A Study on Perspective of Forensic Audit and Valuation

Finance

Investigations into forensic auditing may reveal or corroborate a variety of unlawful behaviours. If there is a chance that the evidence acquired will be utilised in court, a forensic audit is usually used instead of a regular audit. The forensic audit process is comparable to a standard financial audit in that it involves planning, obtaining evidence, and drafting a report, but it also includes the possibility of a court appearance. In order to discover illegal acts such as syphoning of corporate funds, embezzlement, or fraud, a forensic auditor would need to combine accounting, auditing, and investigative abilities, as well as use technology and knowledge of the legal system to establish facts and evidence in court. Forensic audits are sometimes carried out to evaluate whether persons charged with fiduciary duties have been negligent. Forensic audit investigations are critical because they aid in the detection of business wrongdoings such as embezzlement, bribery, extortion, false transactions, kickbacks, and conflicts of interest. They can also assist in locating or identifying possible fraud. They're vital since fraud, bribery, and corruption cases are on the rise in India, necessitating the hiring of experts to protect and safeguard company interests. In order to combat white-collar crime in India, drastic reforms are required, and forensic audits can help. In this regard, the researcher discovered the importance of forensic audit and conducted this study. Similarly, Valuation as a discipline is growing due to the new regulations under Companies Act 2013, which has opened a new profession for CS – in the form of Registered Valuer, which is essential for company under IBC to get an approval of its resolution plan. The Role of CS is going to be more pronounced with increasing regulations under regulators like IBC, RBI and SEBI. CS as a partner is going to be playing a key role in both these aspects and it is here that the future for a practising CS lies.

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