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The Institute of Chartered Accountants of India (ICAI) has released a set of forensic accounting and investigation standards in an effort to stop the growing problem of accounting, financial, and lending irregularities.
The auditor’s responsibilities in negotiating the details of the audit engagement with management are addressed under this Revised Standard on Auditing . The SA establishes the requirements for an forensic accounting and investigation audit, the terms of an audit engagement and amendments therein, and separates the management and auditors’ responsibilities, among many other issues.
For details about the : You may refer link – ICAI Forensic Accounting Investigation Standards
Declaring company as fraud with reference to circular: Criteria/ under which class is specified – RISERVE BANK OF INDIA Master Circular on Frauds Classification and Reporting 1 July 2015 | A Declaring company as wilful defaulter with reference to circular: Criteria/ under which class is specified] – RISERVE BANK OF INDIA Master Circular on Wilful Defaulter 1 July 2015 |
The Classifying the transaction resulting into fraud- RISERVE BANK OF INDIA Circular on Framework for dealing with loan frauds (Early Warning Signs) 7 May 2015 | Concluding the report pertaining to Fraud/ No Fraud- IBA Circular on Forensic Audit Report 11 June 2019 |
Classifying the account due to non -cooperation- RISERVE BANK OF INDIA Circular on Non Cooperative Borrowers 22 December 2014 |
Master Directions on Frauds – Classification & Reporting by banks & select Financial Institutions
Master Circular No. RBI/DBS/2016-17/28 DBS.CO.CFMC.BC.No.1/23.04.001/2016-17 dated 1st July
2016
Accounting and forensic auditing play a significant role in locating instances of fraud and corruption due to their distinct qualities as one of the particular professions in accounting. To combat the spread of corruption, several nations are now heavily implementing accounting and forensic audits. Businesses can greatly benefit from forensic audits and accounting implementation.
With the worldwide increase in financial crimes, forensic auditing has become more crucial to ensure the financial growth of organisations and the economy. Some of the most popular areas to investigate in a forensic audit include the following:
Our investigation uncovered irregularities in the concession’s awarding, but it did not turn up any proof that the syndicate of lenders’ equity or finances were used to pay bribes or participate in other illegal activity. Rajput Jain & Associates forensic audit Services provide one-stop support for all compliance related support services,
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