Forensic Accounting: Impact on Fraud Detection in Organizations

This report examines the impact of forensic accounting on organizations, with a particular focus on retail corporations. It begins by introducing forensic accounting, its role, and the background of the research, highlighting the prevalence of financial discrepancies in retail. The problem statement identifies fraudulent activity, auditing challenges, and the need for forensic accounting practices. The research aims to assess the effectiveness of forensic accounting in detecting and preventing internal financial fraud, addressing challenges faced by firms due to financial concerns. Research objectives include identifying fraudulent activities, examining the effectiveness of forensic accounting, and investigating challenges faced by firms. The report uses a descriptive design with primary and secondary data collection, probability and non-probability sampling, and addresses ethical concerns. It reviews the concept of forensic accounting, fraud analysis, corruption in corporations, and the impact of forensic accounting on detecting fraud, linking it to financial accounting benefits and improved corporate governance. The report concludes with references to relevant research and studies.

Impact Of Forensic
Accounting On
Organisation
Name of the Student:
Name of the University:
Author Note:

Introduction
 The forensic accounting is a terminology that deals
with the accounting, investigation, and auditing
skills to examine the financial statement of the
company.
 Role of a forensic accountant
 Impact of Forensic Accounting

Background of the Research
 Forensic accounting is a practice that audits the
internal financial statements of a firm to identify
the loopholes and undertake the fruitful steps to
mitigate the issues.
 The report acts as the proof for the fraudulent
activities that can be shown to the court or any
legal proceeding.
 The retail corporations face such discrepancy in
their financial activities on a regular basis.

Problem Statement
 Identification of fraudulent activity
 Auditing the financial report
 Preventing the issues with forensic accounting
practice
 Effects on Corporate Governance

Research Aim
 fruitfulness of the forensic accounting process to
detect the internal fraudulent financial concerns
 Identify the challenges faced due to the financial
frauds take place within the organisations

Research Objectives
 To identify the types of fraudulent activities and
discrepancies within the retail corporations
 To critically examine the effectiveness of forensic
accounting process to detect or prevent the internal financial
frauds
 To investigate the challenges faced by the firms due to the
external and internal fraudulent financial concerns
 To provide the preferable recommendations to mitigate the
challenges with the Forensic Accounting planning within the
retail corporations

Research Questions
 How the forensic accounting system helps in addressing
and managing the financial frauds in retail corporations?
 To what extent the forensic accounting system becomes
obligatory to undertake the audit process for developing
sound corporate governance?
 What are the major challenges faced due to the
emergence of the financial frauds within the corporation?
 How these challenges can be mitigated by using the
appropriate forensic accounting process?

Literature Review
 Concept of Forensic Accounting
 Conceptual Analysis of ‘Fraud’
 Corruption and Fraud in Australian Corporations
 Impact of Forensic Accounting in Detecting the Frauds
 Financial Accounting Benefits in providing the connected link
 Effectiveness of the Forensic Accounting on Improving
Corporate Governance

Research Methodology
 Descriptive Design
 Primary and Secondary Data Collection
 Probability and Non-Probability Sampling
 Ethical Concerns

References
 Bhasin, M.L., 2015. Contribution of Forensic
Accounting to Corporate Governance: An
Exploratory Study of an Asian Country.
 DiGabriele, J.A. and Huber, W.D., 2015. Topics
and methods in forensic accounting
research. Accounting Research Journal, 28(1),
pp.98-114.