Numerous financial frauds

Numerous financial frauds in the past and the beginning of the century, as well as the global financial crisis and recent scams, demanded an advanced mechanism for fraud prevention. In this scenario to cover the limitations of the existing accounting system a branch of accounting called forensic accounting came into limelight. The need for forensic accounting has been recognised worldwide and most of the developed countries are using this system very effectively and efficiently in order to fight against the white collar crimes. Unfortunately in our country the system of forensic accounting is largely unexplored and not only common people, even academicians and auditors are unaware about such an effective tool that we can use against the growing frauds and scams which are the foremost issue that India is facing at present.


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