Dr Tapan Panda is a Ph.D in Business Administration from the University of Houston, USA. He has worked as a fulltime faculty member at three IIMs, lucknow, Kozhikode and Indore. He has also officiated as Director, IIM, Indore, before joining Everonn Education limited (a BSE and NSE listed company) as its president -marketing and corporate affairs. He has more than 20 years of academic experience in marketing, branding and customer relationship management. He was also Director at Great lakes Institute of Management, Chennai. He visited CT Bauer College, University of Houston, Texas, USA; University of Cincinnati, Ohio, USA; Fudan University, Shanghai, China on academic assignments. He trained people from reputed organisations like ONGC, GAIl, SAIl, EIl, HUl, lG, AXIS Bank, and TVS Motors. Now he is a member of American Marketing Association (AMA), National Board of Accreditation (NBA), and AIMA. At present he is serving as Dean at Management School in BMl Munjal University founded by the Hero Group and mentored by Imperial College london in Haryana. Rajeev lochan Rathan met Dr Panda in Bhubaneswar.
What is forensics accountingIJ
If you bring up forensics in a conversation, those involved will often start thinking of scenes from the television show Crime Scene Investigation (CSI). It’s identical with scouring crime scenes for minute clues to help criminal investigators create leads in various cases.
Because of the misunderstanding developed about criminal investigations and forensics, many do not realise that there is an acute difference between forensics accounting and forensic science.
What is forensics accounting course about and who provides it in IndiaIJ
Courses, particularly pertaining to forensic auditing, are now available in India. They mainly cater to auditing segments. Forensics accounting is a term which basically used in corporate sector for corporate fraud.
If you thought only a chartered accountancy programme will help you become an auditor, looking into a company’s books both from the financial and the forensic angle, you might be wrong. Forensic accounting introduced fast in Europe in1970 later it spared to the USA in 1980 and now in India to control corporate fraud.
Institution such as BMl Munjal University provide courses since June 2014 on forensic auditing that will have individuals act as watchdogs in Indian companies.
Which are the Acts to prevent corporate fraudsIJ
The introduction of the Companies Act, 2013 has a significant impact on fighting and preventing frauds. Under Section 245 (1G) of the new Companies Act, depositors and members of a company can claim damages from auditors, management and other consultants for the wrongdoings by the company and its management.
Further, under Section 140, the auditors and their firm would be jointly liable for any frauds in the books of accounts and many auditors are likely to become forensic accountants in the days to come to avoid being caught on the wrong foot.
How can be an aspirant well trained through the courseIJ
BMl Munjal University offers the programme for forensic accounting course in MBA syllabus. If an aspirant secures 95 per cent in CAT shall be provided Rs5,000 scholarship in every month plus free course. If 90 per cent, then the course is available free of cost. The first batch of the course is training to become an expert in the field of forensic accounting, forensic auditing, litigation support and investigative accounting. The syllabus includes three months training at Imperial College of london.
What’re all eligibility and extra benefit for an aspirantIJ
Generally, applicants for the course have a minimum of a bachelor’s degree and it is MBA programme of two years at BMl Munjal University. The curriculum is based on global standards and, hence, it ensures that their accountants are ready for all areas of accounting and finance. The course is provided by BMl Munjal University and moderated by Imperial College of london in collaboration with KPMG, a global network of professional firms providing audit, advisory and tax services.
How forensic accounting shall be a gatekeeper to check fraud in corporate sectorsIJ
Forensic accountants investigate fraudulent activities; uncover money laundering and find missing assets through a combination of investigative techniques and accountancy skills. As an investigation may lead to judicial proceedings, forensic accountants need to work closely with and sometimes take instruction from legal teams and organisations.
How can forensic accounting be helpful to prevent scams in Odisha contextIJ
Demand for forensic accounting and fraud detection specialisation is increasing, considering the rising incidents of scams like chit fund and mining an, cyber crimes in Odisha. Aspirant will be given inputs on techniques to prevent fraud. The course has a good portion on financial mischief that would cover various aspects of forensic auditing and closer examination of a company.
What’s the need for better financial control for fraud risk management in companiesIJ
There are a lot of challenges that the companies would face when it comes to managing the fraud risks. According to some reports some of the common challenges for the companies are inability to perform in effective fraud risk assessment and ineffective segregation of duties .Apart from this other risks include limited monitoring of the third parties and ability to demonstrate ethical behaviour.