What Is a Bankruptcy Audit?
A bankruptcy audit is a review of the financial records and documents of an individual or business that has filed for bankruptcy. The audit is conducted by a third-party auditor to ensure that all transactions and assets are properly documented and disclosed in the initial filing. This detailed analysis helps the court protect creditors from any fraudulent activity that may be occurring during the bankruptcy process.
The purpose of a bankruptcy audit is to assess how much debt the bankrupt party will be able to pay off, as well as to make sure that all liabilities have been accounted for. During this process, the auditor will review each transaction, conduct interviews with creditors and other parties involved, analyze financial statements, examine payment history and account balances, evaluate collateral values and asset ownership rights, as well as verify all claims made by either side.
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