for financial misconduct, fraud, or embezzlement, the police department will first ask for a UAE-approved auditor “Investigation Report” in Arabic Language.
JCA being an approved auditor can provide such reports with the modus operandi of the act (financial misconduct, fraud, or embezzlement), the supporting documents along the internal control support/deficiencies, so the legal authorities can make a proper decision based on the Auditor/Third-Party Report.
Why is an investigation audit report required?
Investigation audits are required to determine the precise extent of suspected fraudulent activities or any other irregularities by meticulously uncovering and gathering evidence of financial misconduct, fraud, embezzlement, or any suspected irregularities in financial activities that are carried out in response to specific suspicions or allegations of wrongdoing within an organisation.
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Our investigation report helps businesses to:
- Identify the areas affected by the fraud.
- Identify the gaps in the internal control systems that are exposed to fraud.
- Assess the actual loss incurred in terms of financial and non-financial aspects.
- Serve as a foundation for legal proceedings against individuals or entities implicated in financial misconduct(if any)
- Help take disciplinary measures or re-establish other remedies against weaknesses in the internal control systems to avoid future occurrences of fraudulent activities in the future.
Who initiates an Investigation Audit?
Generally, the following parties in the UAE initiate the investigation audit and hire our investigation report services:
- Management of the company
- Shareholders of the company
- Board of the company
- Trustees of the company
Instances that Call for Investigation Audits
Generally, businesses in the UAE hire our investigation report services when they suspect activities such as:
- Corporate fraud
- Allegations raised by whistle-blowers
- Misappropriation of assets
- Violation of regulations
- Inappropriate business relationship
- Fraudulent financial reporting
- Transactions that are suspicious
- Corruption and bribery
Key Objectives of Investigation Report Services
Businesses generally hire investigative report services in the UAE to achieve the following goals:
- To detect the suspected fraudulent activities
- Assess the damage caused by fraudulent activities
- Quantify the financial and non-financial losses
- Uncover and gather evidence to support legal or disciplinary actions
- Damage prevention
Our Steps in Investigation Audit
Our investigation auditors conduct the investigation audit by carrying out the following steps:
- Case assessment to study the types of suspicious activity and parties involved
- Setting up a team
- Setting the timeline and strategy
- Interview of employees, members of the organization, or external parties (if required)
- Collecting evidence and supporting information
- Detailed examination and due diligence
- Matching the responses collected from the interview with the evidence gathered
- Identification of gaps or differences
- Compile the investigation report
Highlights of Our Investigation Report
Our investigation reports are marked by the following characteristics:
- Mentions the scope of the investigation
- States complete details on the fraud detected
- Comprehensive summary of evidence gathered
- Explanation of how the suspicious activity was carried out
- Recommendation for remedial actions
Why hire our investigation audit services?
- We have over two decades of experience.
- Our firm is approved by free zones, banks and other major government authorities.
- We maintain ethical values
- We comply with the latest standards and tools to provide our services
- Real-time service
- Client-first approach
Frequently Asked Questions
Is an Investigation Audit different from a Normal Financial Audit?
Yes. An Investigation audit is primarily aimed at uncovering evidence of financial misconduct, fraud, or embezzlement in response to specific suspicions or allegations. It involves a focused examination of transactions and records to gather compelling evidence for potential legal action.
On the other hand, a financial audit is conducted to provide an independent and objective assessment of an organisation’s financial statements. It aims to ensure the accuracy and compliance of financial records with established accounting standards. Financial audits are integral to providing stakeholders with confidence in the reliability of the presented financial information.
Does Investigation Auditing require specialized and skilled members?
Yes, Investigation Auditing requires a special technique and methods to be followed.