Tribune News Service
New Delhi, September 1
With a rise within the variety of accounting, monetary and mortgage frauds, there’s a urgent want of forensic accounting and investigation professionals to conduct their examinations in a extremely skilled method and accumulate proof, which can be topic to a excessive stage of scrutiny in a courtroom of regulation.
The Institute of Chartered Accountants of India (ICAI) will probably be issuing a set of Forensic Accounting and Investigation Standards (FAIS). A research group of pros and consultants has been constituted to arrange and draft the requirements.
The ICAI is the one institute within the accounting world, which is creating a full set of FAIS requirements for its forensic professionals.
“These new standards will go a long way in raising the quality benchmark of such engagements and will be very valuable to the forensic accounting and investigation professionals in conducting highly effective engagements,” an institute releasee stated.
The FAIS will even be helpful to the regulation enforcement businesses, company sector, banks and different stakeholders to understand the frequent practices and finer nuances of conducting forensic accounting and investigation engagements.
The forensic accounting and investigation professionals will be capable to contribute in judicial proceedings as an professional with the assistance of the FAIS. Also, stakeholders such because the Directorate of Enforcement, the Central Bureau of Investigation, the Serious Fraud Investigation Office, the Economic Offence Wing, the Reserve Bank of India and others will achieve extra confidence of their investigations by involving forensic professionals supported by the FAIS.