BUS707 Forensic Accounting: Detection and Prevention of Fraud Report

This report delves into the realm of forensic accounting, exploring its crucial role in detecting and preventing fraud within organizations. The report begins by establishing the significance of forensic accounting in today's business environment, highlighting the rise of fraud, money laundering, and other illegal activities. It then defines forensic accounting, emphasizing its roots in accounting, auditing, and investigative skills. The report outlines the evolution of forensic accounting, tracing its origins and increasing demand. The research questions address the role of forensic accountants, the potential to reduce fraud, the effectiveness of techniques in public and private sectors, and the differences between forensic and statutory auditing. The objectives of the research are to examine the functions of forensic accounting, assess its impact on fraud prevention, determine its fraud detection capabilities, and compare it to statutory accounting. The report includes a list of relevant keywords and publication details of articles used for literature review. The report also includes a section on ethical considerations. The report concludes by emphasizing the importance of forensic accounting in modern educational institutions and the increasing global recognition of its value in combating financial crimes.