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Internal audit is a thorough auditing of each area of a company as an aid to the management, but forensic audit is mainly surrounds the theme of auditing critically to detect any kind of frauds or errors in the financial statements.
Internal audit deals with risk based audit where the emphasis is on internal controls. it encompasses checking compliance of internal controls in an organization, Indetifying weak controls among others. Forensic audit involves proving that a malpractise has occurred or not. it involves investigating allegations of fraud and proving their veracity.
Internal audit involves adequacy and effectiveness of internal controls in the prevention and detection of potential risks while forensic audit involves investigation of allegations of realized risks.
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