Abstract
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.
Highlights
Forensic accounting is the emerging accounting field due to increased financial and professional violations
Companies have to comply with the laws and regulations so that they are less prone to penalties and legal actions and it will help them to emerge as good corporate citizens
Forensic Accounting is the specialized field of accounting which ensures that financial statements of the company are prepared according to the applicable accounting standards and principles
Summary
Forensic accounting is the emerging accounting field due to increased financial and professional violations. 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 such as trend analysis, ratio analysis, CAATs ( Computer Assisted Auditing Techniques), Generalized Audit Software, Data Mining Techniques, Forensic analysis of material and electronic evidence. The aim of forensic accounting is to identify the culprit behind the fraud and restore the downgraded public confidence in corporate functioning. Companies have to comply with the laws and regulations so that they are less prone to penalties and legal actions and it will help them to emerge as good corporate citizens. Corporate fraud can be curbed with the help of skilled forensic accountants. Corporate frauds and scams have eroded the public image of the companies and it has made them suffer huge losses. Companies have been able to commit fraud because they have the support of top management as it has been seen in many corporate scams such as Satyam Computers fraud
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