CAs plan to scale themselves up to Forensic Accounting and Investigation professionals amid rising financial frauds

TIMSY JAIPURIA, September 01, 2020 07:25 PM IST

ICAI has accepted the proposal to develop and issue a set of Forensic Accounting and Investigation Standards (FAIS) in India.

These sets of Standards will result in process standardization across the board. As financial frauds increase, the chartered accountants feel there is an urgent need for Forensic Accounting and Investigation professionals in India to conduct their professional assignments in
a manner that is based on the comprehensive, qualitative and prudent set of Standards, and also to collect evidence.

The benefits can range from process standardization across the board to the collection of evidence based on a process that may be subject to a high level of scrutiny in a court of law. Standards once in place will also add to the overall ability to deal professional assignments relating to the engagement of Forensic Accounting and Investigations. And, as the forensic auditor can identify the fund diversion, siphoning of funds and other related activities, relating to corporate, these standards will be helpful to the Public Interest Entities as well.

For more information