ICAI to set standards for forensic investigations and accounting

Will issue draft guidelines by December to invite public comments and also seek views of MCA, Sebi, RBI, CAG and various investigation agencies

The Institute of Chartered Accountants of India (ICAI) is planning to introduce standards for forensic accounting and investigation that entail quality benchmarks and procedures that would make the collection of evidence withstand a high level of legal scrutiny. 

“There are a large number of investigations going on today and we find that many times forensic reports are not admissible in the court of law...This can be addressed by putting standard practices in place for such accounting which do not exist currently,” said Atul Kumar Gupta, President, ICAI. 

ICAI will issue draft guidelines by end of December to invite public comments