Forensic Audit of Financial Crimes and Frauds
- Year of Publication: 2020
- Edition: 1st
- ISBN: 9789389859348
- No.of Pages: 467
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, CAATs/ 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 reputational risks because of their proficiency in conducting in-depth risk analyses of fraud, bribery 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
CA. Kamal Garg is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi. He has also qualified post qualification course on Diploma in Information System Audit (DISA) conducted by ICAI. Besides this, he is also an Insolvency Professional registered with Insolvency and Bankruptcy Board of India (IBBI). He has also qualified Certificate Course on BRSR conducted by ICAI and Social Auditor Examination conducted by NISM.
He was also the member of Board of Studies (BOS), Study Material Research Group (2009-2010) of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) [2012-2013, 2020-2021, 2022-2023, 2023-2024 and 2024-2025], Financial Reporting Review Group of FRRB-ICAI [2020-2021 and 2023-2024] and Ind-AS (IFRS) Implementation Committee [2014-2015 and 2021-2022] of ICAI. He is also a technical reviewer empanelled with FRRB-ICAI. He was also nominated as a special invitee member to the Committee on Banking, Insurance and Pension (2014-2015) of NIRC of ICAI. He is also the resource person for Peer Review Board (PRB), Ethical Standards Board (ESB), Sustainability Reporting Standards Board (SRSB), Research Committee, Committee on Economic, Commercial Laws and Economic Advisory (CECLEA), Corporate Laws and Corporate Governance Committee (CLCGC) and Committee on Financial Market and Investors’ Protection (CFMIP) of ICAI. He was also nominated as member of the Expert Panel for addressing queries related to Statutory Audit pertaining to Auditing Aspects by Auditing and Assurance Standards Board (AASB) of ICAI. He has also addressed on IFRS for the members of ‘National Board of Accountants and Auditors, Tanzania, East Africa’. He has also contributed to development of study and regulatory projects undertaken by Indian Institute of Insolvency Professionals of ICAI under the aegis of IBBI. He has also been a resource person for training CBI Inspectors in Insolvency and Bankruptcy Laws. Besides being a regular guest speaker for IFRS and Management Development Programmes at various forums including ICAI and ICSI, he is also an author of over dozens of book(s) and commentaries on and including ‘IFRS and Ind AS Concepts and Applications’, ‘Audit Trail – A Practical Guide’, ‘Covid 19 – Guide to Financial Reporting and Audit’, ‘Covid 19 Guide for Businesses and Professions’, ‘Concise Commentary on Companies Act’, Company Resolutions, Notices, Meetings and Minutes’, ‘Borrowings, Loans and Investments by the Companies – Law, Accounting and Taxation’, ‘NFRA – Law and Practice’, ‘Ind AS – a Ready Reckoner’, ‘Standards on Auditing – a Practitioner’s Guide’, ‘Concise Commentary on Insolvency and Bankruptcy Code, 2016’, ‘PMLA – Handbook for Reporting Entities’, ‘Series of Books on Companies Act, 2013, ‘Corporate Social Responsibility’, ‘Guide to Tax Audit u/s 44AB’, ‘CARO, 2016 and 2020’, ‘Handbook on Company’s Balance Sheet and Profit & Loss Account under Schedule III, ‘Statutory Audit under Companies Act – a Ready Reckoner’, ‘Handbook on Internal Auditing’, ‘Consolidated Financial Statements’, 'Interim Financial Reporting', ‘Guide to International Taxation’, ‘Foreign Direct Investments in India’, Auditors’ Practice Manual’, ‘Understanding Goods and Service Tax (GST)', ‘Corporate and Allied Laws including Insolvency and Bankruptcy Code’, ‘Insolvency and Bankruptcy Code - a Ready Reckoner’ published by leading publishing houses, primarily published by Bharat Law House Private Limited.
He has to his credit the contribution of ‘Gist of Accounting Standards and Auditing and Assurance Standards’ for Vol. 2 of Company Law published by BLH and various articles for NIRC and CIRC of ICAI Newsletter on FBT, MAT, US-SOX, CARO, FEMA, etc. and a series of articles on ‘Delhi Value Added Tax (DVAT) – Taxation, Accounting and Auditing Aspects’ for the Journal Tax and Corporate Referencer (TCR) including various articles on External Commercial Borrowings (ECB), Direct Taxes, and Foreign Investments for TCR.
He possesses a rich industry experience in the areas of Corporate Laws (like Companies Act, FEMA, Taxation, Foreign Collaborations, Joint Ventures, etc.), Audits and Management Consultancy.
Wolters Kluwer Tax & Accounting in India (www.cchifirm.co.in), provides publishing, software and services that deliver vital insights, intelligent tools and guidance of subject-matter experts as well as offer subscription-based products with high quality content in areas including direct and indirect taxation, international taxation, corporate law and several other related topics. Wolters Kluwer Tax & Accounting (a Wolters Kluwer business) is part of the Wolters Kluwer Group, a leading global information service provider for professionals. Wolters Kluwer Tax & Accounting publications cover a wide range of topics such as tax, accounting, law, financial planning, human resources and training.
