Perspectives on Business Management, Economics & Information Technology (PBMEIT) Now also covers research on Psychology

PBME Volume III ISBN: 978-81-951151-1-2

FORENSIC ACCOUNTING IN INDIA: IMPACT ON FRAUD DETECTION

Author(s): LEKSHMI MOHAN

Abstract

Knowing the monetary aspects of the organization, to stakeholders depends on the financial statements. It helps to grasp the expansion graph of the organization and as a result to requires investment choices to the general public. The ultimate aim of a "true and fair view", advised by Generally Accepted Accounting Principles (GAAP), is that the correctness of financial statements. But, because the business world extremely focuses on profit, fraud creeps into accounts. The human greed for money, power, and fame results in such white-collar crimes.

Forensic Accounting is the incorporated term of both investigation and accounting. It may be specified as the art of detecting fraudulent activities through fact-finding skills, from financial statements. As a developing economy, India has seen several crucial monetary scams like Satyam Computers Scam (2009), PNB Scam (2018), etc. These scams highlight the need for more stronger steps towards Forensic Accounting. The subject is considered as a new stream of study since corporate fraud are reaching their peak. This study is principally for knowing how this sophisticated stream can help detect fraudulent activities of the business in INDIA. How effectively this stream of accounting can be used for the betterment of the organization, i.e. while not scams is that the aim of this analysis.

Keywords: forensic accounting, white-collar crimes, corporate frauds

JEL Classification: E00, G01, M41

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