Forensic audit - Financial investigations and procurement audits
What is Forensic?
Forensic Audit -
This is a cutting-edge international financial analysis tool sought by executives, investors, and owners to quickly identify hidden risks and enhance confidence.
Using modern technologies, forensic auditing enables in-depth analysis of organizations’ financial activities, minimizes losses, and implements effective threat prevention measures.
Our approach ensures comprehensive financial security, providing objective and reliable data for strategic decision-making.
- Beware of fake organizations offering forensic services without proper practical experience or pretending to be working with us!
- Остерегайтесь поддельных организаций, предлагающих услуги форензик без должного практического опыта или прикрывающихся мнимым сотрудничеством с нами!
In what cases are our services needed?
When does the need for a Forensic audit arise?
Warning of violations before an upcoming inspection
There are risks in the processes of procurement, production, storage, sales, and financial accounting.
There are signs of leakage or shortfall in funds
Obtaining a positive conclusion before leaving office
Taking over a new position and assessing the risks of violations by the old team
Increase in expenses with the same level of revenue
The need to protect investments or control the targeted use of finances
Lack of trust in management on the part of founders or higher-level management
The goals and practical value of forensics
Identifying hidden risks
Forensics is aimed at promptly identifying hidden risks that could harm managers, investors, and business owners.
Protecting executives from set-ups
In practice, managers who trust their employees often find themselves alone in the face of challenges during audits by regulatory authorities. In such situations, unscrupulous employees can betray their managers, leading to financial losses and reputational risks.
Team and business sustainability assessment
Additionally, forensics helps assess a team’s stress tolerance and reliability, identifying weak links and improving management effectiveness in challenging situations.
Preventing consequences and building trust
Promptly engaging forensic services can significantly reduce or eliminate such risks. This helps avoid negative consequences and strengthens the confidence of investors and owners.
Protecting executives from set-ups
In practice, managers who trust their employees often find themselves alone in the face of challenges during audits by regulatory authorities. In such situations, unscrupulous employees can betray their managers, leading to financial losses and reputational risks.
Team and business sustainability assessment
Additionally, forensics helps assess a team’s stress tolerance and reliability, identifying weak links and improving management effectiveness in challenging situations.
Forensic combines
Forensic or Audit?
Differences between forensics and financial auditing
Forensic
Aimed at identifying, investigating, and preventing hidden risks, including abuse and other violations. The primary objective is to gather evidence for management decisions, ensuring financial security, or, if necessary, for subsequent use in court.
Financial audit
The purpose is to confirm the accuracy of a company’s financial statements in accordance with international or national accounting standards (e.g., IFRS, NAS). The auditor expresses an opinion on whether the company’s financial position is accurately reflected.
How we work
Methods of work
- Analysis of the presence of affiliation
- Forensic Check & Red Flags
- Analysis of accounting and tax records
- Surveys of employees of the organization and third parties
- Study and analysis of counterparties
- Search for incidents of capital and asset withdrawal
- Study of compliance with regulatory and statutory requirements
- Use of technical measuring equipment
- Using a Polygraph (Lie Detector)
Certificates
Upon completion of the Forensic Audit, you will receive a Certificate assigning a reliability category.
Testing for fraud in your organization
Are your employees 100% satisfied with their salaries?
Are your employees satisfied with their position in the organization?
Are you 100% confident in your employees?
If you answered "No" - the probability of fraud is 50%.
Do you have an approved fraud response plan?
Have you developed a system for collecting electronic and documentary evidence of financial fraud?
Do you often change your audit firm?
Do you personally select the audit firm?
Have you encountered any fraudulent activity in the past year?
If you answered "No," congratulations! There's a 100% chance you're being robbed.
Cases
Examples of projects we have worked on
"Software Purchase"
A large organization purchased and implemented software, but its cost turned out to be inflated and its quality did not meet the specifications, raising suspicions about the procurement officer’s vested interests.
A forensic audit was conducted: documentation was reviewed and the procurement scheme was analyzed, and the fact of cost overruns and product non-compliance was established.
The violation was confirmed, and the client received recommendations to revise the procurement terms and strengthen controls.
"Engaging the services of a tax consultant"
A manufacturing company faced claims from tax authorities for violating deductions and benefits, and the threat of fines. They consulted a consultant, but doubts arose about the accuracy of the decisions.
An audit of tax policy was conducted, reporting and application of benefits were verified, and errors and shortcomings were identified.
Reporting adjustments were made, recommendations for optimization and risk reduction were drawn up, and fines were avoided.
Answers to questions
How is confidentiality of services ensured?
All information about the service provided is provided confidentially to the Client (an NDA (non-disclosure agreement) is signed).
Upon completion of the work, the results and conclusions of the study are typically confidentially communicated to the Senior Manager (the Client).
What specialists provide services?
The forensic procedure is carried out by certified forensic specialists and auditors who specialize in investigating financial fraud, auditing, and other related services.
Our team consists of:
Forensic specialists;
Auditors;
Analysts;
Lawyers;
Finance professionals;
Tax consultants;
Cybersecurity specialists;
Corporate intelligence specialists.
Do I need a license to provide Forensic services?
Forensic procedures are carried out in accordance with International Auditing Standards, and our company is included in the Register of Audit Organizations of the Republic of Uzbekistan.
What stages of work are carried out when providing services?
Initial visit and discussion with the manager, familiarization with the areas of work;
Signing of an NDA – Non-Disclosure Agreement;
Completion of the Customer’s application to determine the scope of work;
Conclusion of the contract (if necessary, via an electronic platform, UZRCSB, Cooperative Exchange, etc.);
Definition, appointment, and approval of the audit team composition;
Preparation and approval of the Audit Program;
On-site audit;
Daily meetings with the audit team;
Presentation of results;