ICAI framing compulsory qualifications for forensic audit professionals

The criteria may include mandatory completion of Forensic Standards Course and ICAI membership

The Institute of Chartered Accountants of India (ICAI) is drafting guidelines to mandate compulsory qualifications for professionals conducting forensic audits.

 

The ICAI plans to send its proposal to the Ministry of Corporate Affairs (MCA) detailing criteria, such as mandatory completion of the Forensic Standards Course and ICAI membership. 

“At present, there are no qualification criteria for forensic auditors in India. Any company or individual can call themselves a forensic auditor,” an ICAI source said. 

With the rise in cyber-crimes and financial fraud, forensic accounting and fraud detection specialisations are in high demand. Experts attribute the growing demand for forensic audits