Forensic Accounting is by and large a well-known concept and has only been introduced in India in the last decade.
finance
Description
Forensic Accounting is by and large a well-known concept and has only been introduced in India in the last decade. Forensic accounting arises from the cause and effect of fraud and technical error made by human. George A. Manning in his book “Financial Investigation and Forensic Accounting” defines Forensic Accounting as the science of gathering and presenting financial information in a form that will be accepted by a court of jurisprudence against perpetrators of economic crimes.
In India, CA Mayur Joshi was the first one to write about this concept in 2003 in an
article he published as it being the proactive use of financial knowledge and
investigative mentality to resolve issues conducted in context of the rules of
evidence of economic transactions.
With more and more scams coming to light in India, the skill set and awareness
related to forensic accounting is becoming more relevant. The previous skill set of
accountants isn’t enough to investigate and check the authenticity of the
economic transactions with accuracy. Thus, the need of forensic accountants
becomes vital. The process also becomes easier with forensic accountants who
have the required knowledge, qualities and tools at hand to solve the concerned
issues in case of financial scams.
