2024, Vol. 6, Issue 8, Part B

Author(s): Nikhil Bharat Goyal

Abstract: In the post-pandemic India, forensic accounting has been a very crucial measure, in defining and preventing financial fraud. In this study, the SWOT (Strengths, Weaknesses, Opportunities, and Threats) paradigm is employed to evaluate the issues of diagnosis and the advances of strategy in the industry. The institutional presence, regulatory requirements and developing digital skills as the pillar strengths are addressed on the basis of the recent research and professional analysis. At the same time, it also indicates critical weaknesses like non-uniform adoption, inadequate legal support and low proficiency training. The cutting-edge technology areas, e.g., artificial intelligence (AI), blockchain, forensic analytics, and so on, are considered to be a massive opportunity to enhance the efficiency of fraud detection. Yet, the long-term effectiveness is threatened by such obstacles as cybersecurity vulnerabilities and regulatory fatigue. It also addresses the necessity of the professional capacity development, cross- jurisdictional challenges, and admissibility issues in the law. In this paper we aim to change the way forensic accounting should be done by changing it to the strategic than its current use as being remedial rather than strategic governance and we make suggestions on what should be done going forward. The findings offer opportunities of institutional and technical integration through provision of avenues of participation in policy discussion and practice of forensic accounting in India.

DOI: 10.33545/27068919.2024.v6.i8b.1596

Pages: 153-159 | Views: 1145 | Downloads: 506

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