Technology and Financial Statement Fraud in UAE Organizations

The study evaluates the effect of technology on the detection and prevention of financial statement fraud in UAE organizations. It identifies different types of frauds, technological improvements, techniques used to detect fraud, challenges faced by organizations, and measures taken to improve performance.

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Technology and Financial Statement Fraud

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Abstract
The aim of the study is to evaluate the effect of technology in the detection and prevention of
financial statement fraud in organizations of UAE. For this purpose, 125 respondents have been
selected from different organizations that consist of managerial position employees. The data has
been collected by the use of desk research method and survey through questionnaire method to
attain valid and credible results for the research study. In addition to this, regression analysis has
been conducted on the data collected through survey through questionnaire method by the help
of SPSS. It is found out that there is an acceptance of alternative hypothesis as there is a presence
of significant relationship among prevention techniques and detect of financial statement fraud in
organizations of UAE. It is also found out that there is a presence of positive correlation between
the dependent and independent variable that is there is a significant impact of technology on
detection and prevention of financial statement fraud.

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Table of Contents
Abstract............................................................................................................................................2
Introduction......................................................................................................................................4
Aim and Objectives.....................................................................................................................4
Hypothesis with Theory...............................................................................................................5
Research Questions......................................................................................................................5
Research Rationale......................................................................................................................5
Literature review..............................................................................................................................6
To identify different types of frauds that occurs in financial statements....................................6
To evaluate various technological improvements in accounting.................................................7
Investigation of different techniques which are being used to detect financial statement fraud. 8
To evaluate the challenges faced by the organizations in implementation of the technologies
for the detection of the financial statement fraud........................................................................8
To analyze different measures taken to improve the performance of the detection of the
financial statement fraud..............................................................................................................9
Literature gap.............................................................................................................................10
Conceptual framework...............................................................................................................11
Research Methodology..................................................................................................................12
Research Limitation...................................................................................................................13
Data analysis and Discussion.........................................................................................................14
Conclusion.....................................................................................................................................28
References......................................................................................................................................29
Appendix........................................................................................................................................31
Questionnaire.............................................................................................................................31

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Introduction
Financial statement fraud refers to making modifications in the financial statements of the
companies by the way of addition or omission of the data related to it for the purpose of
projecting a desired financial strength of the company to its stakeholders which is false in nature.
This fraudulent practice has been carried out by the firms to gain the interest of the investors
from whom they appeal to gain a credit. The Forensic accounting Dubai offer services to detect
and avoid such kind of fraud in the organizations as it has huge repercussions at the time of
detected by the authorities (Van Akkeren and Buckby, 2017). There are several firms that offer
forensic accounting Dubai services in UAE. It is also found out that there are several techniques
and technology that has been used by the firms to detect financial statement fraud such as
password protection, digital analysis and firewall protection and so on. It is found out that
emergence and growth of e-commerce and internet has resulted in increasing the exposure to
fraud.
It is essential for the accountants to ensure that the information or computer network should be
accessible by only legitimate users. Passwords are considered as the oldest technique of
computer defense. Technological advancement has helped in the creation of new forms of
password protection such as use of biological features of the user like retina patterns, fingerprints
and voiceprints to prevent the fraudulent practices carried out in terms of financial statements.
Apart from this, the establishment of firewalls has helped in controlling the unauthorized access
of the financial information related to the organizations in UAE (Rahman and Anwar, 2014).
Aim and Objectives
The main aim of the research is to analyze the effect of technology used to detect and prevent
financial statement fraud in UAE. For the purpose of the attainment of this aim, there is a
requirement to attain the following objectives.
 To identify different types of frauds that occurs in financial statements
 To evaluate various technological improvements in accounting
 Investigation of different techniques which are being used to detect financial statement
fraud

