Forensic Accounting is the specialty practice area that describes engagements which result from actual or anticipated frauds, disputes or litigation 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.
On completion of the course, members will learn the concept of the Forensic Accounting and Fraud Detection and what tools we can use to conduct Forensic Audit.
Member need to undergo E-Learning of 17 hours and 30 minutes available at Digital Learning Hub of ICAI i.e. https://learning.icai.org for free to all the Members.
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.
IT Act vis-à-vis Business Laws
3. Professional Training
Course duration is for 11 days which is divided into 4 hours daily Instructor-led Virtual sessions and the last day class duration (i.e. 11th Day) will be of 2 Hours.
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.
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.
There will 2 online Module Test in the Session (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).
4. Assessment Test (AT)
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.
Module Tests + Project Work
Eligibility criteria to appear on FAFD AT is to get 50% in aggregate i.e. 50 Marks
Passing criteria is 50% in aggregate i.e. 50 Marks
A online final assessment test of 100 Marks will be held on quarterly basis.
The minimum marks required for passing FAFD Assessment Test is 50% i.e. 50 marks out of 100.
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