Monako Consulting, is an established consulting firm in India providing various kinds of professional services covering consulting, valuation, taxation, forensic audit, etc. The Firm had various teams handling each line

Major difference between Audit and Forensic Audit is discussed as below Objective of financial auditing is to express opinion as to 'true & fair' presentation. Forensic Audit determines correctness of the accounts or whether any fraud has actually taken place. Techniques used in the financial auditing are more of Substantive and compliance procedures. The techniques used in the forensic auditing are analysis of past trend and substantive or 'in depth' checking of selected transactions. Normally all transactions for the particular accounting period are covered under the financial audits. Forensic audits don't face any such limitations. Forensic auditors may be appointed to examine the accounts from the beginning. For ascertaining the accuracy of the current assets and the liabilities financial auditor relies in the management certificate or representation of management. Forensic auditors are required to carry out the independent verification of suspected or selected items. Whenever the financial auditor has adverse findings, then the auditor expresses the qualified opinion, with/without quantification. In case of the adverse findings, the forensic auditors are required to quantify the damages to the clients and are also supposed to point the culprit. Many a times, Legal action will be sought.