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- Year of Publication: 2020
- Edition: 1st
- ISBN: 9789389859348
- No.of Pages: 467
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, CAATs/ 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 reputational risks because of their proficiency in conducting in-depth risk analyses of fraud, bribery 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
CA. Kamal Garg is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi. He has also qualified post qualification course on Diploma in Information System Audit (DISA) conducted by ICAI. Besides this, he is also an Insolvency Professional registered with Insolvency and Bankruptcy Board of India (IBBI). He has also qualified Certificate Course on BRSR conducted by ICAI and Social Auditor Examination conducted by NISM.
He was also the member of Board of Studies (BOS), Study Material Research Group (2009-2010) of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) [2012-2013, 2020-2021, 2022-2023, 2023-2024 and 2024-2025], Financial Reporting Review Group of FRRB-ICAI [2020-2021 and 2023-2024] and Ind-AS (IFRS) Implementation Committee [2014-2015 and 2021-2022] of ICAI. He is also a technical reviewer empanelled with FRRB-ICAI. He was also nominated as a special invitee member to the Committee on Banking, Insurance and Pension (2014-2015) of NIRC of ICAI. He is also the resource person for Peer Review Board (PRB), Ethical Standards Board (ESB), Sustainability Reporting Standards Board (SRSB), Research Committee, Committee on Economic, Commercial Laws and Economic Advisory (CECLEA), Corporate Laws and Corporate Governance Committee (CLCGC) and Committee on Financial Market and Investors’ Protection (CFMIP) of ICAI. He was also nominated as member of the Expert Panel for addressing queries related to Statutory Audit pertaining to Auditing Aspects by Auditing and Assurance Standards Board (AASB) of ICAI. He has also addressed on IFRS for the members of ‘National Board of Accountants and Auditors, Tanzania, East Africa’. He has also contributed to development of study and regulatory projects undertaken by Indian Institute of Insolvency Professionals of ICAI under the aegis of IBBI. He has also been a resource person for training CBI Inspectors in Insolvency and Bankruptcy Laws. Besides being a regular guest speaker for IFRS and Management Development Programmes at various forums including ICAI and ICSI, he is also an author of over dozens of book(s) and commentaries on and including ‘IFRS and Ind AS Concepts and Applications’, ‘Audit Trail – A Practical Guide’, ‘Covid 19 – Guide to Financial Reporting and Audit’, ‘Covid 19 Guide for Businesses and Professions’, ‘Concise Commentary on Companies Act’, Company Resolutions, Notices, Meetings and Minutes’, ‘Borrowings, Loans and Investments by the Companies – Law, Accounting and Taxation’, ‘NFRA – Law and Practice’, ‘Ind AS – a Ready Reckoner’, ‘Standards on Auditing – a Practitioner’s Guide’, ‘Concise Commentary on Insolvency and Bankruptcy Code, 2016’, ‘PMLA – Handbook for Reporting Entities’, ‘Series of Books on Companies Act, 2013, ‘Corporate Social Responsibility’, ‘Guide to Tax Audit u/s 44AB’, ‘CARO, 2016 and 2020’, ‘Handbook on Company’s Balance Sheet and Profit & Loss Account under Schedule III, ‘Statutory Audit under Companies Act – a Ready Reckoner’, ‘Handbook on Internal Auditing’, ‘Consolidated Financial Statements’, 'Interim Financial Reporting', ‘Guide to International Taxation’, ‘Foreign Direct Investments in India’, Auditors’ Practice Manual’, ‘Understanding Goods and Service Tax (GST)', ‘Corporate and Allied Laws including Insolvency and Bankruptcy Code’, ‘Insolvency and Bankruptcy Code - a Ready Reckoner’ published by leading publishing houses, primarily published by Bharat Law House Private Limited.
He has to his credit the contribution of ‘Gist of Accounting Standards and Auditing and Assurance Standards’ for Vol. 2 of Company Law published by BLH and various articles for NIRC and CIRC of ICAI Newsletter on FBT, MAT, US-SOX, CARO, FEMA, etc. and a series of articles on ‘Delhi Value Added Tax (DVAT) – Taxation, Accounting and Auditing Aspects’ for the Journal Tax and Corporate Referencer (TCR) including various articles on External Commercial Borrowings (ECB), Direct Taxes, and Foreign Investments for TCR.
He possesses a rich industry experience in the areas of Corporate Laws (like Companies Act, FEMA, Taxation, Foreign Collaborations, Joint Ventures, etc.), Audits and Management Consultancy.
Wolters Kluwer Tax & Accounting in India (www.cchifirm.co.in), provides publishing, software and services that deliver vital insights, intelligent tools and guidance of subject-matter experts as well as offer subscription-based products with high quality content in areas including direct and indirect taxation, international taxation, corporate law and several other related topics. Wolters Kluwer Tax & Accounting (a Wolters Kluwer business) is part of the Wolters Kluwer Group, a leading global information service provider for professionals. Wolters Kluwer Tax & Accounting publications cover a wide range of topics such as tax, accounting, law, financial planning, human resources and training.
