Accounting & Commerce

Hi Nidhi!
Forensic Accounting and Auditing is a very much upcoming field in India. With the impending use of Systems, we are becoming completely dependent on that. With more and more use of systems, frauds are happening at an alarming rate. Moreover, if you would look up RBI is thinking to set up a bad bank for bad loans since there have been increasing numbers of bad loans which warrant a forensic audit.
Scope in India:
1. RBI Red Flagged Accounts needs forensic, in coming period RBI may make it compulsory for advances above a certain threshold.
2. Serious Fraud Investigations Office setup under Ministry of Corporate Affairs had many cases reported for fraud waiting to be investigated by Chartered Accountants.
3. Economic Offences Wings also require the help of experienced Chartered Accountants in Forensics.
4. Big Multi-National Companies have many incidences of internal fraud being reported which warrants an investigation.
5. Also in case of mergers Forensic Investigation are conducted as a part of due diligence.
6. Cyber Forensics is also an untapped field for Chartered Accountants.
7. There are many other opportunities for Chartered Accountants in Forensics which is an emerging filed in our country and very few players are there.