{"id":48653,"date":"2021-04-05T14:27:40","date_gmt":"2021-04-05T08:57:40","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=48653"},"modified":"2022-09-10T15:55:56","modified_gmt":"2022-09-10T10:25:56","slug":"forensic-accounting-investigation-standards-fais-under-daab","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/forensic-accounting-investigation-standards-fais-under-daab\/","title":{"rendered":"Forensic Accounting and Investigation Standards (FAIS) under DAAB"},"content":{"rendered":"

DAAB (Digital Accounting<\/a> and Assurance Board) constituted by ICAI to find a solution of all the issues arising regarding the valuation and internal audit<\/a> in the digital world. So, the board came up with a proposal to issue some standard rules to codify the practices in the domain of forensics and investigation. The standard rules proposed are named as Forensic Accounting and Investigation Standard (FAIS).<\/p>\n\n\n\n

In this article we will study all about Forensic Accounting and Investigation Standard (FAIS).<\/p>\n\n\n\n

What are ICAI and DAAB & the role they play in Forensic Accounting and Investigation Standard (FAIS)?<\/h2>\n\n\n\n

ICAI stands for Institute of Chartered Accountants of India. It is a statutory body set up under the Chartered Accountants Act, 1949<\/strong>[1]<\/strong><\/a><\/sup> to regulate and monitor the CAs (Chartered Accountants) in India.<\/p>\n\n\n\n

ICAI has always actively supported the government towards the better governance. ICAI constituted DAAB (Digital Accounting and Assurance Board) that promotes the policy of digital accounting and assurance. DAAB highlights the issues in accounting and assurance in the digital world. The issues included are valuation and internal audit.<\/p>\n\n\n\n

DAAB issues a set of Forensic Accounting and Investigation Standard (FAIS) in the country to resolve the issues related to accounting and assurance in digital world.<\/p>\n\n\n\n

The ICAI also realised that there is a need to standardize the rules, which will be helpful for the law enforcement agencies, banks, corporate, and other stakeholders to understand the common and standard practices for conducting forensic accounting and investigation standard.<\/p>\n\n\n\n

Finally DAAB issued exposure drafts of Forensic Accounting and Investigation Standard (FAIS) and invited comments of public to finalise this.<\/p>\n\n\n\n

Why proposal for Forensic Accounting and Investigation Standard (FAIS) was needed?<\/h2>\n\n\n\n

With the rise in accounting, financial and loan variations, there was a need of Forensic Accounting and Investigation Standard in India to conduct their assignments in effective, qualitative and prudent ways. This will also help in collecting evidences which may be on scrutiny in a court of law.<\/p>\n\n\n\n

The benefits of Forensic Accounting and Investigation Standard are:<\/em><\/strong><\/p>\n\n\n\n