Forensic Accounting: The New Paradigm in Accounting


Authors : JISSY JOSEPH.O

Volume/Issue : Volume 8 - 2023, Issue 9 - September

Google Scholar : https://bit.ly/3TmGbDi

Scribd : https://tinyurl.com/mrx8x46u

DOI : https://doi.org/10.5281/zenodo.8358590

In today's ever-changing financial landscape, the traditional role of auditors has evolved in response to the increasing prevalence of financial fraud and white- collar crimes. This evolution has given rise to the specialized field of forensic accounting, which goes beyond conventional auditing by employing a wide range of investigative techniques. Forensic accountants apply their specialized knowledge in different fields like accounting, auditing, and investigative techniques to conduct thorough examinations of a company's financial statements. Their primary mission involves analyzing financial data, gathering evidence, and conducting investigative procedures to provide well-substantiated insights derived from accounting records. Forensic accountants play a crucial role in cases involving fraud, serving as invaluable assets in both legal proceedings and corporate management. The demand for forensic accounting and fraud detection has grown significantly, with insurance companies, banks, law enforcement agencies, and government entities recognizing the escalating threats posed by cybercrimes, fraudulent activities, and corporate failures. Globalization, liberalization, and economic reforms have led to a surge in bad debts attributed to unethical borrower behavior, further underscoring the importance of forensic accounting. This paper delves into the domain of forensic accounting, alternatively referred to as forensic accountancy or financial forensics, with a focus on its practical utilization in actual and anticipated legal disputes and litigation situations. The use of the term "forensic" underscores the relevance of evidence that can be employed in legal proceedings, underscoring the amalgamation of accounting, auditing, and investigative competencies within this discipline. Forensic Accounting stands as one of the fastest-growing niches within the accounting profession. The research in the paper seeks to explain the important roles that forensic accounting plays in today's financial world. It highlights how this specialized field helps find and fix financial problems and fraud. This, in turn, makes financial reports and decisions more trustworthy and reliable.

Keywords : Forensic, Digital Forensics, Financial Detectives, Whistleblower, Embezzlement, Fraudulent Financial Reporting, and Forensic Audit.

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