The Insolvency and Bankruptcy Board of India’s Disciplinary Committee has issued an order regarding Ms. Sonu Jain, an Insolvency Professional, based on alleged contraventions under the Insolvency and Bankruptcy Code. The order addresses specific issues raised in the Show Cause Notice and provides an analysis and conclusion on the matter. The order discusses three main […]
Explore e-Appeals Scheme, 2023 launched by CBDT and gain insights into related joint and additional commissioner appointments across India.
NCLT is not conferred with power of review, it inherently possesses the power to recall a judgment on sufficient grounds under Rule 11 of National Company Law Appellate Tribunal Rules, 2016
Guidance Note For Forensic Accounting And Investigation Standard No. 000 On Over Arching Documents provides technical clarifications and implementation guidance for the ‘Over Arching Documents’. This Guidance Note (GN) outlines the manner in which the Professional can implement the requirements of the three Over Arching Documents (OADs), forming part of the FAIS, when conducting Forensic […]
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
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 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
FAIS 230 on Using the Work of an Expert expects the Professional to understand the responsibilities when reliance is placed on the work of another Professional considered to be an expert in some area relevant to the engagement
