Details

Technical Note

Educator Copy

Role of Forensic Laws in Pakistan in Relation to Corruption

Salman Shah


INDUSTRY :

AREA : Corporate Law

ORGANIZATION : Constitution Of Pakistan

LENGTH : 14

LUMS No : 10-002-2015-2

PUBLICATION YEAR : 2015

DESCRIPTION

KEYWORDS:

Forensics Laws,Pakistan,Corruption,Government,Judiciary,IFAP,Institute of Forensic Accounting in Pakistan,Regulatory Bodies,Crime,Law


DESCRIPTION:

The note commences by introduing the reader to the types and categories of fraud committed against different stakeholders in a company. Fraud can be committed against investors as well as creditors of a company, and stakeholders in winding up a company. Furthermore, other types of fraud include fraudulent recordkeeping, mismanagement, money-laundering, and governmental corruption. The second section expounds on the different legal regimes and laws regulating financial crimes in Pakistan. This discussion entails a detailed analysis of the laws that are in place, as well as the function they perform in tackling the kinds of financial cries and farudulent activity that are discussed in the very first section.


LEARNING OBJECTIVES:

1) To introduce and familiarise practitioners with the different varieties of financial crimes and the specific statutes and laws in Pakistan that deal with these crimes. 2) To educate scholars in the prevalent legal regime and environment regarding practices of forensic accounting and auditing, and the improvements that can be instituted at all levels to promote the profession and the prevention of fraud. 3) To extensively discuss the role played by relevant governmental bodies and how the ensuing interplay between such bodies can help curb corrupt practices and provide financial accountability. 4) To highlight the role of the various regulatory bodies in Pakistan and how these organisations should be further developed for improving the practice of forensic accounting and auditing in the country. 5) To highlight the significance of laws and their applicability in preventing financial crimes through forensic auditing and accounting. 6) To force scholars and practitioners to think analytically and objectively, so that they can assess how forensic accounting/auditing leads to financial wellbeing in society and how financial governance is improved b promoting accountability and transparency 7) To educate scholars and practitioners about the functioning and structure of financial, counter criminal and auditing regulatory bodies in Pakistan. 8) To familiarise practitioners with the shortcomings of laws dealing with fraud and forensic accounting, equipping them with the necessary tools to come up with innovative solutions to these problems and deficiencies.


SUBJECTS COVERED:

Law