The Management Accountant - October 2024

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6 The Management Accountant - October 2024

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EDITOR’S DESK

From the

Forensic Audit: A Step Ahead

orensic Audit is

having an imperative

role in assisting the

corporates to maintain

efÏciency and unearth frauds.

Forensic audit as tool-mix of

accounting and investigation is

serving towards good governance

and makes the corporates to grow

and develop on the parameters

of being effective, efÏcient and

empowered. In today’s complex

financial landscape, organizations

face an array of challenges,

from regulatory compliance to

internal fraud. The increasing

sophistication of financial crimes

necessitates a proactive approach

and forensic audit has emerged

as a critical tool in this regard.

By examining the underlying

processes and potential

discrepancies in financial

reporting, forensic audits not

only identify wrongdoing but

also provide organizations with

insights to fortify their defences

against future risks.

This issue of Management

Accountant carries several

articles on the theme - Forensic

Audit - A Step Ahead.

Forensic Audit and The Role

of Cost Accountants explores the

essential role of cost accountants

in forensic auditing, a specialized

field aimed at detecting financial

discrepancies and frauds.

Forensic Audit and Corporate

Governance: A Step Beyond

Traditional Auditing System and

Synergistic Role of Artificial

Intelligence has tried to magnify

that forensic audit is a step ahead

of the traditional audit and AI

integrated forensic auditing is a

powerful tool to reduce corporate

crimes and helps to achieve

corporate governance goals.

Cost & Management

Accountants: Corporate Partner

as Forensic Professional -

Forensic Audit: A Step Ahead

concludes that CMAs will play

an important role in navigating

these complexities, ensuring

that forensic audits remain a

powerful tool for upholding

transparency and combating

financial misconduct.

Anomalous Detection in GST

Collections: A Forensic Analysis

Using Benford’s Law seeks to

detect irregularities and potential

frauds in GST collections from

Karnataka using Benford’s law

and to assess the conformity of

GST data (CGST, SGST, IGST

and CESS) to expected patterns

and distributions.

Forensic Audit: Theoretical

Insights and Practical

Applications explores the

application of key forensic audit's

theoretical frameworks across

various industries.

Locking Financial Depletion

by Unlocking Frauds using

Forensic Audit: A Lynchpin

asserts that frauds can be detected

by applying the forensic audit

which exhibits the motives

of the perpetrators behind the

occurrence of the fraud. Cost and

Management Accountants can be

judgmental in this task.

Harnessing AI in Forensic

Audit: Expanding Opportunities

for CMAs delves deeper into

the concept of forensic audit,

artificial intelligence (AI), how

forensic auditors can leverage AI

and how CMAs are well-suited

for these engagements.

Lending Through ‘Digital

Footprints’ New Model for Micro,

Small & Medium Enterprises

Credit Appraisal Process of

Banks discusses a ‘New Credit

Assessment Model’ for micro,

small & medium enterprises

(MSMEs), where banks will

assess them based on their ‘digital footprints’.

The objective of the article Beyond Internal

Audit: The Advanced Scope of Forensic

Auditing is to create awareness about the

growing importance of forensic audits and how

this is important in promoting transparency,

integrity and accountability

FAI work in payroll process is narrated in the

article Forensic Accounting & Investigation –

On Payroll Costs.

Audit Through Artificial Intelligence Tools

analyses various steps in the audit process and

the opportunity to use AI.

Financial Frauds and Cyber Crimes in

India sheds light on the evolving landscape

of cyber threats and the importance of proactive

measures to combat cybercrime effectively.

Role of ‘Digital Footprints’ in Business

underscores the need for business enterprises

to establish a digital footprint to maintain

relevance, competitiveness and prosperity

within the online commercial arena.

Applicability of Forensic Audit to Different

Industries gives an idea about the applicability

and few case studies from different industries

on forensic audit.

Forensic Audits explains the legislative

details related to forensic audits, as most of

the focus is laid on the guidelines by SEBI,

Acts like the Companies Act 2013.

Forensic Audit: A Step Ahead of Internal

Audit reveals that forensic audit is a purposeful

process of getting evidence which can be

used in a court of law. This process includes

various audit techniques like analysis, inquiry,

observation, evaluation and examination.

Apart from these thematic articles, this issue

contains articles on various other contemporary

matters too.

We look forward to your constructive

feedback. You may send your comments and

suggestions to editor@icmai.in.

Puja is more than just a religious observance;

it is an expression of gratitude, love, and hope.

Whether you celebrate in a grand manner or

in quiet solitude, may the essence of Puja fills

your heart with peace and happiness.

Wishing you all a joyful and blessed Puja!

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