Forensic Accounting: A Strategy for Identifying and Terminating Financial Frauds in India

Author:Riyazuddina*, Mohd Iftikhar Baigb

Abstract:
Forensic accounting is a specialized field of accounting that involves using financial and investigative techniques to uncover fraud, financial irregularities, and other criminal activities. In India, the use of forensic accounting as an approach to preventing and detecting fraud is gaining popularity due to the increasing instances of financial fraud in the country. The approach involves a combination of traditional accounting methods and forensic techniques to investigate, analyze, and interpret financial data. This includes identifying patterns of financial behavior, analyzing financial statements, interviewing suspects and witnesses, and collecting and analyzing electronic evidence. Forensic accounting is particularly useful in India, where the legal system can be slow and inefficient in dealing with financial crimes. By providing concrete evidence of financial fraud, forensic accounting can help speed up legal proceedings and ensure that justice is served. Furthermore, with the growing adoption of technology and digital payments in India, forensic accounting is becoming even more critical in detecting and preventing cyber fraud, which has become a significant challenge for businesses and financial institutions in the country. In conclusion, the use of forensic accounting in India is an effective approach to preventing and detecting financial fraud. By combining traditional accounting methods with forensic techniques, forensic accountants can identify financial irregularities and provide concrete evidence of fraudulent activities, making it easier for the legal system to hold perpetrators accountable.

Keywords:Key Words: Financial Accounting, Forensic Accounting, Traditional Accounting Method.

DOI:10.46333/ijtc/12/1/14

International Journal of Trade & Commerce (Vol: 12 Issue:1)