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 To evaluate the challenges faced by the organizations in the implementation of the
technologies for the detection of the financial statement fraud
 To analyze different measures taken to improve the performance of the detection of the
financial statement fraud
Hypothesis with Theory
The hypothesis for the research study is as follows:
H0: There is no existence of significant relationship between prevention techniques and detect of
financial statement fraud in organizations of UAE.
H1: There is a presence of significant relationship between prevention techniques and detect of
financial statement fraud in organizations of UAE.
The theory of fraud triangle entails the reasoning behind the decision of an employee to commit
fraud. This theory considers three elements that contribute towards the occurrence of fraud such
as pressure, opportunity and rationalization. The pressure on individual in the form of debt
problem, shortfall in revenue and so on encourages employees to commit fraud. The second
stage is the opportunity to commit fraud where the employee considers the clear course of action
through which their position can be abused to solve their aim of committing the fraud (Mansor,
2015). In the last stage, i.e. rationalization, an employee should have an ability to rationalize the
crime in a manner that the employee has a justification for the crime that is acceptable to their
internal and moral compass. In addition to this, Fraud Diamond theory is an extension of Fraud
Triangle theory and include one more element i.e. capability which emphasizes on the fact that
an employee should have the capability to carry out fraud which is considered as a criminal
activity.
Research Questions
The research question for this study is ‘How technology helps in detection and prevention of the
occurrence of financial statement fraud in UAE organizations?’
Research Rationale
This research study is significant for the accounting professionals as it provides the information
related to the different digital technologies that can be implemented or used by the organizations
to detect financial statements fraud in an effective manner. Along with this, it is also important
for the students as it helps them to gather knowledge regarding the emergence of a separate
industry to detect financial statement fraud occurred in different firms in UAE (Anand, Dacin

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and Murphy, 2015). Apart from this, it is also significant for future researchers as it helps in
creation of the background for the future researches.
Literature review
The literature review has been developed in order to carry out the in-depth analysis of research
issue as effect and use of technology over detecting and preventing the fraud in UAE
organizations.
To identify different types of frauds that occurs in financial statements
In this modern era of technological advancement, technologies have been developed in order to
make the operational process faster and efficient but in limited and the misuse of technology has
emerged. In context to this, the UAE organizations are also found to indulge into the fraudulent
financial statement as they misstate the financial information for its external and internal users
which left a dirty image of country and organizations over the global people and corporate
governance (Narendra, et al., 2016). In recent years, financial scandals have increased as issue
for the corporate governance and the fraudulent activities in presenting financial information has
wiped out the billions of dollars of the values of stakeholders. On the other hand, financial
statement frauds have also resulted into the erosion of confidence of investors in this rapidly
developing financial market. Narendra, et al., (2016) determined that the State Audit Association
has also reported that the liable authorities of UAE have also engaged into the recovery of AED
1 billion due to the fraudulent activities. On the other hand, UAE has also ranked as 21th country
out of the 175 countries that also signs that it has also high level corruption country in the global
level market.
According to the Chen, (2016), in presenting the financial statement, there are several frauds
have been detected with its different nature and consequences. In context to this, it is perceived
that misinterpretation of financial information is one of the major fraud in which the wrong data

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are published by the accounting managers and the colleagues as well. It is also found out that
theft of intellectual property is also a fraud in the financial fraud. It is also revealed that stealing
the financial information from the organizational source is also termed as major challenge for the
modern edge business in UAE. On the other hand, the intentional omission has also occurred as a
financial fraud issue and its main aim to provide benefits to one stakeholder or a single investor.
With this, manipulation with the accounting records is also identified as a fraudulent bustle in the
financial statement.
To evaluate various technological improvements in accounting
Gupta and Gill, (2012), observed that the accounting profession is transforming from traditional
to modern era business because of the optimization of productivity with the emergence of newer
and innovative technologies. The technologies has enable the accountant to prepare the financial
information too quickly and drawn results for effective decision making. It is also described that
accounting technology has sharpen the efficiency and effective data presentation. It is assessed
that artificial intelligence has also developed in advance manner which is valuable carry out the
accurate recording, decreasing operating cost and enhance efficiency as well. With this, cloud
computing is also a technological advancement which assists the accountant to work from any
location of any time along with this, the information can also be delivered through cloud
technology is also easy. Furthermore, the innovation in the tax software has also emerged as the
valuable improvement in the financial presentation and management that is also supportive for
business to reduce the errors of margin which is ultimately resulted into the avoiding tax
penalties that leads to preventing the issues for its stakeholders. Moreover, the Collins, A. and
Halverson, (2018), mobile accounting is also an impulsive technological advancement in which
the accountant can use and share the information. The mobile technology has also bridge the gap

