If you want a complete picture of the company then due diligence will help you to get it. It is an audit the give a detailed investigation in the financial picture of the business. This is done before purchasing things or merging with other business. It is essential to detect any hidden liabilities and based on this audit the owner of a business takes major decision. The audit is also done before hiring employees as well. It is also essential to sort out the information for releasing outside. In many cases a forensic accounting team works in the background to perform the audit.
If you want to run your organization smoothly then internal audit is something you need to know about. The audit helps to deal with the internal risk management and it effective to process. In order to perform the audit you need to hire a professional with qualified skill who will follow the code of ethics. The internal audit will help to bolster the governance of the organization along with internal structure of the company. In this practice you will get to assess the internal risk and also get to find the strategy to avoid it. It will help you to establish a communication with internal people of the organization.
Risk management practice is essential for every business. It helps to identify, track and evaluate the risk. The main objective of risk management is to mitigate the effectiveness of risk that is bothering your business. Regardless the size of your business risk management is essential for your business. The process is a framework of actions that manages the risk. After identifying the risk, it analyzed so that you can reach to the core to resolve it. In case of manual assessment a lot of documentation is made for administration. In order to perform the task you need a team of expert that is familiar with the enterprise risk management system.
The other name of investigative audit is forensic audit. This audit is performed to uncover the fraud in the company. In that case you need expert who is familiar with all the issues and risk that may happen with an organization. Along with that, an expert who has knowledge about investigation process and accounting gives litigation support. If any fraud is detected then the person can proceed to the court and it will help to clear out with investigation. For case filing you need solid evidence. While doing investigative audit you need to employ a person who will do the regular accounting task.