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Chartered accountants will soon have comprehensive guidance on the application of the 23 forensic accounting standards that become mandatory from July 1. The CA Institute’s Digital Accounting & Assurance Board (DAAB) has come out with exposure drafts on the Guidance Notes for these forensic accounting standards.
Stakeholders have been given time till June 21 to send in their comments. The Guidance Notes on the application of forensic accounting standards is expected to be finalised by the end of June, sources in the CA Institute said.
The purpose of seeking public comments on the proposed guidance notes for the 23 forensic standards is to gather diverse perspectives, opinions, suggestions, and recommendations from stakeholders, they added.
The objective of making forensic accounting standards mandatory from July 1 is to promote transparency and accountability within the field of forensic accounting.
By implementing these standards, the Institute of Chartered Accountants of India (ICAI) aims to prevent and detect accounting, financial and loan irregularities.
High standards
The mandatory nature of the standards sends a clear message to stakeholders that the ICAI is fully committed to upholding high standards in forensic accounting and investigation, sources added.
The responsibility for developing the forensic accounting standards and the accompanying guidance note lies with the Digital Accounting and Assurance Board (DAAB) of the ICAI.
The DAAB is involved in this process because it has been at the forefront of forensic accounting and fraud detection since 2009, providing certificate courses on these subjects for chartered accountants.
The DAAB’s expertise in digital accounting is particularly relevant due to the increasing reliance on data analysis, e-evidence, and digital tools in modern forensic work. Therefore, the DAAB’s involvement ensures that the forensic accounting standards and guidance note align with the evolving landscape of forensic accounting, incorporating relevant tools and techniques, sources added.
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