With an increasing number of Accounting, Financial and Loan Frauds, there is a pressing need of Forensic Accounting and Investigation professionals to conduct their examinations in a highly professional manner and collect evidences which may be subject to high level of scrutiny in a court of law.
The Institute of Chartered Accountants of India (ICAI) will be issuing a set of Forensic Accounting and Investigation Standards (FAIS). A Study Group of Professionals and experts has been constituted to prepare and draft the Standards. ICAI is the only Institute in the accounting world which is developing a full set of FAIS standards for its Forensic Professionals.
These new Standards will go a long way in raising the quality benchmark of such engagements and would be very valuable to the Forensic Accounting and Investigation Professionals in conducting highly effective engagements. FAIS will also be useful to the Law Enforcement Agencies, Corporate, Banks & other stakeholders to appreciate the common practices and finer nuances of conducting Forensic Accounting & Investigation Engagements.
Forensic Accounting and Investigation Professionals will be able to contribute in Judicial Proceedings as an Expert with the help of FAIS. Also, stakeholders like Directorate of Enforcement (ED), Central Bureau of Investigation (CBI), Serious Fraud Investigation Office (SFIO), Economic Offence Wing (EOW), Reserve Bank of India (RBI) and others will gain more confidence in their investigations by involving Forensic Professionals supported by FAIS.