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in between the accountant and client that helps the accountant to manage the business while on
the move. It is approached that the specialized accounting software are going to be introduced by
the modern age companies which away the accountant from ledge, pen and desk calculator and
the process has also improved.
Investigation of different techniques which are being used to detect financial statement
fraud
In the words of Agathee and Ramen, (2017), the advancement of technology is supportive for the
accounting development and carrying out the process in efficient manner. In addition to this,
there are several techniques have been emerged in order to detect and prevent the fraud which
occurred in the financial statement of organizations. In addition to this, it is also assessed that
the major techniques have been investigated as continual audit of through technical software the
wrong interpreted information can be identified and corrected in effective manner. Wells, (2017),
assessed that the computer aided techniques can be used to assess the risk automatically. It is
also determined that the data mining is also good option for the management or technology to
catch the mistakes in the financial statement presented by the UAE based organizations. Data
mining is useful for detecting the false information from the large size data of financial
information. Along with this, Akkeren and Buckby, (2017), also stated that the audit support
system are also considered as major technological tools which are also useful for the firms in
order to carry out the audit operations efficiently .
To evaluate the challenges faced by the organizations in implementation of the technologies
for the detection of the financial statement fraud
Sadaf, et al., (2018), determined that the fraud detection is a major issue in which it needs proper
tools and efforts and adopting the fraud detection is also an issue because of its different

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consequences of identification and controlling the fraud detection process. It is observed that the
organization faces the challenge of disparate transaction systems in which the data cannot be
shared and transferred in easy manner so it is critical issue for the organization while
implementing the fraud detection technologies. Barghathi, et al., (2018), reviewed that this
system might also not be able to interact with other system this technological system has been
designed in order to operate for the management of large data size. In relation to the fraud
detection technology, piecemeal fraud detection system is also developed but the organization
faces the problems in implementing this fraud identification system by the organization. In
addition to this, up -gradation of this system is also problematic for the organization to get it in
advance manner. On the other hand, there is also need for training and education about the newly
installed system in the organization which has also become a challenge to conduct the training
and development session. It is also revealed that the cost is also a challenge for the organization
because the expenses occur in order to operate the high techno –efficient computer system for
detecting the fraud detection in the financial statement of business (Bammi, et al., 2018).
To analyze different measures taken to improve the performance of the detection of the
financial statement fraud
Chan and Vasarhelyi, (2018), stated that the recent era of fast moving technology, it is essential
and important for the UAE organizations to enable them in efficient manner so the fraud and
financial misstatement can easily be detected in easy manner. The fraud detection is reliable for
organization and stakeholders both as well because it gives the real picture about the
organization. In context to this, organizations need to implement the advanced technology based
system so that the rate of fraud occurrence can be reduced in significant manner. In relation to
this, fraud monitoring can be developed with the support of artificial techniques in the system. It

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is also observed that organization can set up a model of fraud detection at different level as
internal and external parties. In relation to the customer aspects, Huang, et al., (2017), stated that
the transaction monitoring system can be implemented to control the fraud in the customer
solution. On the other hand, it can also be suggested that the organization can also develop its big
data analytics technology in proper manner so that it can improve the fraud detection process. In
addition to this, the data mining techniques can also be developed for the improvement of
performance of technology for identifying the fraud in the financial statements.
Literature gap
This research has been taken into the investigation of effect of technology in order to prevent and
detect the financial statement frauds in the UAE organization. In this study research
methodology has been adopted with the sample size and location. In this literature there is a gap
because the particular organization has not been chosen so that the specific study might not be
leaded in efficient manner (Rose, et al., 2014).

