ICAI to Release Forensic Accounting and Investigation Standards (FAIS)

ICAI to Release Forensic Accounting and Investigation Standards (FAIS) ICAI is the first Accounting Body in the world to release the detailed Forensic Accounting and Investigation Standards (FAIS) for its members & other stakeholders. The FAIS is principle based and will stipulate certain basic (but mandatory) requirements to be fulfilled by members who undertake Forensic assignments. FAIS will also provide recommendatory guidance on the procedures which may be followed in completing such assignments. Till date, 23 FAIS have been issued by ICAI. With an increasing number of Accounting, Financial and Loan irregularities, there is a pressing need of Forensic Accounting and Investigation professionals in India to conduct their professional assignments in a manner which is based on the comprehensive, qualitative and prudent set of Standards, and also to collect evidences which may be subject to high level of scrutiny in a court of law.