Forensic Accounting and Auditing is a very much upcoming field in India. With the impending use of Systems we are becoming completely dependent on that. With more and more use of systems frauds are happening at an alarming rate. Moreover, if you would look up RBI is thinking to set up a bad bank for bad loans since there has been increasing numbers of bad loans which warrant a forensic audit.

Scope of Forensic Accounting in India:

1. RBI Red Flagged Accounts needs forensic, in coming period RBI may make it compulsory for advances above certain threshold.
2. Serious Fraud Investigation Office established under the Companies Act, 2013 could also provide investigation assignments for Forensic Accountants.
3. Economic Offences Wings also require help of experienced Chartered Accountants in Forensics.
4. There are many internal frauds happening in Corporates nowadays.
5. Forensic services are also required during the course of Due Diligence in case of Mergers & Acquisitions.
6. Cyber Forensics is one of the growing field.
7. Forensic Accounting and Auditing has a huse scope in India as per the current market scenario.

With regards to qualification one may do the Certificate Course on Forensic Accounting and Fraud Prevention (FAFP) offered by ICAI after clearing your CA Exams. One may also pursue Diploma in Systems Audit (DISA) which may be helpful. Certified Fraud Examiner (CFE) is also a worthy credential for a Forensic Accountant. It requires Bachelor’s in any field with 2 years fraud related experience.