Institute of Chartered Accountants of India’s (ICAI) Digital Accounting and Assurance Board (DAAB) has issued exposure drafts for updated Forensic Accounting and Investigation Standards (FAIS) and their accompanying Implementation Guide. This initiative aims to make the standards globally relevant, align them with technological advancements, and facilitate wider international adoption. The ICAI had previously released revised FAIS and an Implementation Guide on July 1, 2023, which became mandatory for members’ forensic engagements from that date. Due to ongoing global interest and technical developments, DAAB initiated an expert-led process to revise these documents again. The current updates seek to enhance global applicability by making the standards country-agnostic and to incorporate recent technical developments and emerging forensic techniques. The revised FAIS and Implementation Guide are now open for public exposure for 21 days, with comments invited from members and stakeholders until June 19, 2025. This consultative process is intended to ensure broad participation and refinement before finalization.
Digital Accounting Assurance Board
The Institute of Chartered Accountants of India
29 May, 2025
Exposure Drafts of updated Forensic Accounting and Investigation Standards (FAIS) and its Implementation Guide
The Digital Accounting and Assurance Board has undertaken the task of updating the Forensic Accounting and Investigation Standards (FAIS) and the corresponding Implementation Guide on FAIS with the objective of making these standards globally relevant aligned with latest technological advancements and adaptable for wider adoption across jurisdictions.
ICAI had released the revised FAIS on 1st July 2023, which became mandatory for all forensic engagements conducted on or after 01st July 2023 for the ICAI Members. To assist the members, the supporting recommendatory Implementation Guide on FAIS was also released at the same time.
In view of increasing global interest and continuing technical advancements, DAAB initiated an expert-driven process to revise the FAIS and Implementation Guide on FAIS. The updates aim to:
- Enhance global applicability by making them generic and country agnostic, thereby easier for adoption by foreign bodies.
- Align the standards with continuing technical developments and emerging forensic techniques.
It has been decided to place the revised FAIS and Implementation Guide on FAIS for Public Exposure for a period of 21 days to invite comments from members and key stakeholders. This consultative approach will ensure wider participation and refinement before final issuance.
Comments on the attached updated FAIS (https://resource.cdn.icai.org/86046daab-FAIS.pdf) and Implementation Guide (https://resource.cdn.icai.org/86047daab-implementation-guide-FAIS.pdf) are requested by June 19, 2025 through the following link: https://forms.office.com/r/cHwNmaShgM or by scanning the following QR Code:
For any issues, please contact: 01203045961/992/963 /daab[at]icai[dot]in
