Computer Science & Electrical
Received: 05 Sep 2017 , Published: 10 October 2017
Views: 1009 , Download: 236
|1||Dr. Atul Bansal|
Financial investigation and Forensic Accounting have been in focus in recent years mainly due to
an excess of frauds that have taken place in the corporate sectors. The value of frauds executed in
these sectors has been very large and caused severe financial strain on individuals, corporations
and the government. Many of these financial frauds could have been detected earlier and
possibly avoided by the use of forensic accounting techniques. The aim of this study is to
determine the financial investigation and Forensic Accounting to averting the frauds and
misrepresentations in the corporate houses.
The study attempts to identify the cause of frauds, the psychology of the typical fraudster, the
warning signs of an impending or recurring fraud and measures to detect and prevent frauds. An
analysis is made of Forensic Tools that can analyze data and detect unusual events that could act
as an indicator of frauds. The study seeks to establish the forensic practices in vogue in the
industry and its usage among the various professional categories of accounting professionals.
The prospects of the profession, the educational and training requirements are also evaluated.
The study also uses a high level forensic tool in a case study into the major Indian Cement
companies to detect whether prima facie there has been a likely manipulation of the books of
? Accounting WEB. (2011, July 16). Forensic Accountants are increasingly becoming
part of legal team. Retrieved May 15, 2014, Accounting Web:
? AICPA Statement on Auditing Standards. (2012). Financial Reporting “Red Flags”
and Key Risk Factors. Retrieved Dec 2, 2014, from
? Albrecht W Howe K Romney M. (2010). Deterring Fraud: The Internal Auditor's
Perspective. Institute of Internal Auditors Research Foundation.
? American Institute of Certiifed Public Accountants. (2011). Why Would You Ever
Need a Forensic Accountant.
? Association of Certified Fraud Examiner (ACFE) (2012). Report to the Nations on
Occupational Fraud and Abuse. Austin, TX: Association of Certified Fraud Examiners.
? Association of Certitifed Fraud Examiners. (2015). The Fraud Triangle.
? Companies Auditors Report Order 2015 (Clause xii)
? Cornell University Legal Information Institute. (2014). Bankruptcy fraud. Retrieved
Mar 12, 2015, from www.law.cornell.edu:
? Farrell R. (2013). Forensic Tools and Techniques for Internal Auditors. Retrieved Jul 1,
2015, from http://www.powershow.com/view/3c8401
? Institute of Chartered Accountants of India. (2011). Study on Investigative Audits.
New Delhi: ICAI Publications.
? Institute of Chartered Accountants of India. (2012). Data Analytics and Continuous
Control Monitoring. New Delhi: ICAI Publications.
? International Accounting and Auditing Standards Board. (2012, Feb). Professional
Skepticism In An Audit Of Financial Statements. Retrieved Oct 13, 2015,
? Joshi, P. (2013). India Forensic. Retrieved September 20, 2014, from indiaforensic.com:
? Kaul V. (2015, Mar 11). All you wanted to know about the coal scam. Retrieved 25 Aug,
2015, from http://www.dnaindia.com
? Kinyanjui S. (2015). Analysis of Fraud from a Criminologist Perspective. Retrieved Aug
2, 2015, from http://www.academia.edu/:
? KPMG. (2011). kpmg-institutes.com. Retrieved Jun 23, 2015, from http://kpmg
? Lekshmi B. (2012). Kinds of Embezzlement Arthasastra, Audit and Tax. Retrieved
Mar 1, 2015, from www.caclubindia.com/: http://www.caclubindia.com/forum/kinds-of-
? Michael, J. (2011). Creative Accounting Fraud and Internal Audit Scandels. New York:
? Omar N Koya K Samusi M Sharpie V. (2014, Apr). Financial Statement Fraud; A
Case Study using Beneish Model and Ratio Analysis. International Journal of Trade
Economics and Finance, 5(2).
? Ozkul, F.U., & Pamukc¸A. (2012). Fraud detection and Forensic Accounting, Istanbul,
? Reserve Bank of India. (2015, May 7). Retrieved Feb 23, 2016, from Framework for
dealing with loan Frauds:
? Unwala H. (2010, Jan 15). Major Root Causes For Frauds & Detection. Retrieved Jan
15, 2014, from www.icsi.edu: www.icsi.edu/docs/portals/70/5jan11.pdf
? Wells J. (2007). Encyclopedia of Fraud. Austin: Association of Certified Fraud
? Zyman, M. (2009). Litigation: Forensic Accounting Demystified. Retrieved December
24, 2014, from http://forensicaccounting.com/home.html