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"Forensic accounting"
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Relevance of big data to forensic accounting practice and education
Purpose
This paper aims to examine the relevance of Big Data to forensic accounting practice and education by gathering opinions from a sample of academics and practitioners in China.
Design/methodology/approach
The authors conduct a survey of academics and practitioners regarding the desired demand, importance and content of Big Data educational skills and topics for forensic accounting education to effectively respond to challenges and opportunities in the age of Big Data.
Findings
Results indicate that the demand for and interest in Big Data/data analytics and forensic accounting will continue to increase; Big Data/data analytics and forensic accounting should be integrated into the business curriculum; many of the suggested Big Data topics should be integrated into forensic accounting education; and some attributes and techniques of Big Data are important in improving forensic accounting education and practice.
Research limitations/implications
Readers should interpret the results with caution because of the sample size (95 academics and 103 practitioners) and responses obtained from academics and practitioners in one country (China) that may not be representative of the global population.
Practical implications
The results are useful in integrating Big Data topics into the forensic accounting curriculum and in redesigning the forensic accounting courses/programs.
Social implications
The results have implications for forensic accountants in effectively fulfilling their responsibilities to their profession and society by combating fraud.
Originality/value
This study provides educational, research and practical implications as Big Data and forensic accounting are advancing.
Journal Article
Forensic accounting research around the world
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.
Journal Article
Integrating forensic accounting in education and practices to detect and prevent fraud and misstatement: case study of Jordanian public sector
Purpose
This study aims to examine the degree of consciousness of forensic accounting (FA) in Jordan. This study surveys practitioners and academicians about their views and thoughts toward the expected role of using FA techniques to detecting and preventing fraud practices and shedding more light on advantages and obstacles of using the FA techniques.
Design/methodology/approach
To collect the data, a questionnaire was constructed and distributed to the study population which consists of accounting academics, students and accounting practitioners.
Findings
The results of this study show evidence that both students and professionals have a lower level of awareness on the FA concept and its importance. The results also confirm there is a significant correlation between, fraud prevention and detection, advantages of the application of FA, the training courses toward the application of FA and the application of FA in the context of Jordan. It has also been confirmed that there is a number of significant factors hinders this implementation in Jordan.
Research limitations/implications
The findings of this study offer many policy implications for regulators and policymakers on the needed relevant information to address and implement FA in education and practice, thereby activating the FA concept in Jordan.
Originality/value
The primary motivation of this study is driven by the limited and inconclusive research on the FA as a monitoring tool, notably there is a high possibility of fraud and misstatement practices due to the agency conflict. This study is the first of its kind to discuss this topic in the context of Jordan. The need to integrating the accounting education within accounting profession regarding FA becomes an urgent need to develop the awareness level of practitioners when it comes to practice of FA.
Journal Article
The Impact of Forensic Accounting Techniques in Mitigating Electronic Fraud in Nigeria’s Deposit Money Banks
In this paper, we examined the impact of Forensic Accounting Techniques (Investigative Accounting, Digital Forensics, and Data Analytics) in mitigating Electronic Fraud (e-fraud) in Nigeria’s deposit money banks (DMBs). The study used a positivist deductive approach and was conducted quantitatively through an online survey. A stratified random sampling method was employed to select a sample of 95 respondents, representing eight ‘best-fit’ groups, including staff from operations, Information Technology, and Electronic Channel departments of five participating Deposit Money Banks, as well as accountants, auditors, representatives from bank regulators, professional accounting bodies, and law enforcement agencies in Nigeria. The results showed that only investigative accounting is statistically significant in reducing electronic fraud within banks. In contrast, digital forensics and data analytics did not show statistical significance in mitigating electronic fraud, implying they do not reduce e-fraud severity. It is suggested that if the scope of data analytics were expanded, it could help mitigate e-fraud, as it shows significance at a 10% level.
The findings also indicate that a more refined model, possibly a longitudinal study, could provide deeper insights into the effect of forensic accounting techniques in combating electronic fraud within Nigeria’s Deposit Money Banks.
