Data Analytics (DA) being a dynamics area of practise, a lot rapid developments are underway, especially in the tools and solutions available to undertake Forensic Accounting and Investigation (FAI) engagements.
The Professional is generally engaged during the legal proceeding or may be called upon by the Competent Authorities to testify on the evidence gathered and reported during the Forensic Accounting and Investigation (FAI) assignment, at which time the Professional is considered to be a Testifying Professionals (TP) for the purpose of the FAIS
This Guidance Note (GN) with reference to FAIS 350, deals with review and supervision as an integral part of the operational framework.
Interviews are a way of gathering evidence and information and also an effective means to corroborate the understanding of the documentary evidences. Written interview statements are used to record the information gathered making it an integral element of the work procedures
FAIS 330 on Conducting Work Procedures expects the Professional to conduct work procedures which give direction to effective execution of the Forensic Accounting and Investigation (FAI) assignment and help achieve its objectives.
Forensic Accounting or Investigation (FAI) assignments is a fact-finding exercise seeking relevant and reliable evidences. Conclusions and reporting are dependent on the basis of evidence gathered and documents considered
FAIS 310 on Planning the Assignment expects the Professional to recognise the need for a well-planned assignment, the objectives of which are clear, in line with the nature of the engagement, as well as its scope and terms
FAIS 510 on Reporting Results mandates a written report comprising of the findings along with the evidence relied upon by the Professional in a structured manner to provide the stakeholders with a balanced and factual account of the outcome of Forensic Accounting and Investigation (FAI) engagements.
FAIS 430 on Loans or Borrowings is a specialised Standard related to disputed transactions of loans or borrowings. Both fund based and non-fund based loans or borrowings are covered, (including personal loans or borrowings) extended by banks as well as non-banking finance corporations
This Guidance Note (GN) deals with practical application of Quality Control (QC) techniques to support the Professional in ensuring a consistent approach for an acceptable quality of work performed.
