AUDIT Indian Government and ICAI going to issue the FAIS (Forensic Accounting and Investigation Standards)

Indian Government and ICAI going to issue the FAIS (Forensic Accounting and Investigation Standards)

Indian Government and ICAI going to issue the FAIS (Forensic Accounting and Investigation Standards)

ICAI going to issue the FAIS (Forensic Accounting and Investigation Standards)

ICAI is proposing to come up with a package of Forensic Accounting and Inquiry Standards (FAIS), said on Tuesday by President Atul Kumar Gupta.

The new standards are expected to be ready by the end of December, numbering around 30 and will go a long way in raising the quality benchmark of forensic commitments, Gupta told a virtual press conference.

President Atul Kumar Gupta also said FAIS would be obligatory for CA Institute members and non-adherence would prompt disciplinary action. Even if a non-audit foreign company performs the forensic audit and inquiry, any employee of the CA Institute who signs the report will be expected to obey the FAIS, Gupta explained.

"We'll be directed by who signatures the report of the forensic investigation and not by the company," he said.

FAIS would also be helpful to law enforcement authorities, companies, banks, and other stakeholders to understand standard standards and finer aspects in performing forensic accounting and inquiry commitments, he added.

The CA Institute will be the first organization to create a full set of FAIS criteria for forensic professionals and stakeholders in the accounting world, he added.

The suggested guidelines would help Forensic Accounting and Investigation practitioners perform their tests in a highly competent way and obtain information that could be subject to a high degree of review in a court of law, Gupta said.

The Forensic Accounting and Investigation Experts will be able to audit and contribute to judicial proceedings as experts with the help of FAIS. Also, stakeholders like the ED, CBI, SFIO, EOW, RBI Others are gaining greater confidence in their investigations by involving FAIS-backed forensic professionals.

MANY STATES USE A RANGE OF METHODOLOGIES, HOWEVER THE MOST RELY ON CELLEBRITE'S UFED. FEW FORENSIC TOOL ARE MENTION HERE UNDER :


Name of equipment ?

Function

Lab uses

Hardware or software

Cell Site Analyzer

Cell Site Analyzer collect Cell IDs from the spot as well as route required to get the data of cell towers.

CDR/TDR ANALYSIS

HARDWARE

Black Thorn by BERLA

Black Thorn by BERLA tool is the leading GPS forensics tool used for acquiring/examining and analyzing data from GPS devices.

MOBILE FORENSICS

SOFTWARE

Portable Forensic Workstation (FREEDIE)

Portable Forensic Workstation (FREEDIE) is High End workstation for Lab as well as field operations duty.

DISK FORENSICS

HARDWARE

Forensic Tool Kit (FTK)

To analyze and recover deleted data from HDD (Hard Disk Drives).

DISK FORENSICS

SOFTWARE

X1 Social Discovery

X1 Social Discovery enables reactive data collection capabilities for social media and website collections in forensic manner consistent with evidentiary value in the Court of Law.

SOCIAL MEDIA LAB

SOFTWARE

MacQuisition by Black Bag Technologies

MacQuisition is a forensic solution that runs for MAC OS X boot environment e.g. Apple laptops.

DISK FORENSICS

SOFTWARE

Forensic Workstation FRED

High End workstations for installation of digital forensics tools.

DISK FORENSICS

HARDWARE

Magnet Axiom

Magnet Axiom tool is used to recover the deleted digital evidence from the computers

DISK FORENSICS

SOFTWARE

Internet Evidence Finder (Magnet)

To find/analyze and present digital internet artifacts from the running system.

DISK FORENSICS

SOFTWARE

Encase Forensics

To analyze and recover deleted data from the HDDs.

DISK FORENSICS

SOFTWARE

Passware with GPU Accelerator

Passware with GPU Accelerator is a powerful drop-in solution that streamlines & accelerates process of decrypting password-protected files.

DISK FORENSICS

HARDWARE

Media Clone

Media Clone is a write blocker enabled tool used to create Forensic Image of Storage Media devices.

DISK FORENSICS

HARDWARE

UFED Touch and UFED 4PC

UFED Touch and UFED 4PC is used for extraction / examination / sim card/ drones/ analysis of data from Mobile phones/memory card  etc

MOBILE FORENSICS

HARDWARE CUM SOFTWARE

Write Blocker TD2u

To make forensic imaging of hard disks/USB storage media.

DISK FORENSICS

HARDWARE

TX1 Disk Imaging Tool

To make forensic imaging of hard disks/USB storage media.

DISK FORENSICS

HARDWARE

CD/DVD Inspector

CD/DVD Inspector has ability to read data form the damaged or corrupted DVD/CD.

DISK FORENSICS

SOFTWARE

XRY Mobile Data Forensics

XRY Mobile Data Forensics analyze and recover information from mobile devices/GPS navigation devices and tablet computers.

MOBILE FORENSICS

SOFTWARE CUM HARDWARE

Video Enhancement Tool (Kinesence)

Video Enhancement Tool (Kinesence) is forensic software for enhancing and analyzing images and videos related data

VIDEO FORENSICS

SOFTWARE

Network Miner (Netersec)

Network Miner (Netersec) is an open source Network Forensic Analysis Tool (NFAT) for Windows (but also works in Linux/Mac/OS X/FreeBSD).

NETWORK FORENSICS

SOFTWARE

Oxygen Forensics Detective

Oxygen Forensics Detective software is used to extract data from Chinese phones.

MOBILE FORENSICS

SOFTWARE

DME Forensics

DME Forensics is tool for extraction and analysis of data from Digital Video Recorder devices

VIDEO FORENSICS

SOFTWARE CUM HARDWARE

Elcomsoft (Password Breaking Tool)

Unlock password protected documents found during analysis of storage media.

DISK FORENSICS

SOFTWARE

Mobil-edit

Mobil-edit is a phone data extractor/data analyzer and report generator.

MOBILE FORENSICS

SOFTWARE CUM HARDWARE

CDAMS with I2

For analyzing the CDR and TDR records.

CDR/TDR ANALYSIS

SOFTWARE

ICAI issue a QRB Report on Audit Quality Review in Nov 2022 

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