The following questions related to the respected audits must be kept in mind while making decisions regarding the selection of Audit.
Financial Audit
• Do you want to assess the financial health of the company and use it as an assistance to prospective investors?
• Do you want to analyze whether your company is losing money or gaining adequate profits?
Forensic Audit
• Are you in need of any strong evidence or support regarding any court proceeding?
• Do you have any suspicions regarding any financial fraud or found someone conducting misappropriations?
The above difference may be helpful for a company to take appropriate decisions regarding the audit they want to conduct. Before conducting an audit, the companies must go through all their requirements and must select the appropriate audit as per the need. Both the audits have their own unique uses which may be required only during specific circumstances.