Integrating Forensic Accounting with Conventional Financial Accounting : A Forward-Looking Approach

Forensic accounting is a comparatively innovative field of career that has prolonged rapidly since its inception. The need for it is growing every day. Forensic accountants are extremely endowed individuals who possess meticulous knowledge in several areas such as general accounting principles, criminal behavior, the law, frauds and computerized systems. Due to increasing scenario of frauds in India, it is evident that now a day’s criminals are becoming technology-savvy and developing new methods to perpetuate crimes. Hence, in the era of digitization, the necessity of forensic accounting is growing for their “niche” accounting, auditing, lawful and analytical skills. Therefore, the introduction of forensic accounting as a new area of accounting has been thrown in the “forefront of the crusade” against financial dishonesty and accounting scandals. Since the start of the twenty-first century, several financial and online frauds occur that led to the downfall of many enterprises. To meet these kinds of scandals, there is drastic increase in the demand of forensic accounting for which the Committee on Information Technology (CIT) of the Since forensic audit, fraud detection, and prevention have been recognized by the Institute of Chartered Accountants (ICAI) as specialty areas, the ICAI has begun offering certificate programs in these areas. The present study aims at analyzing the futuristic approach towards integration of forensic accounting with conventional financial accounting in India. The researcher tried an attempt to describe the perceived benefits as well as obstacles regarding integration of forensic accounting with conventional accounting according to gathered information from 100 responders including student group, academicians and professionals.