The Statement Beneath!

As Hon'ble Finance Minister Mr.Arun Jaitely completed his budget speech, people of India came to know he means business. A balanced finance budget with main focus on stable growth and tit-bit giveaways FM showed opposition that "sach me ache din aane wale hain". Now focus of govt is merger of shadow economy of India into mainstream by bring in the black money. The main focus of govt now is to bring in black money back in the economy which has been drained out by scams.As said old sins, cast a long shadow, so it will take time and in as expert reckon more scams and of larger magnitude are yet to be revealed.

With more and more scams coming in picture, FORENSIC AUDITORS' and FRAUD DETECTORS' importance will increase. These are the professionals with special skills who can detect frauds in financial sector, which for any other person is like finding needle in haystack. Equipped with special data analytics tools, a forensic auditor specialises in scrutinising records to find any fraud, leakage or any other kind of financial damage to the organisation. Also, he can help in collection of evidences required in any other kind of fraud.
Technologically Forensic Auditor is panache, having all the modern equipments, gadgets and knowledge of how a fraudster could have used any equipment to perpetrate a fraud, any kind of fraud it may be. Forensic audit is not mere a task to read financial statement between the line but to understand scrutinise the statement beneath. The professional will scrutinise the data to extract something evidence that stands as valid evidence is court of law.

The question now is what are the required skills to be a forensic auditor? A forensic auditor not a demigod. To be a good forensic expert following are the skill set one should have:

1. Ability to derive "trail" of the an event. With simple observations, use of common sense and technical knowledge of the field a person can detect biggest of the frauds and their perpetrators with utmost ease.
2. "Think like a fraudster" .Unless a professional cannot think like a fraudster and cannot vulnerabilities in system and ways to exploit those, reaching and rooting out a fraud would be a mammoth task.

This blog is merely a prelude to immensely vast field of Financial Forensics. The field has immense scope for budding professionals and seasoned campaigners of the financial advisory field. Still unexplored this field is very promising,all one needs is to read "not between the lines" but The statement Beneath.