THR ROLE 0F FORENSIC ACCOUNTING IN INDIA

Abstract

In the emerging trends of auditing and accounting, forensic accounting is a modern science or I.T(information technological) based tool for discovering of financial crime and frauds, truth and justice of financial statements, and providing decisive information to various stakeholder about the financial facts found by using forensic accounting techniques and tools related to financial crime and frauds. It is a new terminology, which is developed in recent years at high rate of growth and widely accepted by corporate, banking industry; insurance companies, finance companies and even police have increased taking help of forensic accountants. Corporate, banking industry; insurance companies, and finance companies are using forensic accounting at wide scale for the purpose of risk management and by using it in assessment of financial statement of third party before providing finance. There was an increase in white collar crime and also law enforcement agencies are not competent to discovering financial frauds easy. In the discovering of financial fraud and crime, forensic accountant and auditors (PROFESSIONALS) have taken a milestone step in this direction and contributed a lot by using forensic accounting and auditing technology and tools. Organizations like India forensic department, Institute of Chartered Accountants of India (ICAI) and Association of Chartered Certified Accountants (ACCA) offer courses on forensic auditing in India.

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