Impact of Forensic Accounting and Audit in the Indian Banking Sector.

Abstract

Forensic accounting in India face an inefficient implementation especially in the banking sector due to various factors. Drawing on the fraud diamond model, this dissertation explores and discusses the factors and problems which distorts the effective implementation of forensic accounting in India based on primary and secondary data collected. The process of collecting data for this paper was through open-ended internet-mediated questionnaire sent to accounting professionals practicing in India. The results indicate that the present scenario of forensic audit is not effective, and it can be improved through establishment of proper regulatory authority and by imparting excellent training to the future forensic accountants. It is also recommended to establish a separate regulatory body for forensic accountants which produces and governs rules, laws and regulations relating to this field in India.