When SEBI released a press note in October 2018 about onboarding companies for Forensic Audit, markets hardly expected to have names beyond the Big 4. Among that high-profile panel was a company Pipara & Co LLP based in Ahmedabad which had existed for more than 4 decades. From then till today the company has only grown to register with Indian Bankers Association (IBA), CBI, Serious Fraud Investigation Office (SFIO), NHB , etc with the mission of uncovering the lid on possible serious fraud.
As financial fraud has exploded over the past decade, the need for forensic auditing has only just touched the roof. All major financial lending institutions are scrambling to hire forensic audit experts to ensure better accountability. Since all of this requires a combined skill set of accounting, auditing and legal investigation to detect cases of fraudulent embezzlement, it is always difficult to find the best-suited expert. Even most of the time, the parties to such frauds are powerful entities or highly connected individuals who would resort to all sorts of pressure or arm-twisting tactics. As more and more Indian accounting firms begin to compete for a larger space in this specialized segment, the demand for forensic audit is estimated to triple by 2024.
According to Namann Pipara, partner at Pipara & Co LLP“We may be a four-decade-old law firm, but when we intended to venture into the forensic auditing space, it was a completely different league for us. visionary leadership of my father Shri GC Pipara and our experience working with the Economic Offenses Wing (EOW) and Commissioner of Police for complex or large frauds, we were able to navigate tricky waters faster than our peers in Our expertise combined with a strong team of over 100 people has led to a 100% success rate for all our forensic assignments delivered.
From the market updates of the past decade, it can be learned that serious financial crimes have been committed and have completely destroyed the Indian financial system. All of this required extensive forensic analysis to help identify the problem accurately and prevent their recurrence. The demand for forensic investigations is not only booming in India but also across the globe.
Under the leadership of CA Namann Pipara, the company has today spread its wings beyond Ahmedabad to have its offices in Delhi – Mumbai – Surat, in addition to recently establishing its presence in the United States. He also thinks that given the changing financial landscape, there seems to be plenty of opportunity for disruptive startups in the upcoming FinTech space.
To learn more, visit: https://nhb.org.in/wp-content/uploads/2019/07/Final-List-Empanelment.pdf