scholarly journals Forensic Accounting and Financial Crimes: Adopting the Inference, Relevance and Logic Solution Approach

2012 ◽  
Vol 6 (4) ◽  
Author(s):  
F Izedonmi ◽  
PO Ibadin
Keyword(s):  
Solution Approach ◽  
Forensic Accounting ◽  
Financial Crimes

scholarly journals Combating economic and financial crimes in nigeria: the role of the forensic accountant

2020 ◽  
Vol 10 (4) ◽  
pp. 12-28
Author(s):  
Felix Ogbeiyulu Umanhonlen ◽  
Otakefe J.P ◽  
Killian Osikhenaogiedu
Keyword(s):  
Internal Control ◽  
Expert Witness ◽  
Future Research ◽  
Financial Crime ◽  
Public And Private ◽  
Forensic Accounting ◽  
Financial Crimes ◽  
Routine Basis ◽  
Expert’S Opinion

Economic and financial crime has been a clog in the wheel of progressand a majorproblem be devil economic prosperity and growth modelsof most nations of the world. Due to this government in some quarters have had the reason to set upinstitutions to unravel as well asdispels themenace. Despite this,fewer than much success mayhave been achieved by the respective anti-corruption agencies as a result of not identifying with therole of forensic accounting science in planning, investigating and representing expert witness/testimony on be fore law suit. This paper attempts toappraisethe role of forensic accountant in combating economic and financial crimes in Nigeria. The paper explored relevance components of economic and financial crimes and extensively discussed concepts of crime and criminality, corruption, white collar and cybercrimes. Specifically, the study reviews the historical antidotes of forensic accounting, emphasizes on the role of forensic accounting science in litigation and forensic accountantensuring economic and financial crime immersed. Moreso, the study identifies basis for future research, some potential crimes factors and forensic accounting science expert’s opinion in crime scene as well as reviewed prior studies and gap envisaged. Essentially, the study reviewed theoretical issues using qualitative approach thereby involving a survey of literature to decipher relevant issues. It there fore sought that forensic accounting serves the basis for investigation, expert witness testimonyand opinion of expert in lawsuit so as to unravel crimes, and reach resolution for recovering. However, concludes that there is need to involve and embrace accounting expert science in all facets of crime investigation in order to accelerate detections and ameliorate incidences of failed attempt on crime recovery related to economic and financial crimes. Therefore, propose that public and private sectors should engage, recruit and employservices of and/or stationed forensic accountant to review,strengthen, reappraises records and internal control on routine basis. Also to check incidences of crime perception as well as anti-corruption agencies saddled with the responsibilities of fighting economic and financial crimes to employ and adopt engagement of forensic accountant on regular basis among others for all-inclusiveness works of planning, investigating, detecting,and recovering.

scholarly journals FORENSIC ACCOUNTING: A WAY TO FIGHT, DETER AND DETECT FRAUD

2020 ◽  
Vol 10 (1) ◽  
Author(s):  
Dr Esha Jain ◽  
Jonika Lamba
Keyword(s):  
Information Technology ◽  
Armed Forces ◽  
White Collar ◽  
Cyber Forensics ◽  
Forensic Accounting ◽  
Financial Crimes

Forensic Accounting is one of the emerging fields for accountancy professionals. Forensic Accounting is the function of bookkeeping, auditing and analytical expertise to combat the financial and white-collar crimes. The scope of forensic accounting has expanded due to cases of corporate scams and financial frauds. Forensic Accounting is the dynamic and strategic tool which helps in combating the corruption, financial crimes and frauds through the application of forensic auditing techniques. There is a huge demand for forensic auditors in the field of insurance, banks, police armed forces and government departments. This paper shows the application of information technology and cyber forensics to curb the malfunctioning done by corporate. In this paper role of the forensic auditor has been explained and the various techniques employed by forensic auditors have also been discussed. The latest cases in the field of forensic accounting have also been included in this paper. Forensic auditors can help the economy to grow and protect the interest of various stakeholders.

scholarly journals Forensic Accounting and Fraud Reduction Strategies in Developing Economy

