ICAI forms panel for forensic accounting and investigation professionals standards

Tribune News Service

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New Delhi, September 1

With an increase in the 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 evidence, which may be subject to a 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.

The 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 will be very valuable to the forensic accounting and investigation professionals in conducting highly effective engagements,” an institute releasee said.

The FAIS will also be useful to the law enforcement agencies, corporate sector, banks and other stakeholders to appreciate the common practices and finer nuances of conducting forensic accounting and investigation engagements.

The forensic accounting and investigation professionals will be able to contribute in judicial proceedings as an expert with the help of the FAIS. Also, stakeholders such as 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 gain more confidence in their investigations by involving forensic professionals supported by the FAIS.