ICAI hosts ‘Future Proof Forensics 2025' in Mumbai; to strengthen India's financial resilience
The event aims to bring together leading experts, regulators, financial institutions, and industry stakeholders to deliberate on emerging trends, challenges, and technological advancements in the fields of forensic accounting, financial fraud detection, and digital resilience. With a focus on collaboration and capacity-building, the event underscores ICAI's continued commitment to strengthening the forensic and financial ecosystem in India.
Hosted by the Digital Accounting and Assurance Board of ICAI, the event saw participation from key institutions including RBI, SEBI, CAG, IBA, NBFCs, and ARCs. Bringing together over 130 senior regulators, banking professionals, and domain experts, the conclave highlighted a unified commitment to tackling financial fraud through collaborative, technology-driven oversight in a rapidly digitising financial landscape.
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The event was inaugurated by Shri Tuhin Kanta Pandey, Chairman, SEBI, and Shri Anand Mohan Bajaj, Deputy Comptroller & Auditor General of India, in the presence of CA Charanjot Singh Nanda, President, ICAI; CA Prasanna Kumar D, Vice-President, ICAI; CA Dayaniwas Sharma, Chairman, Digital Accounting and Assurance Board (DAAB), and CA Arpit Jagdish Kabra, Vice-Chairman, DAAB, along with Central and Regional Council Members of ICAI.
Also present were leadership from the Reserve Bank of India (RBI), Indian Banks' Association (IBA), NBFCs, and Asset Reconstruction Companies (ARCs).
In his inaugural address, Shri Tuhin Kanta Pandey, Chairman, SEBI, said, 'Financial fraud is evolving rapidly, becoming more sophisticated with the use of AI, cryptocurrency, and digital platforms that transcend borders. In response, SEBI adopted a zero-tolerance approach, strengthening regulatory frameworks, deploying forensic investigations, and leveraging advanced SupTech tools to detect and address anomalies proactively.
Initiatives such as UPI@valid have been introduced to authenticate intermediary transactions, while strategic collaborations with institutions like ICAI and NFSU are helping build capacity in digital forensics and fraud risk management. Our overarching goal remains steadfast: to safeguard investors and uphold the integrity of India's capital markets."
He further added, 'Forensic accounting should no longer be viewed merely as a post-fraud response—it must evolve into a proactive discipline embedded within corporate governance frameworks.
SEBI's collaboration with ICAI enhancing professional capacity and advancing investor education marks a significant step in this direction. In this digital era, ICAI proposed to introduce Information Systems Audit Standards, which will strengthen the trustworthiness of the audit process in the digital domain.
As we progress toward Viksit Bharat @ 2047, sustained investor trust will hinge on competence, vigilance, and unwavering professional integrity—key pillars in aligning India's markets with global best practices.'
Shri Anand Mohan Bajaj, Deputy Comptroller & Auditor General of India, in his special address, emphasised, 'Tackling financial fraud in today's landscape requires more than conventional audits—it calls for technology-led, collaborative vigilance. The introduction of Forensic Accounting and Investigation Standards by ICAI marks a crucial stride in this direction. As fraud becomes increasingly sophisticated, driven by AI and digital networks, institutions like the CAG are embracing emerging technologies to stay ahead and protect public trust.
In partnership with professional bodies like ICAI, we are committed to building a transparent, resilient, and globally credible financial ecosystem for Viksit Bharat 2047.'
ICAI established itself as a pioneer in forensic accounting, towards strengthening the financial discipline in the country. ICAI is the first accounting body in the world to release the detailed Forensic Accounting and Investigation Standards (FAIS) that aims to strengthen forensic engagement and supporting legal processes.
These standards serve as a benchmark for financial investigations across jurisdictions. To date, ICAI issued 20 FAIS along with 3 overarching documents to support the investigation of financial and business frauds.
CA Charanjot Singh Nanda, President, ICAI, during his presidential address reaffirmed the ICAI's commitment to build a robust national framework for forensic and digital assurance.
He said, 'Today marks the fruition of a long-standing vision.
With the launch of forensic accounting standards and our strategic focus on emerging technologies, such as AI, blockchain, and cybersecurity, ICAI is setting new global benchmarks. Our initiatives—from training CAG, SEBI, regulatory personnel and supporting banks with expert-led programs, reflect our commitment to combating financial fraud and fostering public trust.
Indian Chartered Accountants have long been nation builders; now, they are stepping onto the global stage as key partners in shaping a fraud-resilient financial ecosystem.
ICAI will soon come out with Information Systems Audit Standards, to strengthen the audit process in India's digital ecosystem. True strength lies in knowledge, clarity of purpose, and mental resilience—and with these, India is firmly on course to emerge as a global power by 2047.'
During the inauguration, a specialised publication on 'Early Warning Signals of Banking Frauds', aimed at strengthening fraud detection and response mechanisms across financial institutions, was also launched.
On this occasion, CA Prasanna Kumar D, Vice-President, ICAI, said, 'India's ambition today goes beyond ease of doing business, it's about accelerating the speed of doing business. As we chart our path toward becoming a developed economy by 2047, it's equally critical that we position ourselves as one of the world's lowest-risk jurisdictions. Forensic tools, robust audit standards, and cutting-edge technology will be essential enablers in achieving that goal.
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Earlier, ICAI signed MoUs with the National Forensic Sciences University (NFSU) and with Rashtriya Raksha University (RRU) to promote knowledge exchange and strengthen the national ecosystem for forensic investigation and financial crime detection. Further, ICAI also provides specialised training to enforcement and regulatory bodies like CID, CBI, EOW, SFIO, and members of the judiciary, thereby enhancing the investigative capabilities and digital resilience.
To date, ICAI trained and certified over 14,000 forensic professionals, with more than 35,000 completing the Information Systems Audit (ISA) Course. Further, ICAI is soon coming out with DISA 4.0 for members.
The 2-day event will feature a series of focused sessions covering critical themes such as cyber fraud and digital risk, forensic protocols under insolvency frameworks, typologies of financial crimes, the legal architecture governing financial investigations, and the regulatory implications of emerging technologies like AI and Central Bank Digital Currencies (CBDCs).
Eminent forensic experts, technologists, regulators, and legal practitioners will share perspectives aimed at strengthening the financial system's ability to detect, investigate, and deter fraud.
With Future Proof Forensics 2025, ICAI reiterates its leadership in building a secure, transparent, and future-ready financial system.
The event not only highlights the evolving role of chartered accountants in forensic accounting but also strengthens ICAI's positioning as a national knowledge partner in shaping India's financial integrity and institutional trust.
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