In this work, forensic accounting and fraud management strategies in Saudi Arabia are examined based on the information obtained by administering 120 questionnaires to the industry professionals representing an electricity company, a cement company, and a telecommunications company, as well as the academics from the accounting and the law department of King Khalid University. The obtained results indicate a significant difference in the duties performed by external financial auditors and forensic accountants. However, in both cases, effective tools are needed for uncovering fraudulent practices, including asset misappropriation and insider transactions.