Right from conducting forensic audit to examining the evidences, from finding the culprit behind the fraud to appearing in the court for submitted the testimony, a Company Secretary is apt in serving his professional excellence as a forensic auditor.
Can a Company Secretary do audit?
There are no substantial powers or responsibilities of a Company Secretary as an Internal Auditor allocated in the act, however, he is expected to : Ensure proper following of accounting standards and conventions by the company. Ensure audit of the company’s financial statements and books of accounts.
Who can do a forensic audit?
Most of forensic audits and forensic examinations are conducted by Certified Fraud Examiners (CFEs), or forensic accountants who are normally considered experts in a specific field of forensic accounting. Internal audits are often conducted by either Certified Internal Auditors (CIAs) or other accounting professionals.
Can a Company Secretary do internal audit?
Company Secretary may perform the function of internal audit. … Appointment of Company Secretary as an internal auditor may facilitate proper interaction between the board, its committees, senior management and departmental heads, vendors and suppliers, shareholders and another stakeholder.
Who can conduct forensic audit in India?
Any candidate who is a graduate and have at least one year of experience in the Nationalised Banks, Private sector banks, Co-operative banks or non-banking finance company, credit card company or a financial institution can apply for the examination of Certified Banking Forensic Accountant.
Is secretarial audit mandatory?
Secretarial Audit is an independent, objective assurance intended to add value and improve an organization’s operations. … Secretarial Audit has not been made mandatory for private companies and small public companies.
What are the 3 types of audits?
There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits. External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor’s opinion which is included in the audit report.
Is there a forensic audit?
A forensic audit examines and evaluates a firm’s or individual’s financial records to derive evidence used in a court of law or legal proceeding. Forensic auditing is a specialization within accounting, and most large accounting firms have a forensic auditing department.
Is forensic audit mandatory?
The Reserve Bank of India has made forensic audits mandatory for large advances and restructuring of accounts. … Forensic auditors/accountants do not differ from other financial accountants. However, they possess special skills to detect fraud, and ways to document it.
Who hires internal auditors?
Internal auditors are hired by the company, while external auditors are appointed by a shareholder vote. Internal auditors are employed to educate management and staff about how the business can function better.
Do we need to appoint internal auditor every year?
Appointment of internal auditor is mandatory for every producer company irrespective of any criterion. Further, the proviso provides that any existing company which is covered under any of the above criteria shall comply with the requirements of section 138 and rule 13 within six months of commencement of such section.
What is the scope of forensic audit?
A forensic accountant must determine whether illegal matters such as employee felony, securities embezzlement (including tampering and distortion of financial accounts), identity theft and insurance racket have taken place. The scope of forensic accounting is to: 1.
Can a CA do forensic accounting?
The two major certifications are Certified Fraud Examiner (CFE) and Certified Anti-Money Laundering Specialist (CAMS). If you are a Chartered Accountant from ICAI you can also pursue a Certificate course on Forensic Accounting and Fraud Detection.
How much does a forensic auditor earn in India?
Forensic Auditor salary in India ranges between ₹ 2.6 Lakhs to ₹ 20.0 Lakhs with an average annual salary of ₹ 5.7 Lakhs.