ICAI to come out with forensic accounting, investigation standards

The Institute of Chartered Accountants of India (ICAI) plans to come out with a detailed set of forensic accounting and investigation standards by the end of December.

Addressing a virtual press conference on Tuesday, ICAI President Atul Kumar Gupta said there will be 30 standards under six groups.

The decision to have the standards comes at a time when there are rising instances of forensic accounting and investigation assignments related to ascertaining facts in corporate and banking frauds.

There are no standardised processes for forensic accounting and investigation, and the institute will be developing the first-ever standards in this regard. These standards are expected to be ready by the end of December, he said.

According to the institute, the standards would also be useful for law enforcement agencies, corporates, banks and other stakeholders to appreciate the common practices and finer nuances of conducting forensic accounting and investigation engagements.

The standards would help in improving the quality of work as well as ensure more reliability. Enhanced processes will also help in increasing acceptability of forensic assignments, Gupta said.