Certified Forensic Accounting Professional is one of the most sought after certification in the forensic accounting domain in India. The scope of the services in last 5 years have 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
Current turmoil in the Banking sector provides huge opportunities for the 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 of the Public Sector Banks require the forensic audits of their borrowers to be done to identify if its a business loss or a wilful default. As the bankers are under continuous stress from various investigating agencies, forensic auditing is becoming a essential.
Banks are now knocking the doors of the National Company Law Tribunal for further actions against the borrowers which are not paying their dues. Many of these cases are filed under the 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
Some times the serious fraud investigation office also seeks the help from the Forensic auditors to investigate various facets of the corporate frauds. Digital forensic plays a key role in such investigations.
Securities Exchange Board of India
In the crackdown against the shell companies, fraudulent prospectus application and insider trading, SEBi, one of the most powerful regulators of 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 Indian financial sector continues.