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

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 of service, consisting of well experienced and qualified staff. The Managing Partner of the firm was considering to enhance the business of the firm into audit practice as well. He called for a meeting with various service line Leads, to deliberate and decide whether to venture into audit practice. The Forensic Audit Lead contended that 'Forensic Auditing covers a broad spectrum of activities, with terminology not strictly defined in regulatory guidance'. Hence the scope for forensic audit is wider, whereas the audit practice is bound by regulatory and legal requirements. The Managing Partner said that the Audit is the same, just that the approach would change in case of statutory audit. He also contended that they can make use of their Consulting practice by using the data analytics and other tools for their existing client and provide better services. In this background, answer the following: Explain few examples where data analytics can be used in forensic audit.