One of the recent developments in the field of Audit is Forensic Audit, which has come into the limelight due to the rapid increase in financial frauds and white-collar crimes. The integration of accounting, auditing, and investigative skills creates the specialty known as Forensic Accounting. Forensic means suitable for use in a court of law, and it is to that standard and potential outcome that Forensic Accounting and Audit tend to achieve.
Forensic Audit uses accounting, auditing, and investigative skills, especially using IT or AI tools to conduct investigations into theft and fraud cases.
Corporations these days are using the services of Forensic Auditors not after a fraud has happened. They are appointing auditors even in cases where they perceive or doubt if a theft or fraud has happened. These have massive benefits as potential fraud or theft is prevented by taking timely and necessary preventive actions.
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In the modern period, the Indian government is taking a highly collaborative approach to solving problems like fraud, deceit, financial mismanagement, and similar issues that are major roadblocks to the inclusive growth of Indian corporations.
Among other things, “fraud” is one of the most serious diseases, holding up not only the corporate organisations where it takes place but also the entire nation’s economy, with both short- and long-term effects.
Forensic audit plays a crucial function in helping corporates maintain efficiency and merit on par during this entire process of prompt fraud detection and referral of such cases for proper investigation.
Information and communication technology has a significant impact. Both society and technology are functioning in a way that corresponds to the rate at which each is developing. The world is evolving, new technology is progressing every day, and as a result, society is evolving at a faster rate. The development of information and communication technology has had an impact on all aspects of human existence, including education, health, entertainment, and communication. Information technology is so rightfully referred to as a boon.
With every benefit comes a drawback, and this is true of information and communication technology. The proliferation of cybercrimes in today’s world is one of the biggest problems presented by ICT. Corporate frauds do not constitute an exemption. A new subset of forensic auditing termed “Cyber Forensics audit” has evolved in the modern era as a result of corporate frauds carried out through IT. In light of this, the chapter’s objective is to familiarise students with terms like ‘cybercrime’, ‘international guidance to cyber forensics laws’, ‘digital forensics and cyber laws’, ‘introduction to data extraction, ‘cybercrime’, ‘cyber forensics’, ‘digital incident response, and similar terms.
FinX has a well-trained and experienced Team of Forensic Auditors who are also Chartered Accountants by profession. Also on the Team are Fraud Investigators, Security Professionals, and IT executives. These multi-level skill sets help form a formidable combination among the Team members.
Whom to Contact
- Joseph Mani : joseph@finx.org.in
