There are huge demand for Forensic auditing in the corporate and banking sector due to continuous cases of fraud. There are certification courses of Forensic auditing & Fraud detection offered by ICAI but still, there are no standardized processes for forensic accounting and investigation. There is a need for Forensic Accounting and Investigation Standards(FAIS) so that forensic auditing can be standardized.
ICAI is developing the first-ever standards for forensic auditing. These standards are expected to be ready by the end of December 2020.
The ICAI is the only Institute in the accounting world that is developing a full set of FAIS standards for its Forensic Professionals. In fact, such intellectual property can be the basis of exporting our CA services to the world, which is finding our extensive experience in this area highly unique and top-notch,” ICAI President Said.
According to the institute, the standards would also be useful for law enforcement agencies, corporates, banks, and other stakeholders to appreciate the common practices and finer nuances of conducting forensic accounting and investigation engagements.
ICAI invites comments on the following exposure drafts of Forensic Accounting and Investigation Standards(FAIS)
The Digital Accounting Assurance Board of The Institute of Chartered Accountants of India (ICAI) invites comments on the following exposure drafts of the Standards(FAIS):
- Exposure Draft on Standard on Forensic Accounting and Investigation (FAIS) – Preface
- Exposure Draft on Standard on Forensic Accounting and Investigation (FAIS) – Framework
- Exposure Draft on Standard on Forensic Accounting and Investigation (FAIS) – Basic Principles
Last Date for Submitting Comments is September 30, 2020 (Submission links given in the above-mentioned files and can be viewed after downloading the same).
ICAI to issue Forensic Accounting & Investigation Standards
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— Institute of Chartered Accountants of India – ICAI (@theicai) September 1, 2020
- Submit your comments on”Preface – Forensic Accounting and Investigation Standards (FAIS)”: Submit Comments
2. Submit your comments on “Framework – (FAIS)” Submit Comments
3. Submit your comments on “Basic Principles – (FAIS)”- Submit Comments