What is involved in a forensic audit?

What is involved in a forensic audit?

The process of a forensic audit is similar to a regular financial audit—planning, collecting evidence, writing a report—with the additional step of a potential court appearance. The attorneys for both sides offer evidence that either uncovers or disproves the fraud and determines the damages suffered.

What is the difference between a forensic audit and an audit?

One of the main difference between both of them is that, the audit gives you the guarantee that the financial statements that have been checked are true and fair and are reasonable and forensic audit helps to analyze and investigate a certain set of transaction that if any fraud has been occurred.

What is the purpose of a forensic mortgage audit?

A forensic mortgage audit is a comprehensive review of mortgage documents and is usually carried out by a professional mortgage auditor. The purpose of a forensic mortgage audit is to uncover any discrepancies on the loan, including violations of the Federal Truth in Lending Act.

What should I look for in a mortgage audit?

For example, the file should contain the application, an income and debt report, a credit report and a signed loan note. Your company should have a checklist to help you with this process, ensuring you don’t miss any important documents. Examine each document to make sure it is complete and truthful.

Can a mortgage audit stop a foreclosure in process?

Auditing mortgage documents can stop a foreclosure in process. In order to carry out a proper audit, you should be well versed with rules and regulations surrounding the mortgage process. Inspect the mortgage documents to make sure all of the relevant documents are contained in the file.

What to look for in a mortgage application?

Examine each document to make sure it is complete and truthful. For example, compare wage and income statements with the amounts the mortgagee stated on the application, or compare the interest rate stated on the application with the interest rate stated on the closing documents. Look for any missing or erroneous information.

A forensic mortgage audit is a comprehensive review of mortgage documents and is usually carried out by a professional mortgage auditor. The purpose of a forensic mortgage audit is to uncover any discrepancies on the loan, including violations of the Federal Truth in Lending Act.

Do you need a forensic loan audit for a loan modification?

A forensic loan audit is an essential tool for a loan modification attorney. But not all of them are created equal. You can’t make a decision based on price alone. There are some essential elements to an effective loan audit that you should know before you purchase one.

Why do I need a forensic audit report?

Reporting – A report is required so that it can be presented to a client about the fraud. Court Proceedings – The forensic auditor needs to be present during court proceedings to explain the evidence collected and how the suspect was identified.

For example, the file should contain the application, an income and debt report, a credit report and a signed loan note. Your company should have a checklist to help you with this process, ensuring you don’t miss any important documents. Examine each document to make sure it is complete and truthful.