Forensic Accounting
Forensic accounting refers to a strategic approach whereby financial data and non-financial information are gathered, monitored, studied and analysed for fraud-prevention purposes. While the standard accountant focuses on balancing books and maintaining records, the forensic accountant intensively investigates financial activity for evidence of misconduct.
Forensic accounting is the assistance to settle disputes concerning allegations, fraudulence, suspicion of fraud and misconduct in business.
The two major aspects within forensic accounting practices are:
1. Litigation support services. A forensic accounting expert measures the damages experienced by the parties implicated in legal disputes and can aid in settling conflicts, even before it reaches the courtroom.
2. Investigative Services. A forensic accountant must determine whether illegal matters such as employee felony, securities embezzlement (including tampering and distortion of financial accounts), identity theft and insurance racket have taken place.
Given the nature and types of fraud in India, the Reserve Bank of India (RBI) has compulsorily made forensic audit mandatory for all banks within the country. The indications of the growing demand for this field are rampant.
FOR CUSTOMISED SERVICES ON FORENSIC ACCOUNTING