Forensic Audit

Forensic Review in Insolvency and Bankruptcy Code 2016

CA, CS, CMA - Transactions specifically related to Sections 43 to 46 and Section 66 of the Insolvency and Bankruptcy Code, 2016 are being looked at by the forensic experts. These sections deal with identifying preferential and undervalued transactions, and those deliberately entered into to defraud creditors. These sections also deal with identifying u...

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Forensic review of specific transactions under IBC 2016

CA, CS, CMA - Indian bankruptcy Code 2016 is set to be a game changer providing an efficient framework to deal with business failures.  The Code deals with insolvency and liquidation proceedings in a time bound and efficient manner in order to maximize best possible value of stress assets. Sections 43 to 51 and Section 66 of the Code […]...

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Forensic Audit: Field to Explore by Chartered Accountants

CA, CS, CMA - 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 computatio...

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Forensic Auditing: Much required tool in current era of Frauds

CA, CS, CMA - The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing. The article also touches upon the various  inter-related conc...

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Need of Forensic Audit under RERA

CA, CS, CMA - The unregulated real estate sector came to be regulated by The Real Estate (Regulation And Development) Act, 2016 (RERA). RERA enacted for regulation and promotion of the real estate sector. Further, to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent […...

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ICAI to Issue Forensic Accounting & Investigation Standards

CA, CS, CMA - With an increasing number of Accounting, Financial and Loan irregularities, there is a pressing need of Forensic Accounting and Investigation professionals in India to conduct their professional assignments in a manner which is based on the comprehensive, qualitative and prudent set of Standards, and also to collect evidences which may be...

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Empanelment of CA Firms as forensic auditors with SEBI

CA, CS, CMA - SEBI invites applications of eligible CA firms / companies for empanelment to take up assignments relating to forensic audit of financial statements of listed companies....

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In last 70 years role of CA shifted from backroom to boardroom: ICAI President

CA, CS, CMA - Our history bears the testimony that we have resolutely upheld the societal trust and importance. As such, today’s CA is no longer being seen as just a statistician but a versatile strategist and value-creator who is ‘must-have’ resource of modern day business. The Indian CA has metamorphosed from traditional accounts keeper to a tr...

Read More

Empanelment of Forensic Auditors with Indian Overseas Bank

CA, CS, CMA - The Chartered Accountant firms doing the concurrent audit of branches may apply for empanelment as forensic auditors. All other terms and conditions will remain unaltered. The last date for submission of application is extended upto 10.07.2018....

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Internship Programme at Serious Fraud Investigation Office (SFIO)

CA, CS, CMA - As you are aware, you to our organisation Serious Fraud Investigation Office (SF10) is a multi-disciplinary organization under the Ministry of Corporate Affairs, Government of India, manned by experts in the fields of accountancy, forensic audit, general law, information technology, investigation, company law, capital market, Income Tax a...

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RBI – Findings of Forensic Scrutiny – Guidelines for prevention of frauds

RBI/2010-11/555 DBS. CO.FrMC.BC.No. 10/23.04.001/2010-11 - (31/05/2011) - DBS. CO.FrMC.BC.No. 10/23.04.001/2010-11 - Based on the findings of the scrutinies, further study has been made across banks to ascertain the policy and operating framework in place for detection, reporting and monitoring of frauds as also the surveillance/ oversight process in operation so as to pr...

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Recent Posts in "Forensic Audit"

ICAI to Issue Forensic Accounting & Investigation Standards

With an increasing number of Accounting, Financial and Loan irregularities, there is a pressing need of Forensic Accounting and Investigation professionals in India to conduct their professional assignments in a manner which is based on the comprehensive, qualitative and prudent set of Standards, and also to collect evidences which may be...