Journal Article
Impact of forensic accounting on fraud detection and prevention: a case of firms in Pakistan
Purpose
This study aims to assess the effectiveness of forensic accounting techniques to prevent and detect fraudulent activities in firms in Pakistan.
Design/methodology/approach
A descriptive research approach has been adopted in this study. Primary data has been collected through structured questionnaires distributed to professionals from investigating firms, professional bodies and field researchers. The independent variables that were analyzed included fraud investigation, litigation support and dispute resolution, whereas the dependent variables were fraud detection and prevention. The Statistical Package for Social Sciences has been used for data analysis to derive objective results.
Findings
This research reveals that forensic accounting techniques such as fraud investigation, litigation support and dispute resolution have a positive impact on fraud detection and prevention in Pakistani firms.
Practical implications
Firms should train staff on forensic accounting techniques, implement fraud risk management and anti-corruption policies, conduct regular financial statement audits and develop a whistleblower protection program to encourage employees to report fraudulent activities. The government should develop regulations and guidelines to promote the use of forensic accounting in firms.
Originality/value
This study is covering the gap in literature on financial fraud and forensic accounting practices concerning emerging economies such as Pakistan. This study can serve as a valuable resource for firms and policymakers to strengthen their fraud prevention efforts and build a more robust culture of financial integrity.
Journal Article
Forensic Accounting and Financial Statement Fraud
Cover -- Forensic Accounting and Financial Statement Fraud, Volume I: Fundamentals of Forensic Accounting -- Contents -- Preface -- Acknowledgments -- Chapter 1: An Introduction to Forensic Accounting -- Chapter 2: Forensic Accounting Services and Skills -- Chapter 3: Forensic Accounting Profession -- Chapter 4: Forensic Accounting Guidelines and Standards -- Chapter 5: Forensic Accounting Practices, and Education and Research -- About the Author -- Index -- Ad Page -- Back Cover.
Book
Advances and issues in fraud research: a commentary
Purpose
This purpose of this paper is to discuss some observations in the forensic accounting-based fraud literature. The authors identify recent advances in the literature and highlight several important issues that are worth noting.
Design/methodology/approach
The authors use a commentary analysis.
Findings
The main message of this commentary paper is that fraud is complicated, and fraud complexity can significantly impact the way researchers undertake forensic accounting-based fraud research.
Practical implications
The practical implication is that forensic accountants and forensic accounting researchers should incorporate into their practice the complexity of fraud regardless of whether they follow an empirical, experimental, exploratory, analytical or critical approach to fraud investigation.
Originality/value
In contrast to previous studies, this study identifies the most recent issues emerging in fraud literature.
Journal Article
The double-edged sword of forensic accounting services: litigation risks in Jordan’s industrial sector
Purpose
This study aims to examine the association between forensic accounting services (FAS) and the risk of litigation within the context of industrial firms that are publicly traded on the Amman Stock Exchange by using the resource-based theory.
Design/methodology/approach
This study uses a data set consisting of 250 firm-year observations from 2017 to 2021, obtained from the annual reports of 50 selected firms. Logistic regression techniques are used to examine the specifics of the investigated relationship.
Findings
The findings strongly suggest that companies that use FAS are more likely to face increased litigation risks. This observation suggests that these firms are subject to a more thorough level of evaluation or scrutiny, which inherently increases their vulnerability to potential risks. The study incorporated several control variables such as firm age, size, profitability and working capital. However, it is noteworthy that the connection between FAS and litigation risk emerged as particularly prominent.
Research limitations/implications
Findings highlight the need for practitioners to tread cautiously with FAS. Although they provide in-depth evaluations, they can also unveil vulnerabilities, leading to increased legal action. Companies should balance the depth of FAS scrutiny against potential legal repercussions, ensuring they harness its benefits without inadvertently raising legal risks.
Originality/value
While most studies have emphasized the impact of forensic accounting on fraud, this paper covers a gap in the literature regarding the impact of FAS on litigation risks. The paper also facilitates the understanding of the correlation between firm characteristics and the likelihood of litigation.
Journal Article