Forensic Foresight | Case-Based Perspective on Forensic Accounting Standards

This book is a practical handbook for understanding and applying the Forensic Accounting and Investigation Standards (FAIS) issued by the Institute of Chartered Accountants of India (ICAI). The book serves as detailed guidance for professionals investigating the financial crime landscape. Prioritising practical examples over theoretical discourse extends the ICAI’s comprehensive resources. It is designed as a practice guide, providing insights and tools for immediate application in professional settings.

This book is helpful for forensic accounting professionals, fraud examiners, chartered accountants and ICAI members seeking to enhance their expertise, auditors and investigators seeking comprehensive knowledge, students and academics needing a blend of theory and practice, and legal professionals handling financial fraud cases. The book highlights a detailed step-by-step process of investigating financial crime. It is also beneficial for regulatory authorities and law enforcement officers overseeing financial crime investigations, as well as corporate executives and managers aiming to implement effective forensic accounting practices to detect and prevent fraud in their organisations.

The Present Publication is the Latest Edition, authored by Dr (CA) Durgesh Pandey, with the following noteworthy features:

[In-depth Conceptual Understanding] Each FAI Standard is thoroughly explained to ensure a comprehensive understanding of fundamental concepts
[Real-world Application] The book features a master case encompassing all 20 FAIS, presenting a cohesive narrative to demonstrate their practical application
[70+ Caselets and 20+ Case Studies] Each standard is illustrated with several caselets and a case study, providing real-world examples and insights of application
[15+ Actionable Tools] The book includes over 15 actionable tool templates for immediate use in professional settings
[Global Comparisons] Comparative analysis of FAIS with international forensic accounting standards to give a broader context of the financial crime landscape
[Visual Aids] Graphs, tables, and charts are utilised to clarify complex concepts and enhance understanding
[Practical Advice] Includes do’s and don’ts for forensic accounting professionals to improve practical application
[Mnemonics] Easy-to-remember mnemonics for each standard aid in retention and application
The structure of the book is as follows:

Overview and Evolution
Overview of Forensic Accounting ? Definitions, scope, and the significance of forensic accounting in the contemporary landscape
Forensic Accounting Standards ? Historical context and the development of global and Indian standards, providing a comprehensive background to FAIS
Detailed Standard Analysis
Each chapter in this section is dedicated to an individual standard and follows a consistent template:
Conceptual Overview ? An introduction to the standard, setting the stage for deeper analysis
Core Ideology ? Explains the necessity and logic behind the standard, highlighting its role in refining forensic engagements
Practice-Oriented
Real-world Applications ? Detailed explanations of how each standard is applied in practice
Caselets ? Short, focused examples illustrating key concepts
Case Study ? An in-depth look at a specific instance of the standard’s application
Do’s and Don’ts ? Practical advice to guide professionals in the application of each standard
Key Deliverables ? Actionable templates and proformas tailored to each standard
Chapter Summary ? Mnemonics and summaries to reinforce understanding and retention
Standards covered include, but are not limited to:
FAIS No. 110: Nature of Engagement
FAIS No. 120: Fraud Risk
FAIS No. 130: Laws and Regulations
FAIS No. 140: Applying Hypotheses
FAIS No. 210: Engagement Objectives
FAIS No. 220: Engagement Acceptance and Appointment
FAIS No. 230: Using the Work of an Expert
FAIS No. 240: Engaging with Agencies
FAIS No. 250: Communication with Stakeholders
FAIS No. 310: Planning the Assignment
FAIS No. 320: Evidence and Documentation
FAIS No. 330: Conducting Work Procedures
FAIS No. 340: Conducting Interviews
FAIS No. 350: Review and Supervision
FAIS No. 360: Testifying before a Competent Authority
FAIS No. 410: Applying Data Analysis
FAIS No. 420: Evidence Gathering in Digital Domain
FAIS No. 430: Loans or Borrowings
FAIS No. 510: Reporting Results
FAIS No. 610: Quality Control
Ethical Considerations and Future Trends
Ethical Considerations ? Essential guidelines for maintaining ethical standards in forensic accounting
Future of Forensic Accounting ? Analysis of emerging trends and the evolving landscape of forensic accounting
How to Use This Book

Part A ? Overview and Evolution
Begin with this section to gain a foundational understanding of forensic accounting and the development of standards
Part B ? Detailed Standard Analysis
Proceed to this section for an in-depth analysis of each standard, presented in a logical and sequential order to enhance interconnected learning
Part C ? Ethical Considerations and Future Trends
Finish with this section to explore ethical considerations and future trends, completing your comprehensive understanding