Read More
Posted Under: CA, CS, CMA |

Forensic Review in Insolvency and Bankruptcy Code 2016

Transactions specifically related to Sections 43 to 46 and Section 66 of the Insolvency and Bankruptcy Code, 2016 are being looked at by the forensic experts. These sections deal with identifying preferential and undervalued transactions, and those deliberately entered into to defraud creditors. These sections also deal with identifying u...

Read More
Posted Under: CA, CS, CMA |

Forensic review of specific transactions under IBC 2016

Indian bankruptcy Code 2016 is set to be a game changer providing an efficient framework to deal with business failures.  The Code deals with insolvency and liquidation proceedings in a time bound and efficient manner in order to maximize best possible value of stress assets. Sections 43 to 51 and Section 66 of the Code […]...

Read More
Posted Under: CA, CS, CMA |

Forensic Audit: Field to Explore by Chartered Accountants

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 computatio...

Read More
Posted Under: CA, CS, CMA |

Forensic Auditing: Much required tool in current era of Frauds

The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing. The article also touches upon the various  inter-related conc...

Read More
Posted Under: CA, CS, CMA |

Need of Forensic Audit under RERA

The unregulated real estate sector came to be regulated by The Real Estate (Regulation And Development) Act, 2016 (RERA). RERA enacted for regulation and promotion of the real estate sector. Further, to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent […...

Read More
Posted Under: CA, CS, CMA |

Forensic Audit: Field to Explore

Everyone reading this article would have obviously heard of Forensic Audit. And 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.Nirav Modi and Mr.Vijay Mallya and a huge pile of NPA’s build up by our state-owned banks. 1. [&h...

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Posted Under: CA, CS, CMA |

Pressure MEETING TARGETS potentially converting into FRAUDs – Forensic Study

Every business list down its strategy to move forward and for that it gears up its executives by providing them some agreed targets which eventually become their performance indicators and based on these targets, these executives would further drill down the same to ensure these TARGETS are actually achieved. There are number of reported/...

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Posted Under: CA, CS, CMA |

GHOST EMPLOYEES – Forensic into payroll

Now a day’s accounting frauds are on rise to be reported related to Payroll in which a FRAUDSTER manages to create some employees master file which actually do not exists and manage to take away their all benefits by way of FRAUD....

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Posted Under: CA, CS, CMA |

Forensic Audit – ROBBERY / THEFT Using Facebook Information

Now a days, using social media sites like Facebook, twitter or some other similar web portals become an integral part for updating our lives within friends and or relatives. Whatever we do, wherever we go, whatever we buy or intended to buy all goes at public domain and it is very easy to find out […]...

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Posted Under: CA, CS, CMA |

Empanelment of CA Firms as forensic auditors with SEBI

SEBI invites applications of eligible CA firms / companies for empanelment to take up assignments relating to forensic audit of financial statements of listed companies....

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Posted Under: CA, CS, CMA |

In last 70 years role of CA shifted from backroom to boardroom: ICAI President

Our history bears the testimony that we have resolutely upheld the societal trust and importance. As such, today’s CA is no longer being seen as just a statistician but a versatile strategist and value-creator who is ‘must-have’ resource of modern day business. The Indian CA has metamorphosed from traditional accounts keeper to a tr...

Read More
Posted Under: CA, CS, CMA |

Empanelment of Forensic Auditors with Indian Overseas Bank

The Chartered Accountant firms doing the concurrent audit of branches may apply for empanelment as forensic auditors. All other terms and conditions will remain unaltered. The last date for submission of application is extended upto 10.07.2018....

Read More
Posted Under: CA, CS, CMA |

Internship Programme at Serious Fraud Investigation Office (SFIO)

No. 09/01/2018-Admin-SFIO/I/13817/2018 (15/05/2018)

As you are aware, you to our organisation Serious Fraud Investigation Office (SF10) is a multi-disciplinary organization under the Ministry of Corporate Affairs, Government of India, manned by experts in the fields of accountancy, forensic audit, general law, information technology, investigation, company law, capital market, Income Tax a...

