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ICAI to issue Forensic Accounting and Investigation Standards (FAIS) amid rising Financial Frauds – 1st Country to do so

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ICAI vide Press Release dated September 01, 2020 announced to issue Forensic Accounting and Investigation Standards (FAIS). Key takeaways are:

  • There will be 30 standards under six groups and are expected to be ready by the end of December.
  • The decision to have the standards comes at a time when there are rising instances of forensic accounting and investigation assignments related to ascertaining facts in corporate and banking frauds.
  • These set of Standards will result into Process Standardization across the board.
  • The scope of the FAIS is to give ICAI members a good overview of the Forensics and Investigations, how to undertake projects and assignments in these areas, how to conclude the work completed, and finally how to report findings to its stakeholders.

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