Many corporations and government entities have an internal auditing function and a separate fraud investigation function either as a subunit of internal auditing or security or as a separate unit within the organization. In addition, many accounting and consulting firms have a forensic, investigation, and litigation support service.
1. In this discussion, you are encouraged to explore the roles and relationship of audit and forensic service, within an organization as well as within a professional service firm. Search for examples in industry and professional services firms through reviews of Web sites and the literature.
2. Discuss the type roles of audit and investigation in both the organization and professional services firms you identified. Explain the advantages and disadvantages of combing audit and investigation services.
Audit and forensic services perform various audit and financial investigative procedures related to the investigation and prosecution of those alleged to have committed fraud. This fraud often occurs in governmental agencies where money is distributed or in private business, where 'skimming off the top' is a common practice, especially in investment businesses. They perform audit functions by checking profits vs expenditures and possess the analytical skills necessary to bring the investigation to a successful conclusion, then turning it into the hands of the prosecutors, if applicable. Many times the auditor is a separate body and just works with analyzing figures and books, but other times the auditor is a member of the investigative team and works closely with the firms' attorneys, advising them. In government agencies, the team works with attorneys from the Dept of law, such as the ...
Audit and forensic services are summarized in this solution.