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Posted Under: CA, CS, CMA |

No Instruction from Govt for Forensic Audit: PNB Bank

With reference to the media reports regarding Govt. asks fraud-hit Punjab National Bank to conduct forensic audits. We submit as under: Since our bank has not received any instruction from any investigating/Govt. authority, we at present cannot comment on media reports....

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Posted Under: CA, CS, CMA |

Forensic Audit- A Broad Overview

Reading the current headlines such as Sebi has directed the exchange to appoint an independent forensic auditor to verify any misrepresentation of financials and business of VDPL as well as any misuse of the funds or books of accounts’ and Sebi has directed the NSE to conduct forensic audit on two companies — ARSS Infrastructure Proje...

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Posted Under: CA, CS, CMA |

Empanelment of Forensic Auditors With PNB

PUNJAB NATIONAL BANK invites applications for empanelment of Forensic Auditors for the period 2018-2019. Criteria of qualifications, experience, scope of work, application forms, undertakings, addresses of the Zonal Offices etc. are enclosed. Auditors already empanelled with the bank need not apply again. Please note that applications and...

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Posted Under: CA, CS, CMA | ,

Significance of Bank Reconciliation Statement (A forensic approach)

There are numerous reasons to analyze BRS prepared by an entity. One major reason why should an auditor has to be vigilant while performing BRS audit is discussed below. BRS is a statement prepared to reconcile or tally the balance shown in cash book of an entity with that of bank statement....

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Posted Under: CA, CS, CMA |

Forensic Accounting

Forensic Accounting is a relatively new profession that uses ideas and techniques started centuries ago. The profession has been molded and shaped by many aspects of the shifting world including the economy, society, and legislation. ...

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Posted Under: CA, CS, CMA |

Empanelment with Indian Banks’ Association for forensic audit

Indian Bank's Association (IBA) invites applications from eligible Chartered Accountant Firms for empanelment to take up assignments relating to forensic audit of Frauds upto Rs. 50 crores & Frauds above Rs. 50 crores in the Banking Industry....

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Empanelment of Forensic Auditors with Oriental Bank of Commerce

Last Date : Feb 13, 2017 Application for Empanelment of Forensic Auditors with Oriental Bank of Commerce Terms & Conditions for empanelment of Forensic Auditors a) Eligibility Criteria The eligibility criteria shall be as under:‑ Firm/Company must be in existent for at least 10 years. Firm/Company must have 5 FCA with one of them DI...

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Posted Under: CA, CS, CMA |

Empanelment of auditors for conducting forensic audit of SEBI registered Registrar

SEBI- Empanelment of auditors for conducting forensic audit of SEBI registered Registrar to an Issue and Share Transfer Agent(RTA/STA) Securities and Exchange Board of India (“hereinafter referred to as “SEBI”) invites applications from eligible Chartered Accountant Firms for empanelment to take up assignments relating to forensic a...

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Posted Under: CA, CS, CMA |

Empanelment with CBI for Forensic Auditing

Central Bureau of Investigation (CBI) has sought the help of the Institute of Chartered Accountants of India for investigation of important Forensic Audit assignments. Chartered Accountants firms having prior sufficient experience and expertise in forensic auditing may submit their details at the earliest preferably in a week’s time....

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Posted Under: CA, CS, CMA |

Andhra Bank Invite bids for Forensic Audit

FORENSIC AUDIT-INVITATION FOR BIDS The Forensic Audit should investigate into the number of frauds perpetrated on the Bank by several borrowers (numbering about 300) in a specific product offered by the Bank during a course of 4 years. All the frauds were perpetrated in certain 8 branches in Andhra Pradesh. The investigation is expected t...

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Posted Under: CA, CS, CMA |

How is Forensic Audit different from Statutory Audit?

Forensic audit is an examination and evaluation of a firm’s or individual’s financial information for use as evidence in court and also to determine whether fraud has actually occurred. Whereas statutory audit is an independent examination of financial statements of a firm, irrespective of its size and legal perspectives with ...

