Audit Data And Analytics

An innovative accounting firm with a strong understanding of what grows businesses

LSC is taking audits to a new dimension in different areas such as

Forensic Audit

Forensic audit is an audit of a transaction or situation with utmost intention of determining the nature, extent, involvement and impact of fraud. The purpose is the detection or determination of a wide variety of fraudulent activities. The use of auditors to conduct forensic audits has grown significantly, especially where the fraud involves financial issues. Examples of where a forensic audit might be conducted include:

In addition to the above stated, forensic accountants may be asked to testify in court as an expert witness and assist in the preparation of visual aids and written summaries for use in court

Value for Money Audit

Value for money audit is an independent examination of an audit to assess whether the use of funds or resources is at the economy, efficiency, and effectiveness.

Auditors will assess the use of resources and funds against the intended objective, purpose, vision, and mission of projects, entities, or organizations.

This kind of audit is majorly undertaken by Non-Governmental Organizations and the public sector. In the public sector, varied questions being asked regularly is whether an agency’s vision, mission, and desired outcomes of activities and programs are achieved in a cost-effective manner.

Objectives of VFM Audit

We called the objectives of the VFM the “Tripple E”, they are as follows:

Due Diligence Audit

It is very key for investors to conduct due diligence on any target company in order to avoid costly mistakes. The investment could be an acquisition, takeover, merger or restructuring.

At LSC, we conducted detailed due diligence for our clients.

Reasons for Due Diligence Audit

  1. Minimize potential loss to investors and ensure fiduciary duties are performed diligently.
  2. Monitor the target company’s financial position and ascertain its debt.
  3. Identify key business drivers.
  4. Evaluate management capability and forecast.