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CONTEMPORARY ACCOUNTING RESEARCH ON FORENSIC ACCOUNTING
Table of Contents
a. Abstract    3
b. Introduction    3
c. Literature Review    4
d. Aim    6
e. Research Design    6
f. Data Analysis    8
g. Discussion    9
h. Conclusion    11
References    13
a. Abstract
Forensic accounting is a speciality area in accounting, which helps to understand the areas, where the money was missed and the ways, in which it can be recovered. The accounting, investigative and auditing techniques are combined to examine the every detail about finances of a business or an individual. A detailed research and analysis of manipulative finances is done to investigate the fraud. The research study will be conducted by reviewing the literature shortlisted for the topic ‘Forensic accounting’, which will be helpful in understanding the importance of evidence collected for unusual development in financial systems and accounting.
The aim of the research will be defined to give direction and research design will be explained to make reader understand how the research study has been conducted. It will help to know the methodology through which researcher is planning to accomplish the goals of the study. Three journal articles will be shortlisted so that the purpose of the paper is fulfilled. The study will conduct data analysis so that discussion and findings can help in understanding what all has been found during research. It will be concluded with conclusion and recommendations so that reader can derive meaningful learning out of it.
b. Introduction
The newest field in accounting is forensic accounting. The economic crimes are increasing with change in technologies, policies of government and changing needs of people in broader sense. It has given shocks to the corporate at global level because there are escalating costs due to rapid changes. Due to globalisation, there are rising investments in the sector of Information Technology (IT) (Okoye & Ndah, 2019). With the advancement of technology, every office is working on computers, using peripherals and reaching customers with new and unique ideas. Financial crime is a subset of economic crime and penetrating deep into economies and affecting the socio-economic environment negatively.
Investigative accounting, another name of forensic accounting, was born from the combination of accounting and forensic science to detect illegal and fraudulent transactions. The studies made in the past about the topic lacks understanding about the advantages and disadvantages and encouragement in academic to proceed with it as a full fledge profession (Abdulrahman, 2019). The evaluation of accounting education and profession are required to know about positive and negative of the field. Substantial empirical work needs to be studied in order to explore four main areas in forensic accounting for instance, business evaluation, litigation services, computer forensic analysis and fraud investigation. The accountants can act as advisors providing assistance or handling the case during legal presentation. Another advantage is dispute resolution where it helps to protect form any kind of compensation, financial injury, risk advisory or creating fair value of business.
To maintain business sustainability it is essential that fraud control and sustainable corporate governance (SCG) should be strengthened. The past is evident that many cases have raised concerns over sustainability. There is nothing better option than executing rules of forensic accounting to achieve growth. SCG can be explained as an efficient system of board of directors, audit systems and other committees in the business. They help in taking decisions and approve the policies, which are in favour of the business. Forensic accounting helps various agents to reduce the risk of frauds from such decisions by controlling and eliminating risks. When an organisation is operating in a dynamic environment the vulnerability to frauds arises naturally.
c. Literature Review
According to Akinbowale, Klingelhofer and Zerihun (2020), the wide spread attention is required for forensic accounting as the number of financial and economic crisis are increasing in the world. It has rippling effect on the performance of the companies. The frauds are depleting the goodwill by damaging the confidence and trust factors. The need of deeper investigation for data, financial books, or records will help in uncovering the evidences for legal pursuit. The literature is quite focused and presented detailed study of economic situations when forensic accounting can become handy (Akinbowale, Klingelhofer & Zerihun, 2020).
For instance, if a manager tries to track the financial crimes it becomes difficult at times to detect them because people from inside the business are involved in it. The literature covers the historical aspects until the trends in present times to reflect how changes are part of committing financial and economic crimes. Structured interviews are best actions to obtain information relevant to the fraud. The theoretical design is followed to develop conceptual frameworks so that identification, investigation and prosecution of fraud can be done systematically (Godwin, Enyi & Dada, 2018).
A thematic study also presented to divide the study into planned phases so that innovation in forensic accounting to detect fraud can be shared. The sustainability of corporate governance is not much stressed but the structure of organisation is critically reviewed. The hierarchy in organisation is responsible for coordination and inter-personal relationship among employees. The only limitation of the research paper is that data can be supported with the help of examples from corporate world so that suggested models efficacy can also be highlighted.
The review paper presented by Alshurafat, Shbail and Mansour (2021) is widely concerned by the possible occupation under forensic accounting as then only it is possible to identify the strength and weaknesses of it. It is a professional area, in which fraud investigation is the main activity. Money laundering, data theft, financial misstatement, credit card fraud, identity theft, online extortion and gambling under the computerised environments are some of the cybercrimes, which are examples of frauds, where forensic accounting can be useful in solving the cases.
The paper is quite straightforward to the topic and covers the research aim well. The literature mainly focus on the wider application of forensic accounting at professional level and thus contemporary aspects of the same are not well covered in it. To understand the benefits and limitations no practical study was conducted and theoretical aspects of conducting research by referring articles on forensic accounting were adopted. Alshurafat, Shbail and Mansour (2021) have well mentioned the role of awareness for employees and customers by guiding them steps, which can be taken to prevent the fraud.
How education can destroy the darkness of risk, vulnerability to economic frauds and implementing mitigation steps is more discussed here. There is limited source to obtain the information, which has impacted the scope of the study as it has been found that much of research work is done on the cases of fraud rather shortlisting the strengths and weaknesses (Okoye & Ndah, 2019). After reading the literature, the reader can easily convey the idea of study with detailed explanation.
Forensic accounting and corporate governance are explained in quite detail, which helped the researcher to dig deep into concepts and helped to establish a relation between both of them. As indicated by Rehman and Hashim (2020), corporate governance demands to be transparent with the shareholders. The literature is well structured and it connects the reader throughout with each topic. For instance starting from corporate governance and moving to its integration with sustainability helps in building strong understanding of its usage and implementation.
The roles of board of directors, audit and risk committee and nomination and compensation committee helps in establishing clear guidelines how top management and advisory boards are critical to growth and market image of the company. According to Rehman and Hashim (2020), there are few areas, which can be obstacle in the way of SCG such as inefficient guidelines, existence of ethical...