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Conceptual framework
Financial statement fraud
Misinterpretation
of financial data
Intentional
misrepresentation
Asset
misstatement
Manipulation of
accounting data
Accounting technological
advancement
Artificial
intelligence
Cloud computing
Mobile banking
Innovation in tax
software
Challenge in fraud
detection
disparate
transaction
systems
piecemeal fraud
detection
Higher operational
cost
Measure for fraud
detection and prevention
Specific software
development
Enhancing
artificial
intelligence
system
Big data or
systematic data
mining

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Research Methodology
Exploratory and descriptive are two types of research designs that are being used to carry out
most of the research studies. Exploratory research design provides insights related to different
aspects of the research topic by providing the researcher an opportunity to explore the
information related to the research topic. Along with this, descriptive research design as the
name suggests provides the results of the research study in a detailed and comprehensive
manner. Exploratory research design is appropriate for this research study as it facilitates in
gaining information related to the impact of the use of technology on the detection and
prevention of the financial statement fraud in the organizations of UAE (Bell, Bryman and
Harley, 2018).
Positivism and interpretivism are different types of philosophies which are being used to carry
out the research. Interpretivism is a philosophy which takes into consideration the views and
opinions of researcher along with the elements of the research to attain reliable results for the
research study. Positivism is a structured approach that takes into consideration the elements of
the research such as hypothesis, aims and objectives, and research questions to attain valid and
reliable results for the research study (Hair, et.al, 2015).
Positivism philosophy is being used in this research study as for attaining valid and reliable
results, researcher would consider only the elements of the research such as research question,
background, hypothesis, aims and objectives. Besides this, there are two approaches which are
being used by the researchers to carry out the research such as deductive and inductive approach.
Inductive approach refers to the approach in which consideration is being given to specific
information to derive generalized results for the research study (Walliman, 2017). Apart from
this, in deductive approach deductions have been made in the general or broad information
related to the research topic in order to reach to a precise outcome of the research. In relation to
this research study, deductive approach is being used as it helps in attaining the specific outcome
i.e. use of technology to detect and prevent only financial statement fraud by considering general
information i.e. use of technology to detect and prevent different types of frauds.
It is necessary for the researcher to collect relevant data related to the research topic as it helps in
the creation of the foundation for the attainment of the results of the research study. For this

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purpose, there are two types of methods used by the researchers such as primary data collection
method and secondary data collection methods. Primary method helps in the collection of the
information that can be used for a specific purpose. Survey through questionnaire method will be
used in this research study to collect the information regarding the research topic as it helps in
the collection of the information from large number of respondents at a time (Bryman, 2016).
Apart from this, 125 managers have been selected from different firms in UAE by the use of
simple random sampling method. The main reason behind the use of simple random sampling
method to select the sample for the study is that it helps in the selection of the sample randomly
by providing equal chance to every unit of the population to be selected. Besides this, the
secondary data collection method refers to the collection of the relevant information related to
the research topic by the use of available published sources such as books, scholarly articles, and
online articles and so on (Bell, Bryman and Harley, 2018).
Desk research method is being used in this research study to collect the information relevant to
the research topic which in turn helps in maintaining the validity and reliability of the outcomes
of the research study. There is a use of SPSS software and regression analysis for the purpose of
analyzing the results of this research study.
Research Limitation
The main limitation of the research is that it only focuses on one type of fraud that takes place in
the firms of UAE namely financial statement fraud. Along with this, the other limitation of the
research is that it also only focuses on the usage or implication of the technologies to prevent the
occurrence of financial statement fraud in the organizations.
Data analysis and Discussion
Gender

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It is analyzed that majority of the respondents are males i.e. 90 respondents are males and
remaining 35 are females.
Experience

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It is also identified that out of the 125 respondents, 60 respondents have an experience of 6-10
years in their associated industry. Apart from this, 20 respondents have an experience of up to 5
years and 40 respondents have an experience of 11-15 years and remaining have experience of
more than 15 years.
Seriousness of Fraud