2021 ◽  
pp. 210-215
Author(s):  
Adesola Adebayo AKANDE ◽  
Johnson Kolawole OLOWOOKERE
Keyword(s):  
Confidence Level ◽  
Alternative Hypothesis ◽  
Test Statistic ◽  
External Auditors ◽  
Accounting Principles ◽  
Detection Tool ◽  
Forensic Accounting ◽  
Financial Crimes ◽  
Reduction Strategies ◽  
Level Of Significance

This paper examined forensic accounting capability and useful strategies to minimize the effects of financial crimes and other related frauds in Nigeria economy. Various points at which preventive controls can be established were identified.Data were collected from two hundred and fifty five (255) respondents in the south-west geo-political zone of Nigeria and response on capability and suitability of using forensic accounting principles and measures to prevent undue practice that often arises via financial crimes in the economy were analyzed with Analysis of Variance Method. The results showed that the estimated Z-statistic was 115.3736.The critical table value of the Z-statistic at 5% level of significance (95% confidence level) was obtained as 1.645. Since the estimated test statistic (Z-statistic) value exceeds the critical table value at 95% confidence level, the null hypothesis is rejected in favour of the alternative hypothesis. Thus, the study concludes that forensic Accounting principles is capable of eliminating all types of financial frauds in any economy. It was also empirically found that forensic accounting can be used to locate diverted funds or assets, identify misappropriated assets and identified reversible insider transactions, thus, forensic accounting is useful as effective fraud detection tool, detects suspicious fraudulent transactions and covers risk assessment processes. Based on the above the study recommends the adoption of forensic accounting principles, effective appropriation of financial resources and external auditors employment.

scholarly journals Fraud and Forensic Accounting Education: Prospects and Challenges in Nigeria

2017 ◽  
Vol 12 (7) ◽  
pp. 146
Author(s):  
Wilson E. Herbert ◽  
Francis Onyilo ◽  
Emeka E. Ene ◽  
Ioraver N. Tsegba
Keyword(s):  
Financial Reporting ◽  
Accounting Education ◽  
Market Demand ◽  
Chi Square ◽  
Financial Reports ◽  
Accounting Curriculum ◽  
Forensic Accounting ◽  
Financial Crimes ◽  
Adequate Coverage ◽  
And Training

This study first investigates the availability of fraud and forensic accounting (FFA) education in Nigeria. The paper then analyses the perceptions of academics and practitioners on the demand for, relevance and integration of, FFA in Nigeria. The data obtained through a questionnaire survey was analysed using descriptive statistics, Kruskal-Wallis (K-W) and Chi-Square tests. The results (i) indicate an increasing market demand for fraud examiners and forensic accountants; and (ii) suggest that FFA be given adequate coverage in the accounting curriculum in response to market demand. On the benefits of FFA education and training, there is virtual unanimity that it will: (i) widen the employment horizon and opportunities for graduates; (ii) help to combat fraud, corruption and financial crimes, (iii) strengthen the credibility of financial reporting, and (iv) help to rebuild investors’ confidence and trust in financial reports. The findings also support integration at both the undergraduate and postgraduate levels. The policy implication draws attention to regulatory importance and expediency of integrating FFA education into the accounting curriculum. This calls for regulatory initiative in developing the Benchmark Minimum Academic Standards (BMAS) for FFA programmes at the undergraduate and postgraduate levels.

scholarly journals FORENSIC ACCOUNTING: AN OVERVIEW IN INDIAN CONTEXT

2020 ◽  
Vol 3 (4) ◽  
pp. 36-47
Author(s):  
Dr. Nirali Ketan Shah
Keyword(s):  
Financial Statements ◽  
Secondary Sources ◽  
Indian Context ◽  
Forensic Accounting ◽  
Conceptual Clarity ◽  
Financial Crimes ◽  
Cyber Crimes ◽  
The Government ◽  
State Of Affairs

