Forensic Accounting & Fraud Detection (FAFD)

Forensic Accounting is the specialty practice area that describes engagements which result from actual or anticipated frauds, disputes or litigations. Forensic Accounting, Fraud Detection & Prevention specialization is in increasing demand considering increasing incidents of cyber-crimes and frauds. It is the practice of utilizing accounting, auditing, CAATs/ Data Mining Tools, and investigative skills to detect frauds/ mistakes. The Government bodies , PSU’s , Insurance sector, Banks, Investigating agencies as well as many medium-sized and boutique firms have specialist forensic accounting departments engaging Forensic Auditors.

• Course Classes duration is Seven days with a prerequisite to undergo E-Learning of 17 hours and 30 minutes. (One can learn, sitting at Home/Office).
• 2 Module tests. One for E Learning on First day of class and one on 7th day. (20 Marks each)
• Every Participant will have to submit of one Research paper (min. 10 pages) with PPT, two forensic audit reports within two weeks after completion of the Course (60 Marks).
• A final assessment test of 100 Marks which will be held on quarterly basis in March, June, September and December.

Passing Requirement

• 40 Marks for two Module Tests + 40 Marks for two Forensic Audit Report + 20 Marks for Research Paper & PPT (TOTAL- 100 Marks).
• Candidates have to secure 50% marks in their Module Test and Project Work (i.e. 50 Marks in total out of 100) to get eligible for appearing in the Assessment Test. Hence passing of the Module Tests and the Project Work is the precondition for appearing in the FAFD Assessment Test.
• 100 marks for FAFD Assessment Test.
• The minimum marks required for passing FAFD Assessment Test is 50% i.e. 50 marks out of 100.
• The Minimum Attendance Criteria is 90%.
• In case the candidate is securing marks less than 50% in Project Work and Module Test (together) due to which he / she is not able to get eligible to appear for FAFD Assessment Test then the Candidate may be allowed to re-submit the Project only (i.e. two Forensic Audit Report + Research Paper & PPT) with the re-submission fee (Fee shall be announced soon). The Topic may be same or a new Topic can be requested by the Candidate.

Topics covered in E- Learning

• Fundamentals of Forensic Accounting.
• Frauds related concepts.
• Forensic Audit Interview.
• Live Case Studies on Banking Frauds.
• Red Flags- Concepts and Techniques.
• Live Case Study on Financial Statement Analysis.
• International Laws
• IT Act vis-à-vis Business Laws
• Indian Laws

Topics covered during Professional Training of Seven Days

• Precursor Course on MS Excel.
• Course Introduction, Business Fraud, scenario, and fraudster profile.
• Discussion on types of red flags, types of fraud situations..
• Methods of investigations – CAATs.
• Case Studies on Frauds, Use of Benford Law, RSF, Luhn's Algo.
• Mathematical Quantification Using CAATs - Benford's Law.
• Red and Green Flags, Case Studies Types of Frauds
• Mathematical Quantification Using CAATs – RSF, Case Studies
• Financial fraud, interviewing and field investigations.
• Digital Forensics and Cyber law.
• Introduction to Data Extraction, Digital Forensics and Cyber Crime, Ethical Hacking, Digital Incident Response.
• Indian Laws.
• Introduction to Cyber Crime & International Guidance to Cyber Forensics Laws.
• Internal Financial Controls ( IFC ) as per Companies Act 2013 ( Sec 143 , 134 , 5A ), Auditing Standards, Fraud under the Companies Act.