Scope of Forensic Accounting in India.
The Forensic Accounting utilizes the auditing, accounting, investigative skills in conducting an exam into business finance. It also provides an accounting analysis in legal proceedings and is frequently used in fraud embezzlement cases. The forensic accountants are trained in looking beyond the deal and numbers with business reality. Â
Forensic accountants interpret and analyze typical finance business matters. They may be employed in government agencies, police forces, insurance companies, public accounting firms and banks. Also, they collate financial evidence and computer applications in managing the information in the form of presentations or reports.
Scope of Forensic Accounting:
Here are some scenarios where Forensic accountants’ services are used.
Securities Exchange Board of India
Serious Fraud Investigation Office
Insolvency Cases: As we know, nowadays, banks are in favour of the National Company Law Tribunal to take actions against the borrowers who are not paying the dues. Under insolvency laws, many of the cases were filed.
Bank Forensic Audits: In recent times, the banking sector provides a vast opportunity for forensic auditors. The forensic auditing is required for all the public sector banks to identify the loss or wilful default. That’s why there is a massive demand for forensic audit services.
Economic Offenses Wings: The Ponzi scheme, pyramid scheme, and money scheme come under many statutes with economic offences wings, local law enforcement agencies to work in assessment of the money loss.
Securities Exchange Board of India: In some of the companies, insider trading and fraudulent prospectus application play a potent regulator of the capital market. That’s why they need the help of forensic auditors.
Serious Fraud Investigation Office:
To investigate several facets of the corporate frauds, the fraud investigation office seeks the help of forensic auditors because they are experts in such investigations.
Conclusion: In India, the Certified Accounting professionals have high demand in forensic accounting and auditing services as they play a crucial role in increasing the reforms of the financial sector. Hope you have understood the scope of forensic accounting in India.
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