Developing Forensic Audit & Job Opportunity

Forensic term we understand in crime like murder and other mysterious crime. But today Forensic word is also used in corporate fraud and it’s used as Forensic audit. We have to understand first what is Forensic audit? Forensic audit is also known as Due Diligence or its part of same. Many countries like England, USA, Germany, France etc had compulsory in their country for Due Diligence to stop the fraud.

Forensic audit is emerging as a big ticket business for accounting firms. Two developments are responsible. One, some high-profile frauds in the limelight over recent months. Two, changes in the approach of regulators, allied to provisions in the new company’s act which put more accountability on both independent directors and auditors. Keeping in mind all big accounting companies are strengthening their forensic audit team, investing more into it. In this kind of work the very famous big 4 is known KPMG, Price water House cooper (PWC), Delloite, Ernst & Young (E&Y) which have highest number of shares in world market.

E&Y for instance, has very aggressive plans on this. It already has one of the largest teams for this of 450 people and it plans to add 150 more in current fiscal year. Price water House (PwC) has a team of nearly 200 people for this, and they looking at hiring another 75-100 people over the next one year to strengthen their team.

In this the big four accounting firms are already into forensic audits other firm like BDO India and Grant Thornton also playing a vital role and beefing up their forensic divisions.

Why this Forensic division is booming out because after the payment scam at NSEL, the spot exchange promoted by Financial Technologies (FT). The Forward Market Commission had ordered forensic audits of NSEL and one special audit of Multi Commodity Exchange also promoted by FT.  The economic offences wing of the police here is getting the books of brokers thought to be involved in the NSEL scam forensically audited. After this scam promoters are ordering forensic audits of their firms to ensure there is no NSEL like employee fraud.

Forensic audit is also help for Banks where rising bad loans and debt recast will make banks want forensic audit of defaulters to see if promoters siphoned off funds. To comply with the forensic corrupt practices Act, foreign companies might go for forensic audit of the books of their Indian arms or firms they intend to invest in.

Forensic audit are not new division in India but due to fraud scam it’s booming in India as per Jobs perspective. They are now plenty of firms in India for this kind of audit but the more famous and known in this division is big four because they big teams and making it more strength through hiring in this current fiscal year because of the demand for forensic audit were increasing. So due to this there is job opportunity in this sector only need to look towards the opportunity because scam is increasing fiscal year by fiscal year.

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