Definition
An examination of financial records with the specific purpose of detecting fraud, misrepresentation, or financial crime. RBI guidelines require banks to conduct forensic audits in all cases where fraud is suspected. Forensic audit reports are used as evidence in FIRs and DRT proceedings. The SFIO (Serious Fraud Investigation Office) conducts forensic audits in cases involving company law violations.
Related Terms
FraudNPASFIORBI
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Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates