“Forensic Accounting in India: An Analysis of Regulatory Framework and Accounting Professionals Insights on Fais 2023”

Abstract: Forensic Accounting has emerged as vital method for detecting and mitigating corporate frauds and enhancing transparency in financial management of corporates. This study discusses the available theoretical framework of forensic accounting in India by probing the opinions of accounting professionals, particularly Chartered Accountants (CAs) in Karnataka. The study digs into key aspects like applicable legal framework and recently introduced Forensic Accounting and Investigation Standards (FAIS) 2023. With an extensive literature review and pragmatic analysis, the study highpoints the objectives of FAIS 2023 in fraud detection and mitigation. A survey conducted among accounting professionals reveals the perception about awareness of current framework and implementation challenges. The study ends with recommendations for strengthening the forensic accounting discipline to address corporate frauds more efficiently and effectively in India.