Significance of Forensic Accounting in the Contemporary Commercial Scenario in Australia

The proposed research aims to explore and analyze the impacts of implementation of forensic accounting frameworks and the development of the same on the performance of the businesses in Australia and also on the overall dynamics of the accounting frauds and crimes in the country.

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Proposed Research Title:
Significance of Forensic Accounting in the Contemporary Commercial Scenario in
Australia
Client Organisation (if applicable)
Not Applicable
Research Background
In the contemporary global commercial frameowrk, both the supply and demand side
dynamics have been increasing and businesses are becoming more globalised, integrated,
inclusive and competitive, which in turn indicates towards the need for continuous efficiency and
effectiveness in the various operational frameworks of the companies, to stay profitable,
prospecitve and sustainable in the long-term in the respective industries (Baker and Burlaud,
2015). One of the crucial aspects, contrbuting in the effective and efficient performance of the
companeis is that of the presence of efficient accounting and financial reporting frameworks,
which help in accurately estimating the financial aspects like that of assets, liabilities, profits,
risks and other attributes of the companies.
However, with the increasing dynamics in the commerical scenario across the globe and
with inclusion of huge numbers of varied companies in the same with time, the finanical security
of the businesses has become one of the issues of major concerns among the owners, stakeholders
and the government of different countires. With the iincreased usage of internet and online
interfaces, accounting scandals and fraudulent actitivies have also increased considerably across
the global commerical framework (Bhasin, 2015).
With the increase in the global commercial activities as well as the threats of fraudulent
and illegal activities in the aspects of corporate accounting and reproting procedures, the need for
forensic accounting has developed, leading to the evolution of forensic accounting as a separate
discipline of immense importance, espeically in the global commerical frameworks (Tugas,
2012). Forensic accounting integrates accounting principles with that of investigative activities
and techniques with the objective of analysing and detecting any suspicious or fraudulent
activites behind the finanical records, statements and proceedings of the companies.
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Research Problem / Research Question
Keeping the development of forensic accounting as an unique discipline in the
commerical and business framework of global scenario in consideration, the concerned
research proposes to study and explore the significance of the presence of forensic
accounting framework in the contemporary business domains, primarily focussing on
the commerical and business activities in the economy of Australia (Dellaportas, 2013).
The concerned research also tries to analyse whether development of forensic
accounting frameworks actually help the businesses of the concerned country to reduce
the instances and possibilities of fraudulent activities and legal loopholes in their
accounting and financial reproting frameworks.
Primary Research Question
The primary research question for the concerned study can be framed to be as follows:
What are the significances of forensic accounting in the contemporary commercial
framework of Australia?
Secondary Research Questions
Keeping the primary research question of the proposed research into
consideration, the secondary research questions, which the concerned study intends to
explore under the primary topic of concern are listed as follows:
a. What are the features of forensic accounting?
b. What are the advantages of forensic accounting in the global business framework in
general and in Australia in particular?
c. What are the significance of forensic accounting in the business domains of
Australia?
d. In what arenas and operational frameowrks of businesses do the aspects of forensic
accounting facilitate?
e. Have the accounting crimes decreased in number with increasing usage of forensic
accounting in Australia?
Research Aim and Objectives
In the context of increasing instances of accounting frauds and scandals in the global
sceanrio as well as in Australia (as can be seen from a string of accounting and financial scandals
especially in the banking sector of the country in the recent periods), the primary objectives of the
proposed research is to explore the significance of forensic accounting in the operational
frameworks of the businesses in Australia in the contemporary period (Nigrini, 2012). In other
words, the proposed research aims to explore and analyse the impacts of implementation of
forensic accounting frameworks and the development of the same on the performance of the
businesses in Australia and also on the overall dynamics of the accounting frauds and crimes in
the country, thereby analyzing the advantages as well as limitations of the same in the aspects of
operations of the commerical companies in the country as a whole.
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Keywords for Literature Review
Keywords: Accounting practices, accounting in Australia, corporate accounting,
financial reporting, accounting frauds, issues in accounting in business, forensic
accounting, features of forensic accounting, importances of forensic accounting in
businesses, advantages of forensic accounting, roles of forensic accountants in global
business frameworks, limitations of forensic accounting
Publication details of relevant articles for literature review
Bhasin, M.L., 2015. Contribution of Forensic Accounting to Corporate Governance: An
Exploratory Study of an Asian Country. [Accessed on August 4, 2018]
Miller, P. and Power, M., 2013. Accounting, organizing, and economizing: Connecting
accounting research and organization theory. The Academy of Management Annals, 7(1), pp.557-
605. [Accessed on August 4, 2018]
Özkul, F.U. and Pamukçu, A., 2012. Fraud detection and forensic accounting. In Emerging
fraud (pp. 19-41). Springer, Berlin, Heidelberg. [Accessed on August 4, 2018]
Pedneault, S., Silverstone, H., Rudewicz, F. and Sheetz, M., 2012. Forensic accounting and
fraud investigation for non-experts. John Wiley & Sons. [Accessed on August 4, 2018]
Data Collection Plan
The concerned research proposes to collect primary data as well as secondary data for the
purpose of analysis of the significance and implciations forensic accounting in the businesses of
Australia in a generalised framework. The study also proposes to collect both qualitative as well
as quantitative data with the view of incorporting both cardinal as well as ordinal perceptions of
the resspondents regarding the implications of forensic accounting on commercial domains of
Australia (Neuman, 2013).
For collection of quantitative data, the research proposes to conduct interviews with the
help of survey questionnaires containing simple close-ended questions. For qualitative, primary
data collection, the research proposes to conduct in-depth interviews with the relevant personnel,
with the help of open-ended questions to incorporate their individual perceptions (Silverman,
2016).
Ethical Consideration
Keeping into account the importance of abilidig by the ethical norms in conducting research, the
proposed study intends to follow the ethical considerations as listed below:
 The research will be conducted only after attaining permission from the members of the
Board of Ethics.
 Interviews will be conducted only after getting consent from the respondents and their
responses will also be recorded after they consent for the same.
 Confidentiality of the data collected will be strictly maintained in order to respect the
integriy of the respondents (Denzin and Giardina, 2016).
 The results will be unbiasedly interpreted to stay truthful to the purpose of the concerned
research.
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References
Baker, C.R. and Burlaud, A., 2015. The historical evolution from accounting theory to conceptual
framework in financial standards setting. The CPA Journal, 85(8), p.54.
Bhasin, M.L., 2015. Corporate accounting fraud: A case study of Satyam Computers Limited.
Dellaportas, S., 2013. Conversations with inmate accountants: Motivation, opportunity and the fraud
triangle. Accounting fórum, 37(1), pp.29-39.
Denzin, N.K. and Giardina, M.D., 2016. Ethics and the broader rethinking/reconceptualization of
research as construct. In Ethical Futures in Qualitative Research (pp. 67-84). Routledge.
Neuman, W.L., 2013. Social research methods: Qualitative and quantitative approaches. Pearson
education.
Nigrini, M., 2012. Benford's Law: Applications for forensic accounting, auditing, and fraud
detection (Vol. 586). John Wiley & Sons.
Silverman, D. ed., 2016. Qualitative research. Sage.
Tugas, F.C., 2012. Exploring a new element of fraud: A study on selected financial accounting fraud
cases in the world. American International Journal of Contemporary Research, 2(6), pp.112-121.
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