Why Banks Should Go for Forensic Accounting - Needs and Applicability

Abstract

Banks are facing a gradually difficult scenario with the increase in scams. With more regulatory inspections, banks are under pressure to execute best practices. In such a situation, forensic accounting and auditing is therefore not an option but the need of the hour. Forensic Accounting is an attempt to snuffle out fraudulent dealings from the financial records of banks and companies. Kautilya was the first economist who explicitly recognised the need of forensic accountants. The opportunities for the forensic accountants are growing at the rapid speed in recent years. Forensic accounting is still emerging in India.