UNCOVERING FINANCIAL FRAUD: THE ROLE OF FORENSIC ACCOUNTING IN PREVENTING AND DETECTING FRAUD IN INDIA
DOI:
https://doi.org/10.55829/ijmpr.v2i2.145Keywords:
Forensic Accounting, Preventing and detecting financial fraud, Challenges related to Forensic Accounting in IndiaAbstract
This paper explores the role of forensic accounting in preventing and detecting financial fraud in India. The first section provides an overview of financial fraud in India, highlighting the various types and causes of financial fraud that are prevalent in the country. The second section discusses the methods of preventing financial fraud, including internal controls, anti-fraud policies, and risk assessment. The third section focuses on the methods of detecting financial fraud, such as financial statement analysis, transaction tracing, data analysis, tip-offs and whistle-blowers, and internal audits.
The fourth section examines the role of forensic accounting in uncovering financial fraud in India, including litigation support, investigation, prevention, and detection. The fifth section highlights the challenges faced in forensic accounting in India, such as lack of awareness, legal framework, and professionalism. Overall, this paper aims to provide insights into the crucial role of forensic accounting in maintaining the integrity of the financial system in India.
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