Page 346 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori
- FAIS ensures quality output in Forensic Accounting and Investigations by ICAI members.
- A Framework sets the boundaries for Forensic Accounting and Investigations.
- This Framework is to be read with the Preface to FAIS.
- The Framework aims to clarify Forensic Accounting, integrate its components, and enhance service quality.
Framework Structure and Components
- It defines the structure for Forensic Accounting and Investigations.
- Code of Ethics forms the foundation of the Framework.
- Four inherent components of the FAIS are mandatory, except the Guidance.
(i ) Basic Principles of Forensic Accounting and Investigations.
(ii) Key Concepts.
(iii) Standards on Forensic Accounting and Investigations.
(iv) Guidance.
Forensic Accounting and Investigation Standards Broad Level Objectives:
Regulators' Expectation:
- What can be expected from FAI services; and
Professionals' Standards:
- Minimum standards for FAI assignments.
Users' Expectations:
- Indication of service quality from FAI engagements.
Guidance to Everyone:
- On implementation and related practical issues.

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