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It is found out that the value of Durbin Watson for seriousness of fraud variable is 0.079 which
indicates that there is a presence of positive auto correlation between dependent and independent
variable that is seriousness of fraud and gender and experience. This indicates that increase in the
work experience results in an increase in the occurrence of seriousness of fraudulent activities in
the organization. The value of R squared is 36.6% which indicates that the data values are farther
than from its mean and there is a low variance which shows that the data points exist farther from
the regression line.
Increase in Fraud due to advanced technology
Ability to deduct and prevent fraud

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The above table indicates that the value of R squared is 44.9% which indicates that there is a
presence of increased variance between dependent and independent variable. This also infers that
the data values for ability to prevent frauds is farther from the mean value or the regression good
fit line. Apart from this, the value of Durbin Watson is 0.114 which indicates that there is a
presence of positive auto correlation between dependent variable (ability to prevent fraud) and
independent variable (Gender and work experience). This indicates that increase in the value of
independent variable would result in an increase in the value of dependent variable.
Frequency of reporting of fraud by committee

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The above tables shows that the value of R squared is 56.5% which indicates that there is a
presence of high variability in the collected data which infers that the data values for the given
variable is closer to its mean and regression good fit line. Along with this, the value of Durbin
Watson is 0.179 which represents that there is an existence of positive auto correlation between
dependent and independent variable as the value lies between 0 and 1.
Provision of control of electronic access of information

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The linear regression result shows that the value of R squared is 59% which shows that there is a
presence increased variance between work experience and provision of control of electronic
access of information. This also shows that the dataset lies closer to its mean and is highly
correlated. The value of Durbin Watson is 0.249 which shows that the dependent variable and
independent variable is positively correlated with each other. This shows that the change in the
variable would occur in the same direction.
Role of technology in fraud

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The output from the collected data shows that the value of R squared is 41.3% which shows that
there is a presence of high variability between the variables and the values connected for role of
technology of fraud is present closer to its mean and goodness of fit. In addition to this, the value
of Durbin Watson is 0.108 which also indicates that positive auto correlation is present between
dependent and independent variable. This also indicates that technology plays a significant role
in the occurrence of financial statement fraud.
Role of technology in minimization of accounting fraud

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The above table shows that the value of R squared is 27.4% which is very low and explains low
variability in the data and also infers that the data value mix exist farther from its mean. In
addition to this, the value of Durbin Watson is 0.155 which shows that there is a presence of
positive auto correlation between dependent variable i.e. role of technology in minimization of
accounting fraud and independent variables that is gender and work experience.
Fraud occurred by top level employees

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The above show that the value of R squared is 52.9% which explains higher variability among
the dependent and independent variables and is closer to the mean of the dataset. It also indicates
that there is an occurrence of increased fraudulent activities by the top level employee in the
organization as they are considered as experienced employees of the organization. Along with
this, the value of Durbin Watson is 0.234 which also shows that there is presence of positive auto
correlation between work experience and occurrence of fraudulent activities by top level
management.
Difficulty in detection of fraud at management and employee level

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The value of R squared is 59% which shows that there is a increased variability between the
dataset and which is represented by the closeness of the data set to the mean and goodness of fit
measure. In a similar manner, the Durbin Watson model is 0.249 which also indicates a positive
auto correlation between experience and difficulty in detection of fraud at management than
employee level. This shows that it is difficult to detect fraud carried out by middle or top level
management in comparison to operational level.
Occurrence of fraud due to increased dependence on MIS

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The value of R squared is 31.9% which is very low and shows low variability present in the
dataset. This also indicates that the value of occurrence of fraud due to increased dependence on
MIS present farther from its mean. In addition to this, the value of Durbin Watson is 0.103 which
shows that there is a presence of positive auto correlation between independent variable that is
experience and dependent variable. This also shows that there is an increased occurrence of fraud
as the companies are dependent on the usage of MIS.
Increased revenue factor for occurrence of fraud

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Strengthening of management policies for detection of fraud

