A Systematic Literature Review on Forensic Accounting

Wijerathna, A.G.H.S.K.; Perera, H.A.P.L.

doi:10.2139/ssrn.3844260

Cited by 7 publications

(11 citation statements)

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“…presentation of complex financial data accompanied by sufficient, relevant data (Wijerathna and Perera, 2020).…”

Section: Analysis Of Resultsmentioning

confidence: 99%

“…To construct a sample of the study, various papers from multiple databases, including Science Direct, EBSCO, Taylor and Francis, Web of Science, Emerald and conference publications, were reviewed. These databases are sufficient and reliable to conduct an SLR (Wijerathna and Perera, 2020). The search process to extract the articles from these databases has been depicted in Figure 2.…”

Section: Methodsmentioning

confidence: 99%

“…As noted above, very few studies have been conducted in this field using the techniques mentioned above or similar techniques. Among these are Wijerathna and Perera (2020), who used the SLR technique and focused mainly on forensic accounting in the education sector; Ozili (2020), who examined recent advances in the literature on forensic accounting, highlighting several important issues; and the study by Akinbowale (2020), who has identified the effectiveness of forensic accounting techniques. A study by Digabriele and Huber (2015) explores the topics and techniques used in forensic accounting research JFRC 31,1 published in forensic accounting journals and notes that most subjects and research methodologies published in forensic accounting publications are related to fraud and quantitative methods.…”

Section: Definitions Of Forensic Accountingmentioning

confidence: 99%

“…Across the globe, the number of fraudulent and suspicious financial activities are rising (PricewaterhouseCoopers, 2022). Consequently, businesses are in danger of unethical and dishonest practices (Wijerathna and Perera, 2020). The increasing amount of business scandals worldwide has created a need for forensic accounting (Islam et al , 2011; Okoye and Gbegi, 2013a).…”

Section: Introductionmentioning

confidence: 99%

“…Eventually, a new “forensic accounting” category evolved (Wijerathna and Perera, 2020). Forensic accounting is a three-pronged approach requiring merging accounting, auditing and investigative skills to detect or prevent accounting fraud and white-collar criminal activity.…”

Section: Introductionmentioning

confidence: 99%

See 4 more Smart Citations

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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“…presentation of complex financial data accompanied by sufficient, relevant data (Wijerathna and Perera, 2020).…”

Section: Analysis Of Resultsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

Section: Definitions Of Forensic Accountingmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

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

Kaur

Sood

Grima

2022

JFRC

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Evaluating the perceived usefulness and fairness of forensic accounting and investigation standards

Mandal,

2023

JFRC

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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.

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Forensic Accounting, a Tool for Detecting and Preventing the Economic Fraud

Anghel,

Poenaru

2023

Valahian Journal of Economic Studies

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Economic crime is an increasing threat to the economic development of a state. While the legislative system tries to create tools to detect and prevent fraud, criminals continue to look for ways to commit and benefit from economic crimes, including fraud, money laundering, sanctions avoidance and corruption. Forensic accounting applies scientific techniques and accounting principles to detect fraudulent activities. Due to technological progress, corporate scams have increased enormously, and therefore, the need for forensic accountants has increased. Professionals specializing in this type of accounting don’t just examine financial statements: they take a holistic approach, incorporating statistical analysis, big data and machine learning, interviews, and physical observation to arrive at the truth – which is just as crucial to due diligence as it is to criminal cases.

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A Systematic Literature Review on Forensic Accounting

Cited by 7 publications

References 0 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

Evaluating the perceived usefulness and fairness of forensic accounting and investigation standards

Forensic Accounting, a Tool for Detecting and Preventing the Economic Fraud

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