Forensic Audit of Financial Crimes & Frauds



Forensic accounting and fraud detection specialisation is in increasing demand considering increasing incidents of Cyber crimes and frauds detection. It is the practice of utilizing accounting, auditing, data mining tools, and investigative skills to detect fraud/ mistakes. The discipline of Forensic Audit has assumed the special significance even in the wake of various contemporary laws like Insolvency and Bankruptcy Code, 2016, prevention of money laundering Act, 2002, Prohibition of benami property transactions Act, 1988 and so on. The book has covered all these aspects and laws in detailed manner. The book will be a helping and guiding tool for the forensic auditors in assisting organizations and legal counsels in identifying and mitigating financial, operational and reputation risks because of their proficiency in conducting in-depth risk analyses of fraud, e and corruption, money laundering, restrictions on trade and export, related-party transactions, and conflicts of interest. This book is also useful for the professionals involved directly or indirectly to the discipline of Forensic Audit.

The unique features of this book are as follows:

  • Coverage of financial frauds under different laws/Act (corporate, Banking, Insurance, income Tax, information security, PMLA etc).
  • Law on Indian evidence Act, 1872 covered separately
  • Analytical procedures and step by step process for forensic auditor.
  • Briefing on leading scams in India including Banking, real estate, corporate, financial and Cyber frauds etc.
  • Discussion on Cyber frauds vs. Covid 19.
  • Illustrative checklists for investigation of various items of financial statements
  • Illustrative format of Forensic Audit report.
  • Black money Committee report, 2012.
  • A separate Chapter on whistle blower policy followed with policy specimens/samples.
  • Penalties and punishments for frauds under various acts.
  • Forensics under Insolvency and Bankruptcy Code covered separately.
  • Facts are exemplified with case laws, case study and with reference to auditing standards.

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