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Forensic Audit: Significance
Whether developed, under-developed or still-developing, no country in the world is fully insulated from crimes and frauds. And UAE is no exception despite ranking second in the highest law and order index and being one of the world’s safest places to live and work. We have to admit the fact that – more the success higher the crime possibilities. After all, wealth lures criminal activity. People tend to do shady things that would give them quick gains with no sweat. To simmer down this, the UAE government brought into existence Penal Code Article No. 399 in 1987.
Fraud is a crime that can happen anywhere. The business industry is mostly concerned with this said crime. Therefore, for businessmen, it’s of utmost importance that they are in the know of the things that they ought to be aware of regarding fraud because doing so will help them in preventing themselves from being a victim or practising one considering it a simple matter with not many repercussions. Even a small fraudulent activity, done intentionally or unintentionally, can put all your years of hard work and reputation down the drain if caught. Despite carrying out business activities fair and square, companies may fall victim to suspicion from their shareholders. But it’s not always the case. There may be diverse reasons that can generate the need of knocking on the door of third-party fraud investigation service providers in the UAE. This may cause significant damage to the company’s reputation if the fraud leads to adverse opinions. In a nutshell, a forensic audit is required when a business needs to:
- Find a piece of evidence or two while dealing with a case in court concerning funds/money
- Determine the root and causes of financial errors, alleged employee fraud, reduction in company revenue, increase in cost and other operational matters so your company runs smoothly without any fear throughout the foreseeable future.
- Ensure that they are complying with the law and not violating anything, businesses approach forensic accounting service providers in Dubai, UAE.
Please note that errors found in the data samples tested don’t always point to fraud. It could be the result of faulty procedures as well or maybe something was done incorrectly, but innocently.
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