SFIO beefs up resources;empanels 91 chartered accountant firms

Strengthening its resources to deal with white collar crimes, SFIO has empanelled as many as 91 chartered accountant firms to carry out forensic audit and analysis of financial statements on a case to case basis.
Facing manpower crunch, Serious Fraud Investigation Office (SFIO) has been looking to rope in more people and a revised set of recruitment rules is being finalised by the government for it. Against this backdrop, the empanelment of 91 entities would help the probe agency in its investigations.
On a case to case basis, the chartered accountant firms would be given assignment relating to forensic audit, analysis of financial data and interpretation of financial statements, among others.

The 91 entities have been empanelled for three years till January 20, 2019, according to a recent communication issued by the SFIO, which comes under the administrative control of the Corporate Affairs Ministry.
Before assigning work to an empanelled chartered accountant, SFIO would seek views of ICAI to ascertain whether any entity has complaints or disciplinary proceedings against it.
The Institute of Chartered Accountants of India (ICAI) is the apex body of chartered accountants.

SFIO would also get an undertaking from the concerned chartered accountants that they have not been debarred, blacklisted or otherwise penalised by any court or regulatory body.

Further, these entities would be required to enter into a contract with SFIO to ensure confidentiality and protect data collected during the course of their assignment.
"Empanelment with SFIO should not be misused in any way. However, if it is found that the firm is misusing this empanelment, appropriate action will be taken and the firm will be de-empanelled without any notice," the agency said.
In December, the Ministry had said it was in the process of notifying 20 recruitment rules for various posts at SFIO.
Out of the 130 sanctioned positions, as many as 57 posts were vacant, it had said.

Meanwhile, in the last four years, SFIO was ordered to investigate 258 companies for alleged fraud.
Out of them, probes have been completed in 116 cases and reports are submitted to the Ministry.
"From 2012-13 and up to January 31, 2016, the ministry has ordered investigations through SFIO into the affairs of 258 companies allegedly indulging in fraudulent or illegal activities," Jaitley informed the Lok Sabha on February 26.