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
Abstract :
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.
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.