The rudiments objective of GAAP states that the financial statements must depict ‘true and fair’ view of the financial state of affairs. The ambivalence of ‘true and fair’ view created a dodge towards the rise of financial frauds, thereby wearying the trust of the users of financial information on the reported statements. Forensic accounting as new area of accounting in India has come to limelight recently due to quick increase in white collar crimes, financial crimes, cyber-crimes and growing complexities of the corporate environment. Forensic accounting is the triple practice that integrates accounting, auditing and investigative skills to conduct an examination into a company’s financial statements. The object of this study is to know the detailed conceptual clarity regarding the term Forensic Accounting. The study covered the necessary information regarding knowing the term Forensic Accounting, its definition, characteristics, objectives scope, role of a forensic accounting investigator and modus operandi (Techniques). It also covered differentiating points among the accounting, audit & forensic accounting. More over the well-known case of fraud has also been taken in the study. The data was collected to understand the objectives of forensic accounting and challenges faced by forensic investigators while examining various cases. The research largely makes use of secondary sources of data and the previous literature on forensic accounting, along with the experts’ views on the same. There is an urgent need to regularize the forensic accounting movement by the government and recognized accounting bodies in India.

scholarly journals Forensic Accounting and the Combating of Economic and Financial Crimes in Ghana

2017 ◽  
Vol 13 (31) ◽  
pp. 379 ◽  
Author(s):  
Evans O. N. D. Ocansey
Keyword(s):  
Organized Crime ◽  
Internal Controls ◽  
Investor Confidence ◽  
Forensic Accounting ◽  
Accounting Courses ◽  
Financial Crimes ◽  
The World ◽  
Accounting Unit ◽  
Economic Crimes ◽  
Chartered Accountants

Economic and financial crimes have plagued every corner of the economies of the world. These crimes affect all firms and the economies of nations (developed, developing and under-developed). Continuous research confirmed a strong demand for the need of the prevention and detection of these crimes by institutions and nations. However, economic and financial crimes are difficult to detect and most of those detected are not reported for the fear of bad publicity and loss of investor confidence. Forensic accountants are perceived to have the training and skills needed to combat economic and financial crimes. Therefore, the research examined the relevance of forensic accounting technique application in the combating of these crimes in Ghana. The research employed survey research design by sampling all the technical officers (66) of Economic and Organized Crime Office of Ghana and data was analyzed through a regression model. It was found that, the application of forensic accounting technique has significant impact on the combating of economic and financial crimes in Ghana. Therefore, all institutions (anti-corruption agencies and companies) should establish forensic accounting unit to help strengthen internal controls and ensure thorough investigation in order to prevent, deter and detect financial and economic crimes. Moreover, Institute of Chartered Accountants-Ghana and National Accreditation Board of Ghana should ensure that forensic accounting courses are included in the academic and professional curricula of Ghana Universities and professional institutions to ensure the training and increase the awareness of forensic accounting in Ghana.

The Role of Forensic Accounting in Fraud Investigations: A Survey Based Research from Kingdom of Bahrain

2015 ◽  
Vol 2 (1) ◽  
pp. 168-184 ◽  
Author(s):  
Lulwa Isa AI Musalam ◽  
Gagan Kukreja
Keyword(s):  
Financial Analysts ◽  
Knowledge And Skills ◽  
Forensic Accounting ◽  
Accounting Professionals ◽  
Financial Crimes ◽  
The World ◽  
The Government

Forensic accounting is the practice of utilizing accounting, auditing and investigative skills to assist in legal matters. The increase in number of frauds and fraudulent activities around the world has emphasized the need for forensic accountants. This research aims at define forensic accounting and differentiates between forensic accounting and traditional accounting and auditing. The study then explores the role of forensic accountants in fraud investigation and the knowledge and skills forensic accountants are expected to possess. Finally, the study will explain the role of forensic accounting in fraud investigation in view of accounting professionals, financial analysts and auditors in Bahrain. The result showed that Forensic Accountant is important in fraud investigation and curb and resolve economic and financial crimes in Bahrain economy. We recommend among others that the government of Bahrain should enact an Act that will make forensic accounting a practice in Bahrain so that economic and financial crimes can become history.

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