Forensic Accounting and Incidence of Fraud Detection

Ibrahim, Umar Abbas; Eriki, P. O.

doi:10.20525/ijfbs.v9i2.680

Cited by 2 publications

(2 citation statements)

References 7 publications

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“…Hence, its use should be enhanced to reduce fraud occurrences and improve the quality of financial reporting (Abdulrahman et al , 2020). Forensic accountants require special skills, including critical thinking, deductive analysis, unstructured problem-solving, analytical proficiency, investigative flexibility, oral-written communication, conflict negotiation and resolution, research, economic damage calculation, business valuation and money laundering investigation skills (Umar, 2020).…”

Section: Analysis Of Resultsmentioning

confidence: 99%

A systematic review on forensic accounting and its contribution towards fraud detection and prevention

Kaur

Sood

Grima

2022

JFRC

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Purpose This paper aims to determine how forensic accounting contributes to fraud detection and prevention and answer the following research questions: What are the standard techniques for fraud detection and prevention; and What are the significant challenges that hinder the application of forensic accounting in fraud prevention and detection? Design/methodology/approach The authors use the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) method to carry out a systematic literature review (SLR) to identify and assess the existing literature on forensic accounting. Findings There exists a positive correlation between forensic accounting and fraud detection and prevention. Moreover, in both the empirical and non-empirical findings, the authors note that fraud is complex, and in carrying out fraud investigations, one must be aware of its complexity. Practical implications Although drug counterfeiting is a sector where forensic accountants have paid less attention, it is a rapidly expanding fraud area. This paper finds that to detect fraud at an early stage, one must increase consumer understanding of basic forensic accounting techniques by implementing accurate supply chain monitoring systems and inventory management controls and conducting adequate and effective regulatory, honest and legitimate customs inspections. Social implications The major factors that restrict forensic accounting are a lack of awareness and education. Hence, it is essential to incorporate forensic accounting in undergraduate and post-graduate courses. Originality/value From the existing literature, it has been observed that very few studies have been conducted in this field using the PRISMA and SLR techniques. Also, the authors carried out a holistic study that focuses on three different areas – fraud detection, fraud prevention and the challenges in forensic accounting.

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Section: Analysis Of Resultsmentioning

confidence: 99%

A systematic review on forensic accounting and its contribution towards fraud detection and prevention

Kaur

Sood

Grima

2022

JFRC

View full text Add to dashboard Cite

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“…According to Power (2013), although there is a difference between fraud and the risk associated with fraud, the terms "fraud" and "fraud risk" are used interchangeably. In their study on crime in Nigeria, Umar, Ibrahim, & Eriki (2020) They further noted that forensic accounting and anti-corruption practices are important in managing financial crime risk and detecting counterfeiting in Nigeria. The results of their study indicate that forensic accounting has a significant role in detecting fraud.…”

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confidence: 99%

The Role of Forensic Accounting in the Detection and Fraud Prevention: A Systematic Literature Review

Dewayanto

2023

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This paper presents a systematic literature review (SLR) conducted using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) method to identify and assess existing literature on forensic accounting. The aim is to determine the contribution of forensic accounting to fraud detection and prevention, and to investigate the standard techniques for fraud detection and prevention, as well as the significant challenges that hinder the application of forensic accounting in fraud prevention and detection.The findings of the review reveal a positive correlation between forensic accounting and fraud detection and prevention, with the complexity of fraud being highlighted as a significant factor to consider. The study also emphasizes the need for increased consumer understanding of basic forensic accounting techniques, as well as incorporating forensic accounting into undergraduate and post-graduate courses. The paper's originality and value lie in its holistic approach to addressing fraud detection, prevention, and challenges in forensic accounting, and the use of PRISMA and SLR techniques, which have been under utilized in this field

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Forensic Accounting and Incidence of Fraud Detection

Cited by 2 publications

References 7 publications

A systematic review on forensic accounting and its contribution towards fraud detection and prevention

A systematic review on forensic accounting and its contribution towards fraud detection and prevention

The Role of Forensic Accounting in the Detection and Fraud Prevention: A Systematic Literature Review

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