The Institute of Chartered Accountants of India (ICAI) is set to establish an advanced forensic auditing laboratory in Hyderabad to support small and medium-sized chartered accountant firms, ICAI President Prasanna Kumar D said.
In an interview with PTI, Kumar noted that many smaller CA firms are unable to participate in major forensic audit assignments due to limited access to specialised forensic audit infrastructure and tools. To bridge this gap, ICAI will launch a modern forensic audit lab at its Centre of Excellence (CoE) in Hyderabad within the next two to three months.
The proposed facility will function on a “pay-and-use” model, enabling practitioners to access assignment-specific forensic audit tools and technologies.
ICAI, which has more than five lakh members, is also working towards strengthening the profession in line with changing industry demands. In February, the institute notified global networking guidelines aimed at helping domestic accounting firms grow larger and collaborate with international networks to compete with global players.
Additionally, ICAI is updating its curriculum to include emerging areas such as artificial intelligence (AI), data analytics, ESG reporting, and forensic auditing. For this, the institute has constituted the Committee for Review of Education and Training (CRET), which is expected to recommend curriculum revisions in the coming months.
The initiative comes amid increasing transformation in the accountancy profession, driven by technological advancements and rising focus on non-financial reporting and forensic investigations.
