Forensic Audit: Field to Explore
Growing cyber crimes, failure of regulators to track the security scams, series of co-operative banks bursting – all are pinpointing the need of forensic accounting, irrespective of whether we understand the need or not.
Forensic accounting seeks to uncover the what, why and how behind the computation and reporting of figures. The aim is to ascertain or confirm the substance of those purported transactions.
In the Indian context the Forensic Accountants are the most required in the wake of the growing frauds. The law enforcement officers are the experts of analyzing the fingerprints and the Narcotics but what about the digital evidence analysis.
There is nothing surprising to that, as this word ‘Forensic Audit’ has become so familiar now these days, and special credit for this goes to Mr.Vijay Mallya and Mr.Nirav Modi and a huge pile of NPA’s build up by our state-owned banks.
a) Dave Cotton, a qualified CFE have greatly defined the attitude the person should maintain while investigating Fraud and Forensic Cases. He said: ‘Many fraud perpetrators aren’t as clever at concealing fraud as most people probably think. If CFEs simply remain alert and maintain a high degree of professional skepticism many potential frauds are easy to find’.
b) A good Forensic auditor requires immense knowledge on financial aspect along with good understanding of internal financial controls as identification of weak control can help to easily catch out the areas where fraud can be carried out.
A. Certified Fraud Examiner (CFE)
A course which is pursued by few (at least in India) but that will go to take you steps ahead of your peer. A qualified CFE can easily get the job into Forensic and Investigation Department of any high profile firm (Big four). It helps to give you recognition when you applied for the overseas job. It cost nearly US $450 to complete the course (I am not considering the cost of tuitions). For more information on CFE please visit the link http://www.acfe.com/become-cfe-qualifications.aspx.
B. Certification course on Forensic Accounting and Fraud detection (FAFD – ICAI)
It is a 7 days course Post Qualification Course with a fee of just Rs 20,000 plus GST. Various topics ranging from internal financial controls, Indian law to real-life case studies will be covered during the lectures. For more information on FAFD please visit the link http://pqc.icai.org/course/fafd-cc-2
C. Certified Professional Forensic Accountant (CPFA)
It is offered by the Institute of Certified Forensic Accountants (ICFA). The course is 100% online and offers a broad introduction to the concept of both forensic Accounting and Fraud.