Evaluating the Significance of Forensic Accounting in Fraud Detection in the Indian Banking Sector: A Systematic Literature Review

Abstract

Purpose: The purpose of this paper is to examine the significance of forensic accounting in fraud detection and investigating the fraudulent practices in the Indian Banking sector Design/Methodology/Approach: This paper review studies conducted on forensic accounting in Indian banking sector to explore the suitability of the same in detection of the occurrences of fraud and investigation of fraudulent practices in the Indian Banking Sector. Findings:The need to identify and stop financial fraud has never been greater. Even though regulatory agencies like SEBI and RBI attempted to cut down on fraud, their results were unfavourable. Fraudsters nowadays are sophisticated and technologically adept and use novel techniques to commit their crimes. Furthermore, the study highlights Fraud in the Indian Banking Industry. Lastly, the study highlights the Role of Big Data in Influence Practitioners to Use Forensic Accounting for Fraud. Research limitation/implication: Corporate leaders are ready to avoid committing financial fraud despite pressure from investors, government securities regulators, and exogenous market swings, according to the study's key premise that fraud may be reduced by proactive and intentional action by auditors. Theoretical implication: Forensic accounting requires knowledge of large data, and should be included in courses for both undergraduate and graduate students. Practical implication: Forensic accounting is a viable method for exposing bank fraud in India, but more focus should be given to fraud instances where forensic accountants haven't paid attention. Orginality/value: From published literature, it is evident that there is dearth of studies conducted on forensic accounting and detection of frauds in the Indian Banking Sector. The review paper is a holistic study that focuses on forensic accounting, its suitability in uncovering frauds in Indian Banking sector.