In the last two decades, a large number of scams, frauds and scandals have rocked the business fraternity across the world. The accounting scandals or manipulations in the books of accounts have led to big frauds like Enron, WorldCom, Madoff, Satyam, etc....This has created a crisis of confidence in the financial reporting practice and the effectiveness of ‘Corporate Governance’ in large companies. This has clearly demonstrated a failure of statutory audit in preventing and reducing misappropriation of corporate funds. This has resulted in an increase in corporate crimes, which in turn have put considerable pressure on the professional accountants and legal practitioners. A nationwide survey conducted by Kessler International concluded that this problem could be reduced by adopting Forensic Accounting or Forensic Audit by companies or organizations, worldwide.