Emerging Needs of Forensic Audit in Corporate and Banking Frauds in India

Abstract

“When we discuss about good corporate governance we always have to address the matter of frauds which acts as an obstacle for comprehensive growth and development. Corporate and banking frauds are very significant and rampant issue as they have irreversible and traumatic impact on stakeholders and reputational impact on corporate and banks. Thus there is an emerging need to cope up with this menace and forensic audit is considered as a powerful weapon which is used for corporate and banking fraud detection, mitigation and prevention. Forensic audit is comparatively a new term for a country like India, but with growing number of white collar crime, forensic audit professionals are in considerable demand. This paper explains the concept of corporate and banking fraud in India and role of forensic audit as a Brahmastra (Brahma weapons) against this economic devil. Relevant Secondary data from various publications has been reviewed and synthesized for this research paperâ€