Forensic Audit Services Under RBI
The digital age has sparked a growing interest among people in business. The government has concerns about the fraud and misbehavior that can occur in this rapidly growing environment. The RBI created guidelines for the protection of people and organisations, and it is important that everyone follows them. As a result, forensic audit services are now a requirement across India for all banks, corporations, and financial institutions. The Reserve Bank of India has tightened their norms on non-performing assets and willful default due to the increasing incidents of fraud. In many cases, forensic audits are now mandatory. ASC Group specializes in conducting forensic audit services in strict accordance with RBI guidelines. This ensures complete transparency and compliance.
What Does a Forensic Audit Mean Under RBI Guidelines?
First, let's look at the forensic audit process. According to RBI directives, a forensic audit is an analysis of financial records for identifying potential frauds, misappropriations, and financial irregularities. RBI's circulars such as Master Directions for Frauds Classification, Reporting and By Select FIs (Financial Institutions) mandate that banks conduct a forensic audit in cases of suspected transactions before deeming a borrower a "willful defaulter".
Our role is to help our clients. ASC Group, one of India's top forensic accounting firms, offers services in forensic audit and forensic legal audit that are aligned with the RBI's legal, regulatory and procedural requirements.
What Forensic Audits are Crucial for Today
In India, financial crimes are on the rise, and lenders, particularly those who become non-performing loans, must be closely monitored. RBI made it very clear that banks must carry out an audit forensic to determine if there is fraud or money diversion if the borrower fails to pay a loan in excess of Rs. 50 crore.
ASC Group provides a range of services that help banks, corporations, NBFCs and other institutions to mitigate risks by identifying red flags early. Our audits are structured to help our stakeholders make informed decisions about legal and financial matters, thus improving financial governance. For more detailed information you can consider this link - Click on it.
What Makes ASC Group an Admired Partner?
Our firm is proud to be one of the top forensic accounting firms in India. ASC Group has a team that includes CAs, lawyers, financial investigators and data analysts. They provide comprehensive auditing services, including:
- Financial statements, accounts and transactions Analysis,
- Identification of Fund Diversion and Misuse,
- Checking the final use of bank loan,
- The detection of fake invoices, shell companies and other related parties transactions,
- Support for Fraud Prosecution under the applicable Laws,
Data-driven, our approach relies on advanced forensics tools. Our forensic auditing frameworks are compliant with RBI requirements, which include timelines, formats of reporting, and useful insights to stakeholders.
Following the RBI Mandated Forensic Audit Procedures
RBI requires that banks engage firms capable of neutrality, who work within a defined methodology. According to the RBI circular of May 2019 banks must obtain a report by a third party auditor before declaring an individual borrower a willful debtor.
ASC Group is a professional service provider registered with the RBI. We adhere to guidelines and the Master Directions issued by CVC and IBA. Our forensic audits are conducted to the highest standard of accuracy, compliance with regulatory requirements, and confidentiality.
We Have a Wealth of Industry Expertise
ASC Group, with over three decades' experience in serving clients, has earned a solid reputation for providing insightful and useful forensic audits service. This is especially true among banks and corporates from the public and private sectors. We have clients in a wide range of industries, including:
- Banks and Finance,
- Real Estate and Infrastructure,
- Pharmaceuticals,
- Manufacturing,
- The Internet and Technology,
Our ability to blend financial intelligence and legal expertise to produce high-value forensic financial audits has made us one of the best forensic accounting firms.
When Should You Consider a Forensic Audit Firm?
Many past cases have led to the necessity of connecting with best forensic audits firms. In many cases, a forensic audit is necessary and forensic audit firms can provide better solutions, such as:
- Unaccounted financial discrepancies,
- Restructuring or defaulting on loans,
- All claims of diversion or misappropriation of funds,
- Whistleblowers complaints,
- Merger & acquisition due diligence,
If you're a business or financial entity, a timely legal audit will help safeguard your brand, facilitate compliance and legal recourse if fraud occurs. It can also save your company from an array of malicious actions that could negatively impact its market reputation.
What Can an ASC Group Do for You?
ASC Group is more than just a forensic accounting firm. We are your partner in securing your financial future. We are one of India's best forensic accounting firms, combining financial knowledge, investigative abilities, and legal expertise to provide precise and reliable results. We are committed to confidentiality and audit integrity. Our team also supports clients by helping them take corrective action based on the findings.
Take the right advice and support to protect your company from fraud. ASC Group is your partner for Forensic Audits that follow RBI guidelines.
