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"Forensic accounting."
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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
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
Managing client emotions in forensic accounting and fraud investigation
Manage client emotions in forensic accounting and fraud investigations While many resources exist that outline the primary functional aspects of conducting a forensic accounting or fraud investigation, this book is the first of its kind in addressing the significance of client emotions during investigations and how important the management of those emotions is to the investigation as a whole. Forensic accounting expert Stephen Pedneault has nearly 30 years of experience conducting such fraud investigations, and has become an expert in this form of holistic engagement management. In this comprehensive resource, Pedneault shares his real-world experiences to help the reader understand exactly what role client emotions can play in a fraud investigation, and how to acknowledge and address the emotions of all parties right from the start. Included in the book are pragmatic strategies for managing emotions throughout an engagement, starting with the initial client meeting. Readers will also learn how to develop their own personal approach to managing individuals' emotions throughout an investigation, which has proven to be much more effective than ignoring or underestimating the role that emotions can play. The book: Is the first resource specifically addressing client emotions in fraud investigations Includes tips for dealing with emotions and managing expectations from the initial meeting Prepares practitioners for future engagements with a new, unique perspective on managing emotions Helps fraud investigators and forensic accountants develop their own personal approaches to dealing with individuals and their emotions For accountants, auditors, fraud investigators, and others in the field, this complete, groundbreaking resource is the quintessential guide to managing client emotions in forensic accounting and fraud investigations.
eBook
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
Non-Accounting Drivers of Forensic Accounting Techniques: Insights from PLS-SEM Analysis
Forensic accounting techniques are pivotal in combating financial fraud and enhancing corporate governance. According to Forensic Accounting Theory, both accounting and non-accounting factors influence the intention to adopt these techniques. This study explores the impact of key non-accounting factors i.e. Bonus Contract, Anonymity, and Collapse Avoidance on adoption of forensic accounting techniques by the practitioners, employing Partial Least Squares Structural Equation Modeling (PLS-SEM) and SmartPLS software. Data was collected from professionals across diverse industries utilising forensic accounting services. The results reveal that these non-accounting factors exert varying levels of influence on adoption intentions. This research enriches the existing body of knowledge by offering new perspectives on the role of non-accounting drivers in forensic accounting adoption, providing actionable insights for policy-makers, regulators, and corporate leaders.
Journal Article
Evaluating the perceived usefulness and fairness of forensic accounting and investigation standards
Purpose
This study aims to investigate the perceived willingness to adopt and use Forensic Accounting and Investigation Standards (FAIS) in Forensic Accounting and Investigation (FAI) assignments. The study also analyses the usefulness of FAIS in achieving the principle of natural justice (PNJ) concerning fairness.
Design/methodology/approach
The respondents comprised 118 accounting professionals whose online survey responses were analyzed descriptively. This study also uses a 2 × 2 contingency analysis representing two levels of usefulness and fairness.
Findings
The results revealed that FAIS 410 received the highest mean rating while FAIS 240 received the lowest mean rating in willingness to adopt and use FAIS, and most of the standards were related to the PNJ concerning fairness. The study shows the accounting professionals’ readiness to adapt and flourish with the help of these Standards in FAI assignments.
Practical implications
The findings of this study will increase practitioners’ awareness of the usefulness and fairness of FAIS, which will enhance their understanding of the significance of implementing these newly developed standards to harmonize the investigative process in forensic audits. Additionally, the findings may encourage regulators, researchers, accounting bodies and their members to adopt and conduct further FAIS studies that can advance financial crime prevention, detection and investigation knowledge.
Originality/value
This paper substantially contributes to the literature as it is the first to examine the usefulness and fairness of “Forensic Accounting and Investigation Standards” in the context of forensic audits and investigations, which has not been previously explored.
Journal Article
Competency mapping: improvement needs of analysts from the area of expertise in accounting at the Federal Public Ministry
Purpose: The study aims to analyze the skills of expert accounting analysts in the Brazilian Federal Public Ministry. Methodology: The development of the research was carried out through descriptive statistics, with a quantitative approach. The technique was a survey, from a questionnaire with 37 questions, with a Likert scale. The instrument questions were raised about the importance, the competences and its impact on work performance. Results: The results indicate that only four skills have satisfactory command of the respondents, and five skills need improvement: continuous training, fraud investigation techniques, writing, legal knowledge and think like a criminal. Behavioral skills were considered more important than the technical. Still, some important skills in the international context had low averages in the Brazilian context. Contributions of the study: The study allows to know the skills of expert accounting analysts in the Brazilian Federal Public Ministry, considering the aspects of importance, domain and impact on work performance. The results can be applied for the development of training activities in the sample institution as well as to other institutions offering similar picture. The study can also be replicated as a diagnosis for other institutions and frameworks of accounting and forensic professionals, serving as a comparison parameter.
Journal Article
A Three-Tiered Analysis of the Factors Influencing the Adoption of Forensic Accounting Field in Saudi Arabia
Purpose: The study shows how several perceptionistic, environmental, and economic aspects can be systematically assessed in advance of investment decisions to launch a proposed Master's program in Forensic Accounting.
Theoretical framework: Since the final decade of the twentieth century there has been increasing global interest in adopting and applying forensic accounting, fraud detection methods, and financial fraud examination . However, there are no specialized postgraduate programs in this field at either the local (Saudi) or regional (Middle Eastern) level, despite its importance to meeting the needs of accountancy and judicial employers.
Design/methodology/approach: An inductive and analytical approach evaluates the proposed program using a three-stage model that can be adopted by any higher education institution (HEIs) wishing to develop an educational program.
Findings: The results show that the vast majority of the program's beneficiaries support its implementation due to its novelty both locally internationally. The program gives the University of Tabuk, its initiator, a sustainable competitive advantage over other local and regional universities through supplying the labor market with graduates qualified in financial criminal investigation. Finally, the financial analysis indicates that the program will be strong financially and have a high level of operational efficiency and expected demand.
Research, Practical & Social implications: The findings are beneficial for HEIs seeking to achieve a competitive advantage over their rivals by offering attractive academic programs that meet the demands of the labor market.
Originality/value: The study is the first that it uses a three-stage assessment model to show how several perceptionistic, strategic, and economic aspects can be systematically assessed in advance of investment decisions related to launching new academic programs in HEIs.
Journal Article