In India Forensic Accounting is still in nascent stage and it becomes very difficult to find and retain the forensic accounting resources in India. Failure of banks and non banking finance companies has lead to a crisis in the banking system and the need for gathering the market intelligence has grown up ever than before.
Certified Bank Forensic Accountant (CBFA) program was started in the year 2006 as an endeavor to meet the growing demand of the forensic accountants in the country.
As a first step towards this initiative Indiaforensic Research Foundation has forayed into Bank Forensic Accounting.
For an unknown reason the banks are hesitant to appoint the external parties for preventing, detecting and investigating the frauds. They believe more in their internal audit teams for investigation of the frauds. Certified Bank Forensic Accountant program is the answer to this pain point. Moreover, it is an instructional training program offered by Riskpro Learning.
CBFA program is a certification program based on the real life case studies and discussions around banking frauds. This program is lead and proctored by banking sector veteran Nikhil Parulkar.
Though this is a debatable topic, we respect the decision of the bankers. In order to equip the vigilance departments of the banks we have launched this course on Bank Forensic Accounting. This program is the first of its own kind.
Co-operative bank failures have led to a growing awareness. The co-operative banks are now regulated under Reserve Bank of India. There is a need for accounting and finance professionals to acquire skills to identify and act upon indicators of poor corporate governance, mismanagement, fraud and other unethical behavior.
CBFA Syllabus Coverage
CBFA program is offered in 5 modules.
- First module is the introduction to forensic accounting. Module content will be set within the context of Indian and International audit standards and principles related to risk-based audit and forensic investigation.
- Second Module is about the failures and frauds in the BFSI sector. The purpose is to use the past to identify the drivers of fraud, other forms of management and employee abuse.
- This module discuss the investigative process. Students are provided with the opportunity to learn the specific elements involved in a financial investigation.
- Fourth module goes a step beyond and covers advanced investigative techniques. Advanced study of investigative interviewing and human behavior analysis is undertaken to correctly detect deception and understand a subject’s motives and rationalization for committing financial crime.
- Final module covers the report writing skills. This subject draws on professional guidelines, judicial reviews and documented experiences.