Forensic Accounting: An Effective Tool for Fraud Prevention in Retail

This research plan explores the impact of forensic accounting as a tool for fraud prevention in Australian retail firms. It addresses the increasing prevalence of business scandals and the loss of shareholder value due to fraudulent activities. The research aims to critically examine the effectiveness of forensic accounting in resolving fraudulent activities and ensuring appropriate corporate governance. It investigates the extent to which forensic accounting can aid in preventing fraudulent activities and influence governance within businesses. The plan includes research questions focused on the effectiveness of forensic accounting systems and the necessity of forensic audits for good corporate governance. The data collection plan involves gathering both primary data through questionnaires and interviews, and secondary data from published journals, articles, and government reports. Ethical considerations, such as maintaining confidentiality and ensuring informed consent, are also addressed.

Name : ________________________________________________
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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________________________________________________________________________________
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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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Forensic Accounting
Financial scams
Fraud
Forensic accoutants
Publication details of relevant articles for literature review
Pertinent articles for review of literature
Previous academic scholars studied the term forensic accounting. Nelson, Brayman and
Barry (2012) said and seek accounting as a practice of accumulation of data and
evaluation segments of litigation consultation and assessment of fraudulent actions.
Investigation can aid in the procedure of determination and establishment of various
interesting facts that can uphold legal concerns. Using tool of forensic accounting is
necessarily about recognition and examination financial crime in order to divulge
characteristics as well as detection of financial offenders. Does according to the views
of Matson (2016), accounting can be considered to be a process of inferring, appropriate
summarizing and replicating important financial issues. In this regard it can be said that
accounting more specifically forensic accounting is extremely thorough as well as
inclusive. Subsequently this can assist in arriving at professional judgment regarding
different items of financial accounts of business concerns. Basically this system can aid
in the process of preparation and presentation superior quality financial reporting that
can be considered to be sustainable in different adversarial legal proceedings or
administrative examination (Rezaee, Larry Crumbley and Elmore, 2014).
As mentioned in the international journal of academic research business penned by
Golden, Skalak and Clayton (2011), professional forensic accountants have need to
possess critical skills along with advanced training to look beyond and understand
crucial realities of business. Critical analysis and summarized presentation of difficult
issues related to financial aspects business can be considered to be prominent features of
the said profession. Therefore services related to forensic accounting use competence of
practitioners in specific areas of accounting, and Management of tax, skills of auditing
and many others (Olukowade and Balogun, 2015).
Data Collection Plan
In itself, for the research topic under consideration, the investigator desires to amass
both primary data as well as secondary data. In this case, the learner intends to collect
primary data acquired straight away from the field of study by way of distribution of
questionnaire that can be suitably circulated among target respondents of the study by
means of mail (Smith, 2015). Particularly, the investigator intends to introduce an all
inclusive catalogue containing relevant questions for the survey keeping in mind the
research topic. Apart from this, the learner also has the intention to gather primary by
conducting interviews for carrying out subjective scrutiny of reaction of the target
respondents (Taylor, Bogdan and DeVault, 2015).
The learner intends to collect secondary data from various published journals and
articles in current times, different official websites, previously studied case studies,
specific journals together with suitably defined reports presented by government.
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Moreover, it can be hereby stated herein that investigator has the intent to analyse the
secondary data quantitative in nature by specific statistical means (Flick 2015). The
statistical mechanisms hereby indicate both along with descriptive statistics. Contrarily,
collected qualitative data can be analysed by way of deployment of thematic study,
assessment of various case studies and thorough analysis of earlier body of literature.
However, the respondents of the study include managers as well as staffs of four
different retail corporation in Australia
Ethical Consideration
Ethical considerations
Learner has to bear in issues several ethical issues for carrying out the current study.
The study at hand is necessarily of value to various students of different academic
background. In this regard, the learner has the need to maintain confidentiality and
information privacy. The researchers can take universalism stance for making certain
the success of the process of collection and Analysis of data my maintenance of trust
with the target respondents. Fundamentally gathering consent from the respondents
ethically can be associated to accomplishment of activities of research. In addition to
this the researcher also needs to ensure reciprocity of various thoughts and ideas.
Furthermore, the learner needs to confirm to various pertinent regulations data
Protection Act. Additional e it is the accountability of the researcher to make the
respondents shes of the subject matter under consideration. As such, their duty send
specific consent forms for ensuring voluntary participation. the recipient of the research
forms can there after decide without any kind of compulsion.
References
Bhasin, M.L., 2015. Contribution of Forensic Accounting to Corporate Governance: An
Exploratory Study of an Asian Country.
Bologna, J. and Shaw, P., 2013. Forensic Accounting Handbook. Madison, WI: Assets
Protection Pub.
Botes, V.L. and Saadeh, A., 2016. Towards an understanding of forensic accounting.
Crain, M.A., Hopwood, W.S., Pacini, C. and Young, G.R., 2016. Essentials of forensic
accounting. John Wiley & Sons.
DiGabriele, J.A. and Huber, W.D., 2015. Topics and methods in forensic accounting
research. Accounting Research Journal, 28(1), pp.98-114.
Domino, M.A., Giordano, G. and Webinger, M., 2017. An Investigation of the Factors that
Impact the Perceived Value of Forensic Accounting Certifications. Journal of Forensic
and Investigative Accounting, 9(1).
Flick, U., 2015. Introducing research methodology: A beginner's guide to doing a
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research project. Sage.
Golden, T.W., Skalak, S.L. and Clayton, M.M., 2011. A guide to forensic accounting
investigation. John Wiley & Sons.
Matson, D., 2016. Independent studies in forensic accounting: Some practical
ideas. Journal of Forensic and Investigative Accounting.
Nelson, R., Brayman, J. and Barry, C., 2012. Forensic Accounting. Concord, New
Hampshire: New Hampshire Bar Association. Coninuing Legal Education.
Olukowade, E. and Balogun, E., 2015. Relevance of Forensic Accounting in the Detection
and Prevention of Fraud in Nigeria. International Journal of Accounting
Research, 42(2437), pp.1-11.
Rezaee, Z., Larry Crumbley, D. and Elmore, R.C., 2004. Forensic accounting education.
In Advances in accounting education teaching and curriculum innovations (pp. 193-231).
Emerald Group Publishing Limited.
Seda, M. and Peterson Kramer, B.K., 2015. A comparison of US forensic accounting
programs with the national institute of justice funded model curriculum. Journal of
Forensic & Investigative Accounting, 7(2), pp.144-177.
Singleton, T.W. and Singleton, A.J., 2010. Fraud auditing and forensic accounting (Vol.
11). John Wiley & Sons.
Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research
methods: A guidebook and resource. John Wiley & Sons.
Smith, J.A. ed., 2015. Qualitative psychology: A practical guide to research methods.
Sage.
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