Shifting Use of Auditing:Tool of Strategic Financial Management to Assure Consistency of Financial Solution

Abstract

Development and performance of auditing required management and the control panel to insure consistency of financial solutions with established targets, achievement of goals as also the legal compliance. Yet, in spite all this, India loses billions of dollars to fraud each year. Since the peak body of auditors does not take the responsibility of fraud, there is need of a new milestone in the maturation of the auditing function called Forensic Auditing. This can assist an entity improve the bottom line without manipulating the financial statements. Preventive health checkup of finances to identify frauds is the demand of the hour. Forensic auditing principles carry the ability to demystify the financial uncertainties coming in the direction of organizations goals and aims, thereby making them a competitive edge over others. The researcher will attempt to integrate views of listeners and employees on this topic. The aim of this paper is to give a new relevance to auditing by going beyond numbers and to build a transparent corporate culture by incorporating forensic accounting principles therein.