ACCOUNTANCY

Chartered accountants' institute ICAI will be setting up an advanced forensic auditing lab in Hyderabad to help small and medium practitioners, its President Prasanna Kumar D has said. The Institute of Chartered Accountants of India (ICAI) has more than five lakh members, including small and medium practitioners. In a recent interview to PTI, Kumar said that forensic audit is a new area, and small and medium chartered accountant firms are not able to participate in large auditing works as they do not have the forensic audit capabilities. Against this backdrop, the institute will be setting up an advanced forensic lab, which will be a "pay and use model". It will offer assignment-specific tools. "We are establishing an advance forensic auditing lab at the Centre of Excellence (CoE) in Hyderabad. In next 2-3 months, we will launch it," Kumar said. Meanwhile, there are larger government efforts to have homegrown big accounting firms that can help create more opportunities in the ...

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