Vivek Agarwal’s Post

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𝗜𝗙𝗥𝗦 𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 | 𝗔𝘀𝘀𝘂𝗿𝗮𝗻𝗰𝗲 | 𝗘𝗦𝗚 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 | 𝗦𝗢𝗣 | 𝗙𝗼𝗿𝗲𝗻𝘀𝗶𝗰 𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 | 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗧𝗿𝗮𝗻𝗳𝗼𝗿𝗺𝗲𝗿 | 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗔𝗻𝗮𝗹𝘆𝘁𝗶𝗰𝘀

𝑰𝑪𝑨𝑰 𝑻𝒂𝒌𝒆𝒔 𝒂 𝑳𝒆𝒂𝒑 𝑻𝒐𝒘𝒂𝒓𝒅𝒔 𝑭𝒐𝒓𝒆𝒏𝒔𝒊𝒄 𝑨𝒖𝒅𝒊𝒕/𝑨𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈 𝑷𝒓𝒐𝒇𝒆𝒔𝒔𝒊𝒐𝒏𝒂𝒍𝒊𝒔𝒎 ICAI is set to formalize qualifications for forensic audit professionals, aiming to align with global standards and address the rising complexities in financial fraud detection. Here’s what you need to know: 📚 𝐑𝐞𝐯𝐢𝐬𝐞𝐝 𝐅𝐨𝐫𝐞𝐧𝐬𝐢𝐜 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐬: ICAI released updated Forensic Accounting and Investigation Standards (FAIS) in July 2023, providing a robust framework for professionals in the field. 📚 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐝 𝐓𝐨𝐨𝐥𝐬 𝐚𝐧𝐝 𝐓𝐞𝐜𝐡𝐧𝐢𝐪𝐮𝐞𝐬: Incorporating AI, ML, and cross-border investigation methods is critical to detect anomalies and ensure compliance in today’s specialized economy. 📚 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐌𝐚𝐧𝐝𝐚𝐭𝐞𝐬: Institutions like RBI, SEBI, and MCA emphasize forensic audits under the Companies Act, 2013, and IBC to uncover financial irregularities and fraud. 📚 𝐁𝐫𝐢𝐝𝐠𝐢𝐧𝐠 𝐒𝐤𝐢𝐥𝐥 𝐆𝐚𝐩𝐬: The shortage of forensic auditors proficient in advanced technology calls for comprehensive training and mandatory qualifications. 📚 𝐆𝐥𝐨𝐛𝐚𝐥 𝐁𝐞𝐧𝐜𝐡𝐦𝐚𝐫𝐤𝐢𝐧𝐠: Similar to the Institute of Certified Forensic Accountants® in the US, ICAI’s initiative aims to enhance recognition, create opportunities, and boost job prospects. As the financial landscape evolves, so does the need for highly skilled forensic professionals. ICAI’s structured approach could pave the way for India to lead in forensic excellence. Institute of Chartered Accountants of India #Forensic #FutureReady #ICAI

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Specialization of Auditors in various types of audits

ANKIT KUNWAR

General Manager-Management Audit, Audit Professional, Diploma & Advance Diploma in Business Management, MBA- FINANCE ICFAI (Hyderabad) ICFAI Dehradun University, Member IIAI (Calcutta Chapter)

4w

Good Insight Vivek👌👌👌👍👍👍

Vijay Kapur

Director, Bridge Medical Consulting Pvt Ltd; Member Board,PG Studies Tezpur Univ.; Former Director,ICAI & Lecturer,SRCC,DU.

4w

Good initiative by Institute of Chartered Accountants of India and may recommend any certification for CAs BUT the move to suggest that only CAs are fit to be forensic auditors is highly misplaced .... ... Please analyse it in the background that despite lots of pressure, the Internal Audit field is open to all professionals including CS,CMA,IT,MBA,etc ... In any case,Institute of Chartered Accountants of India needs to set it's own house in order,for instance,it claimed that it is the only body in the world to release FAIS but the fact remains that none of the Indian firm embraced these Standards, which are inherently weak & pale rehash of Internal audit standards, and any case NO accounting body in the world cares to look at them .....

Praveen Kaushik

Investment Banker I IPO I Pre-IPO I Investor I Fund Manager | Startup Mentor I Venture Capital I FCA I IFRS I IP (IBBI) I RV-SFA (IBBI)

4w

First of all The Institute of Chartered Accountants of India must increase student training period (articleship period) to 3 years. The whims and fancies of elected council members have destroyed the profession. The quality of newly qualified CA members are deteriorating with every new batch.

Vinod Kashyap

Director - VAAH I Member, ISO TC 295 “Audit Data Services” | Member, Advisory Board, MIT College of Management |

4w

These kind of certification courses (forensic audit, information systems audit, internal audit etc) certainly provide a basic knowledge and understanding of the subject. Are they considered at par with the courses offered by the institutions specializing in these areas?

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