Forensic accounting is a combination investigation of audit skills, to check the financial fraud. It is very unique and the latest concept i.e. correlation accounting with the investigation. Forensic Accounting is related to the document that is useful and suitable in the court room as a legal proof. The main purpose of the paper is to underline various review literature related to forensic accounting for Fraud Detection and Prospects and analyze the study on various parameters of topics such as forensic accounting, fraud detection and prevention and finally establish a relationship between them. With the review of literature, identifies some rich sets of questions and several important directions for future research in forensic accounting. The white collar crime crimes are becoming more popular in the world of financial scams. This is a financial racket which is committed by the country’s educational citizens. They are kept on top positions in large corporate houses and make criminal action to become rich person in less time. In this research paper, we try to uncover the latest initiatives by the Government of India along with the ICAI Specialist Committee in the field of Forensic Accounting. We strive to put the proposed forensic accounting standards also planning to implement in India. Along with this, India has become the first country which is thinking about forensic accounting and investigation standards and another part of this paper is about white-collar crimes. Forensic accounting is the beginning of the white-collar crimes. On September 1, 2020, ICAI offers proposed forensic accounts and investigation standards. The purpose of this letter is to encourage debate and future research on the issues identified.

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Keywords: Financial, Crimes, Forensic, Corporate, Organisation, Intrinsic, Investigate, Initiatives.