Raj & Company has been dealing with reputed company's TVs. They are the agents of many company's TVs. They offer instalment systems payments which attracts customers and their turnover has been improving. They have a

Major difference between Audit and Forensic Audit are as under: 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 or not. 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, the financial auditor relies on 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 is also supposed to point the culprit. Many a times, legal action will be sought. A Statutory auditor has to be appointed by the shareholders and has access to all books, documents etc. maintained by the company. A forensic auditor, on the other hand, is appointed specifically for the purpose and reports to whoever appoints him. Statutory Auditor has a particular manual to follow whereas a Forensic Auditor may rely more on his experience and judgement.