Forensic auditing focuses on gathering evidence and analyzing financial records to detect fraud, conflicts of interest, embezzlement, and other illegal activities or discrepancies. It involves using investigative techniques such as interviews, document reviews, and tracing transactions to identify potential issues with the accuracy and reliability of an organization's financial statements. The rising incidences of cybercrimes and frauds in financial institutions are accelerating the adoption of forensic auditing services to uncover criminal behavior such as embezzlement. However, the high cost and ethical issues associated with forensic auditing may adversely impact the use of forensic auditing services. Moreover, the integration of accounting, auditing, and investigative skills with innovative technologies is expected to encourage the adoption of forensic auditing services by the end-use sectors worldwide.
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