Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
However, unlike accounting and auditing standards, FAIS are not notified as ‘rules’ by the government and hence not legally binding on professionals from diverse fields conducting forensic auditing. At most, FAIS are binding on ICAI members. Thus, unlike financial and internal auditing, forensic auditing is not subject to any legally binding standards.
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