Accountants Perception on Effectiveness of Corporate Fraud Detection and Prevention Methods in Ghana

Li, Kaodui; Bonsu, Osei-Assibey Mandella; Asare, Kwabena Evans; Dominique, Beraud Jean-Jacques; Johnson, Boadi

doi:10.5296/ijafr.v8i3.13398

Cited by 3 publications

(1 citation statement)

References 2 publications

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“…The population of the study comprised of all financial institutions in Ghana. Ghanaian financial institutions are made of twenty five (25) commercial banks and twenty (20) rural banks (Central Bank of Ghana, 2015). The employees of these institutions are tellers, marketing managers, customer care, and relationship managers, accountants, auditors and others.…”

Section: Population and Sample Sizementioning

confidence: 99%

Corporate Fraud: Causes, Effects, and Deterrence on Financial Institutions in Ghana

Bonsu

Dui

Muyun

et al. 2018

ESJ

Self Cite

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This paper focuses on finding the causes, effects, and deterrence and prevention of corporate fraud in the financial institution of Ghana. In particular, we examine the effects of fraud on a firm’s financial performance. A cross sectional model was used to find the effects of financial institutions fraud on financial performance. It was revealed that fraud has a significant negative effects on financial performance i.e. Return on Assets of financial institutions in Ghana. However, structured questionnaires were also used to find out the perception of Accountants, Auditors, and management on the main causes of banking fraud and deterrence and prevention methods in curbing the menace. It was revealed that weaker internal control, inadequate training and fraud policies, failed documents, and proper remuneration are the strong arsenal that causes fraud in financial institutions of Ghana. Moreover, organizational use of password protection, good remuneration, employee’s background checks, and adequate fraud training were perceived as the most deterrence and prevention method in fighting fraud in financial institutions. Our results have practical implication for management, accountants, auditors, and all stakeholders in financial institutions on the effects of fraud on firms financial performance and in mounting fool proof methods in curbing this canker and reducing it to its bearest minimum. The study contributes deterrence and prevention methods aimed at improving its effectiveness in reducing fraud in Ghana and West Africa.

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Section: Population and Sample Sizementioning

confidence: 99%

Corporate Fraud: Causes, Effects, and Deterrence on Financial Institutions in Ghana

Bonsu

Dui

Muyun

et al. 2018

ESJ

Self Cite

View full text Add to dashboard Cite

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Forensic accounting research around the world

Ozili

2023

JFRA

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Purpose This paper aims to review the relevant forensic accounting research (FAR) around the world and suggests avenues for future research in forensic accounting. Design/methodology/approach The study used the thematic and systematic literature review methodology to analyse the existing literature in FAR. Findings The major thematic areas in the literature are fraud motivation, fraud consequences, fraud detection using forensic accounting techniques, forensic accounting theory, forensic accounting skills, forensic accounting education and forensic accounting jobs. The quantity of FAR is relatively small compared to the quantity of research in other accounting specializations. FAR is well developed in the USA and Canada and is less developed in Europe, Oceania and Asia. There is high interest in FAR in African countries. There is a relatively low global interest in internet information about “forensic accounting research” compared to global interest in other forensic accounting topics. Areas for future research include the role of the environment, digitalization, religiosity and sustainable development in forensic accounting. Practical implications FAR around the world is lopsided, as some regions have more advanced FAR compared to other regions. There is a need for even development of FAR across all regions and a need to publicize the outputs of FAR to a larger audience to increase people’s interest in forensic accounting. Originality/value The study extends the literature by presenting a rigorous thematic and systematic review of the existing literature. It highlights the depth of FAR, the major thematic areas, the benefits of FAR to society and the geographical reach of existing FAR.

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A Robust Multivariate Outlier Detection Method for Detection of Securities Fraud

Esen

2020

International Journal of Business Analytics

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Insider trading is one the most common deceptive trading practice in securities markets. Data mining appears as an effective approach to tackle the problems in fraud detection with high accuracy. In this study, the authors aim to detect outlying insider transactions depending on the variables affecting insider trading profitability. 1,241,603 sales and purchases of insiders, which range from 2010 to 2017, are analyzed by using classical and robust outlier detection methods. They computed robust distance scores based on minimum volume ellipsoid, Stahel-Donoho, and fast minimum covariance determinant estimators. To investigate the outlying observations that are likely to be fraudulent, they employ event study analysis to measure abnormal returns of outlying transactions. The results are compared to the abnormal returns of non-outlying transactions. They find that outlying transactions gain higher abnormal returns than transactions that are not flagged as outliers. Business intelligence and analytics may be a useful strategy for detecting and preventing of financial fraud for companies.

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Accountants Perception on Effectiveness of Corporate Fraud Detection and Prevention Methods in Ghana

Cited by 3 publications

References 2 publications

Corporate Fraud: Causes, Effects, and Deterrence on Financial Institutions in Ghana

Corporate Fraud: Causes, Effects, and Deterrence on Financial Institutions in Ghana

Forensic accounting research around the world

A Robust Multivariate Outlier Detection Method for Detection of Securities Fraud

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