

In legal aspect, the best person to handle issues like these are those who are experts in the field. Forensic auditors are, hence, the best people to help you if you are having problems with financial documents..
Loans with illegal terms or conditions are not enforceable. Foreclosures resulting from illegal loans are also not enforceable. The foreclosure process is stopped when litigation on a questionable loan begins. Mortgage payments are not required during the foreclosure or litigation process. Lenders will choose the most rational and fiscally sensible response when presented with the legal facts. When facing their legal options: modifying your loan, foreclosing your home, paying some high-priced attorneys to litigate, or risk stiff federal fines and penalties, many lenders will choose Loan Modification as the most financially sensible option.
As a consumer, it's not reasonable that you would be expected to know or be aware of all of the laws that pertain to lending... you went in your for mortgage closing and your title company, or they came to you, showed you where to sign and told you life would be great after you were done. You relied on their expertise as a professional to obey the law.