Analysis of impact of forensic accounting for fraud prevention in retail firms in Australia

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Student ID : ____________________________________________
Proposed Research Title:
___________Analysis of impact of forensic accounting as an effective tool for prevention of
fraud in retail firms in Australia
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Client Organisation (if applicable)
Research Background
The entire business arena has persistently experienced numerous scandals on a regular basis.
Subsequently this directed towards loss of business assets along with money of shareholders
(Bologna and Shaw, 2013). Fundamentally, forensic accountings refer to uses of different
accounting skills that can necessarily be utilised for examining fraudulent actions or
embezzlement and examine specific financial information for usage in diverse legal proceedings
(Bhasin, 2015). Study at hand considers operations of retail Corporation.
Research Problem / Research Question
The primary issues are to critically examine overall impact of forensic accounting for
resolving and addressing fraudulent activities in order to ensure appropriate corporate
governance. Study has the intention to assess the degree and extent to which forensic
accounting can aid different fraudulent activities and evaluate the way exert influence
on governance reasons of different businesses (Botes and Saadeh, 2016). Moreover,
credibility of procedures of external audit has been critically analysed in different
countries. This can be observed and evidenced by numerous criticism that are directed
against external. Mainly the reasons for criticism loss of faith of public towards external
audit due to diverse financial scams that has shown the way property losses of big
business concerns. In addition to this, augmentation in the volume of transactions and
enlargement of size of corporations, external audit accountability has transformed from
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ascertaining but true and appropriateness of financial statements to presentation of true
and fair view of financial reporting. In essence, this observed drifting of external audit
accountability the procedure of detecting and avoiding fraud less probable. It is said that
profession of audit indicates that management has chief accountability of recognition
and prevention of fraud in the business concern. Engagement of work of Audit might
perhaps be planned with professional scepticism identifying that fraud might possibly be
prevalent and this might perhaps make financial pronouncements materially incorrect
(DiGabriele and Huber, 2015). Failure various statutory audit procedures in detection as
well as prevention of fraudulent actions can direct accounting and legal practitioners to
find out improve ways of handling the concern. Nonetheless with increase in fraudulent
actions and ensuing financial losses study at hand has the intention to establish the
significance of particularly this is a forensic accounting in the process of detecting and
averting instances of fraud Domino, Giordano and Webinger, 2017)
Research questions
Specific research questions design for the study are as follows
- Is the system of forensic accounting an effective way of managing and addressing
issues of financial scams in corporations?
- is it obligatory to undertake forensic audit for good corporate governance in business
concerns?
Research Aim and Objectives
Research objective
The main aim and objective of the research is
- to establish the way along with the degree and extent to which forensic accounting can
influence process of prevention of fraud in retail corporations operating in Australia
Keywords for Literature Review
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