India Inc steps up fight against fraud

Concerned over corporate frauds especially after the Satyam scam, many large Indian companies have started hiring forensic accountants to detect misreporting in books of accounts, global consultancy firm KPMG has said.

Concerned over corporate frauds especially after the Satyam scam, many large Indian companies have started hiring forensic accountants to detect misreporting in books of accounts, global consultancy firm KPMG has said.

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“The need of forensic accountants is prevalent across industries. The current availability of industry specific forensic accountants is quite low and there exists a gap between demand and supply,” KPMG executive director Deepankar Sanwalka said.

“In the wake of the growing number of fraud incidents coming to light both within India and internationally more and more companies are looking towards forensic accountants to help ensure increased transparency,” he said.

Corporate fraud involves accounting schemes designed to deceive investors and auditors. Forensic accounting is a scientific process of gathering, analysing and documenting financial information that can stand the test of time in the courts and as such would go a long way to check fraud.