Drafts of updated Forensic Accounting and Investigation Standards
Exposure Drafts of updated Forensic Accounting and Investigation Standards (FAIS) and its Implementation Guide
| The Digital Accounting and Assurance Board has undertaken the task of updating the Forensic Accounting and Investigation Standards (FAIS) and the corresponding Implementation Guide on FAIS with the objective of making these standards globally relevant aligned with latest technological advancements and adaptable for wider adoption across jurisdictions. ICAI had released the revised FAIS on 1st July 2023, which became mandatory for all forensic engagements conducted on or after 01st July 2023 for the ICAI Members. To assist the members, the supporting recommendatory Implementation Guide on FAIS was also released at the same time. In view of increasing global interest and continuing technical advancements, DAAB initiated an expert-driven process to revise the FAIS and Implementation Guide on FAIS. The updates aim to: — Enhance global applicability by making them generic and country agnostic, thereby easier for adoption by foreign bodies. — Align the standards with continuing technical developments and emerging forensic techniques. It has been decided to place the revised FAIS and Implementation Guide on FAIS for Public Exposure for a period of 21 days to invite comments from members and key stakeholders. This consultative approach will ensure wider participation and refinement before final issuance. Comments on the attached updated FAIS (https://resource.cdn.icai.org/86046daab-FAIS.pdf) and Implementation Guide (https://resource.cdn.icai.org/86047daab-implementation-guide-FAIS.pdf) are requested by June 19, 2025 through the following link: https://forms.office.com/r/cHwNmaShgM or by scanning the following QR Code: |
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For any issues, please contact: 01203045961/992/963 /daab[at]icai[dot]in |
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