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Posted Under: CA, CS, CMA |

What is forensic audit?

Forensic Audit can be termed as an examination and evaluation of a firm’s or individual’s financial information for use as evidence in court. A forensic audit can be conducted in order to prosecute a party for fraud, embezzlement or other financial claims. The objective of forensic audit is to relate the findings of audit by...

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Posted Under: CA, CS, CMA |

Meaning of word forensic/Forensic science & origin

In my Last Article titled ‘Statutory Audit may be replaced by Forensic Audit’ I have discussed about how companies are finding Forensic Audit more useful than statutory audit and need to adapt to the new tools and techniques. In this article I am discussing the meaning of Term Forensic / Forensic Science and its Origin....

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Posted Under: CA, CS, CMA |

Statutory Audit may be replaced by Forensic Audit

Time is not far when Statutory Audits may be replaced by Forensic Audit and auditor will have to act as a bloodhound rather than a watchdog. Perhaps if the Auditors would have been given the rights and duties of a bloodhound as the CBI or such agencies have, no scams would have ever happened in the Financial World....

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Posted Under: CA, CS, CMA |

FORENSIC AUDITING: A way to detect Corporate Frauds

The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing. The article also touches upon the various inter-related concep...

Read More

Empanelement with SBBJ for Forensic Audit

STATE BANK OF BIKANER & JAIPUR HEAD OFFICE, TILAK MARG JAIPUR Empanelment Of Chartered Accountants / Cost Accountants For Forensic Audit State Bank of Bikaner and Jaipur, Head Office, Jaipur invites application from eligible individuals! corporates! firms who display exceptional professional competence in forensic audit and are Member...

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Posted Under: CA, CS, CMA |

Forensic Accounting: An Emerging Sector

Introduction- With an upsurge in financial accounting fraud in the global economy, forensic accounting has become an emerging topic of great importance for academic, research and industries. Forensic accounting is perceived to have evolved in response to certain emerging fraud related cases. The scandals that shocked the corporate world w...

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Posted Under: CA, CS, CMA |

Empanelment with SBI for Forensic Audit

State Bank of India invites applications in the prescribed format from the Firms/Companies who are conducting forensic audit of high value accounts and willing to have their firm/company empanelled as Forensic Auditor for high value borrowal account of our Bank....

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Posted Under: CA, CS, CMA |

Forensic Accounting: A Career Path

Forensic Accounting has existed for many years.  Also known as “Investigative Accounting”, forensic accounting is a detailed examination and analysis of financial documents and records for use as evidence in a court of law. Forensic Accounting represents an area of finance that combines detective skills and financial activities. The...

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Posted Under: CA, CS, CMA |

RBI – Findings of Forensic Scrutiny – Guidelines for prevention of frauds

RBI/2010-11/555 DBS. CO.FrMC.BC.No. 10/23.04.001/2010-11 (31/05/2011)

DBS. CO.FrMC.BC.No. 10/23.04.001/2010-11 - Based on the findings of the scrutinies, further study has been made across banks to ascertain the policy and operating framework in place for detection, reporting and monitoring of frauds as also the surveillance/ oversight process in operation so as to prevent the perpetration of frauds. The st...

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Post-Satyam Scam Forensic auditing on increase to track fraud

Even as India's federal investigating agency last week stunningly doubled to US$3.02 billion the amount of money involved in the Satyam Computer Services scam exposed early this year, a tribe of forensic auditors is emerging to upgrade the country's war against corporate crooks and book-keeping frauds....

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Posted Under: CA, CS, CMA |

Forensic accounting to prevent white-collar frauds: ICAI

With corporate accounting frauds on the rise, the ICAI has decided to promote forensic accounting to equip chartered accountants with adequate tools to detect white-collar crimes and identify malpractices like money laundering and routing terrorist funds....

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Posted Under: CA, CS, CMA |

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