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The value of R squared is 64.7% which shows that there is an increased variability between the
data set and it represents the closeness to the mean of the data. The Durbin Watson value is 0.178
which shows that there is a presence of positive auto correlation between the independent
variable and dependent variable this infers that increase in the work experience would result in
increasing strengthening of management policies for detection of fraud.
Lack of training challenge for fraud detection

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The value of R squared is 6.6% which is extremely low and shows very low variability in the
data. From this, it can be inferred that lack of training is not considered as a biggest challenge of
fraud detection. The value of Durbin Watson is 0.112 which shows that there is a positive auto
correlation between dependent and independent variable.
Role of internal control procedure

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It is found out that the value of R squared is 41.6% which shows that there is a presence of low
variability in the data set which infers that the data points exists farther from its mean. In
addition to this, the value of Durbin Watson is 0.136 which indicates that there is a presence of
positive auto correlation between dependent and independent variable. This infers that increase
in the work experience of employees would result in the use of increased number of internal
controls to detect and prevent financial accounting fraud.
Conclusion
From the overall analysis, it can be concluded that there are several types of frauds that occurs
while the preparation of the financial statements in the company such as misstatement of assets,
misinterpretation of financial information either intentionally or unintentionally and modification
in the recorded data for gaining desired results. Along with this, it is also found out that there are
several techniques which are being used to detect and prevent the occurrence of financial
statement fraud such as innovation in tax software, cloud computing, artificial intelligence and
mobile banking. The different challenges which can be faced by the companies in detection of
fraud include incurrence of increased operational cost and lack of training. Apart from this, for
mitigation these challenges it is essential for the companies to adopt different strategies in order
to detect and prevent the occurrence of fraud such as implementation of big data and
enhancement of artificial intelligence system. It can also be summarized that the financial
statement fraud is carried out by managerial level position at large scale in comparison to
operational level due to which it can be easily detected. Besides this, it is also identified that the

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companies have established effective internal control system to prevent and detect financial
statement fraud in an effective manner.

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Appendix
Questionnaire
1. Gender
a) male b) Female
2. Experience
a) 0-5 years
b) 6-10 years
c) 11-15 Years
d) more than 15 years
3. Do you think fraud is a serious issue for corporations?
a) Strongly disagree
b) disagree
c) agree
d) Strongly agree
4. Do you think fraud have increased because of recently advanced technology?
a) Strongly disagree
b) disagree
c) agree
d) Strongly agree
5. How would you rate your organizations ability to deduct and prevent fraud?
a) Poor
b) Acceptable
c) Good
d) Excellent

33
6. How frequent does the fraud occurrences within your organization reported to the audit
committee?
a) Poor
b) Acceptable
c) Good
d) Excellent
7. How much the organization’s management provides control for electronic access with in
the process for employees to get access to the company’s information?
a) Poor
b) Acceptable
c) Good
d) Excellent
8. Do you think modern technology has a great role in the fraud?
a) Strongly disagree
b) disagree
c) agree
d) Strongly agree
9. Rate the successfulness of technology in minimizing accounting fraud in your
organization?
a) Poor
b) Acceptable
c) Good
d) Excellent

34
10. Fraud is done by high level employees who have sensitive information about the
organization
a) Poor
b) Acceptable
c) Good
d) Excellent
11. Management frauds are harder to detect then employee fraud.
a) Poor
b) Acceptable
c) Good
d) Excellent
12. Mostly fraud occur in accounting process is because of its dependence on technology and
information system.
a) Strongly disagree
b) disagree
c) agree
d) Strongly agree
13. The increasing attention on increasing revenues motivates many organizations to product
fraudulent reports
a) Strongly disagree
b) disagree
c) agree
d) Strongly agree

35
14. Do you think that your organization must need to strengthen its management and its
imposed policies in order to detect computer and accounting fraud?
a) Strongly disagree
b) disagree
c) agree
d) Strongly agree
15. Do you think lack of training is a challenge in implementation of fraud detection
practices and technologies?
a) Poor
b) Acceptable
c) Good
d) Excellent