Scope of Forensic Accounting services in India

Scope for the services offered by the Certified Forensic Accounting Professionals (CFAP)

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Mayur Joshi
Mayur Joshi
Mayur Joshi is a forensic accounting evangelist based out of Pune. He regularly contributes to the Regtechtimes. He is the forensic accounting and financial crimes evangelist in India who is instrumental in designing india's first certification program in Anti Money Laundering. He is the author of 7 books on the financial crimes and compliance subjects.

Certified Forensic Accounting Professional is one of the most sought-after certifications in the forensic accounting domain in India. The scope of the services in the last 5 years has grown up significantly due to various factors such as banking reforms. Here are some real-life scenarios where the services of the Certified Forensic Accountants are used.

Bank Forensic Audits

The current turmoil in the Banking sector provides huge opportunities for forensic auditors. There is a huge demand for the services of forensic audits where the accounts are required to be classified as wilful defaulters. Most Public Sector Banks require forensic audits of their borrowers to be done to identify if it’s a business loss or a wilful default. As the bankers are under continuous stress from various investigating agencies, forensic auditing is becoming essential.

Insolvency Cases

Banks are now knocking on the doors of the National Company Law Tribunal for further actions against the borrowers who are not paying their dues. Many of these cases are filed under insolvency laws.

Economic Offenses Wings

Typically where the pyramid schemes, Ponzi schemes, or money circulation schemes are registered under various statutes with the local law enforcement agencies, their economic offenses wings typically ask the forensic auditors to work with them to assess the exact amount of damage.

Serious Fraud Investigation Office

Sometimes the serious fraud investigation office also seeks help from Forensic auditors to investigate various facets of corporate fraud. Digital forensics plays a key role in such investigations.

Securities Exchange Board of India

In the crackdown against shell companies, fraudulent prospectus applications, and insider trading, Sebi, one of the most powerful regulators of the Indian capital market requires the help of forensic auditors. The forensic audits ordered by SEBI can be checked here

Certified Forensic Accounting Professionals are in great demand in India and the scope of forensic accounting services is going to increase as the reforms in the Indian financial sector continue.

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Certified Forensic Accounting Professional (CFAP)

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