Course Overview:

‘Forensic Audit’ is assuming critical importance in India and globally in the wake of numerous financial frauds, corporate misconduct and unethical business practices and high incidence of cybercrime. Forensic Audit has come into limelight due to rapid increase in financial frauds and white-collar crimes perpetrated in almost every sector in all industry verticals. Forensic Audit and Fraud Examination is both a preventive and detective control that works towards a corruption-free economy which in turn paves the way for perpetual investment, stable eco-system and ever-increasing growth in economic prosperity and buoyant capital markets. The integration of Accounting, Audit and investigative skills creates the specialty of Forensic Auditor. Forensic Audit uses accounting, auditing, CAAT/ Data Mining, behavioural and investigating skills to conduct investigations, in case of embezzlement, financial misconduct, contract non-compliance and other fraud cases. The role of Forensic auditors is to identify the perpetrators of financial theft and frauds including tracing money laundering, identifying illegal/ unethical activities as well as tax evasions.

Forensic Audit and Fraud examination specialization is in increasing demand worldwide considering increasing incidents of cyber-crimes and frauds. Money Laundering has become important in the wake of the 9/11 attacks on World Trade Centre. In India Prevention of Money Laundering Act was passed in 2002. Thus, forensic auditors also have significant opportunities of working in the banking and financial services sector.

The ICAI 'Diploma in Forensic Audit' (DFA) is a blend of theoretical, Case studies and practical training and is intended to equip the participants with concepts in Forensic audit which aims at sensitizing Fraud Investigators, Auditors, security Professionals, and IT executives about the risks and mitigation strategies for an effective business environment. It provides an incisive analysis of how fraud occurs within an organisation and the latest cutting-edge avant-garde techniques of finding it. Forensic Audit issues can have significant implications for both corporations and individuals. Many disputes and investigations involve forensic auditing considerations. The study of forensic auditing is important for any business major, but it has added importance for Professionals interested in Fraud detection and prevention related careers. Forensic Audit considerations are frequently intertwined with other fundamental areas of accounting including:

  • Forensic Psychology
  • Organisational Behavior
  • Taxation
  • Law – Corporate, Money Laundering, Insolvency etc.
  • Law – Information Technology Act 2000, Amendment Act 2008 and IT Rules 2021
  • Financial Reporting
  • Transaction Advisory
  • Internal Audit
  • Information Systems
  • Cyber Security

The Council of the Institute of Cost Accountants of India, recognizing the need for Forensic Audit and Fraud Examination, in the emerging economic scenario, has decided to launch this 'Diploma in Forensic Audit' Course under the aegis of the Board of Advanced Studies & Research. Cost & Management Auditors, Finance Professionals, Internal Auditors, Industry Professionals can thus bolster their client service capabilities and sharpen skills with an in-depth understanding of forensic audit which the Course offers.


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