Forensic Accounting Plays Crucial Role in Uncovering Financial Crimes in Qatar
Qatar’s internal auditors have received specialized training in forensic accounting and fraud investigations as part of their efforts to combat financial crimes. The Institute of Internal Auditors Doha Chapter recently conducted a comprehensive training program for its members, focusing on the importance of forensic accounting in uncovering financial irregularities.
The Importance of Forensic Accounting
Leading expert Harish Dua, a certified chartered accountant and certified public accountant with over 38 years of experience in auditing and investigations, emphasized that forensic accounting is a critical tool in detecting and preventing fraud. “Forensic accounting is the discovery and evaluation of evidence by a professional to interpret and communicate findings suitable for a court of law,” he explained.
Key Differences between Audit, Forensics, and Investigation
The training session highlighted the distinction between audit, forensics, and investigation, with each having its unique objectives, focus, approach, target, skills, and outcomes. Forensic accounting services involve a range of specialized skills, including:
- Financial statement manipulations
- Fund diversions
- Asset tracing
- Anti-money laundering
- Tax evasion
- Valuations
- Related party transactions
Identifying Fraud Risk Indicators
Dua emphasized that fraud is often concealed, making it challenging to detect. “Professionals must identify events or conditions that indicate an incentive or pressure to commit fraud,” he said, highlighting the importance of fraud risk indicators.
The Fraud Risk Process
The fraud risk process involves:
- A thorough understanding of preliminary findings
- Prioritizing work on vulnerable areas
- Giving due consideration to report findings
Training Highlights
The training session covered various aspects of forensic accounting, including:
- New concepts and requirements related to laws and regulations
- Applying hypotheses
- Conducting interviews
- Data analysis
- Evidence recovery
- Reporting
Participants received valuable tips from Dua on improving their proficiency in this specialized area.
Event Feedback
The event was well-attended by 100 internal auditors from Qatar, who praised the training for its practical approach and insightful information. The Institute of Internal Auditors Doha Chapter is committed to providing its members with ongoing professional development opportunities, enabling them to stay at the forefront of forensic accounting and fraud investigation best practices.