Practical Implication of Forensic Accounting, Insight from Academicians and Practitioners: A Qualitative Perspective
DOI:
https://doi.org/10.55737/qjssh.679049346Keywords:
Fraud, Digital Forensic, Litigation Support, Forensic Accounting, Civil and Criminal ExaminationAbstract
The primary goal of this research is to assess the importance and value of forensic accounting in Pakistan's present accounting curricula. It describes the many theoretical and professional implications of forensic accounting, along with their distinctions. This study employs a qualitative research methodology, utilizing 12 semi-structured interviews with academicians and practitioners to further examine and delve into the subject matter. The fundamental procedures for analyzing qualitative data include coding, transcribing the information, grouping the code into more general categories and themes, and interpreting the outcomes. NVIVO software is employed for data transcription. To examine if forensic accounting is required and important, the study identifies 12 semi-structured interviews for academics and practitioners. Future research directions are explored along with the study's limitations and policy implications. Such research has not been carried out in Pakistan in recent years. This study, which investigates forensic accounting in detail, is significant for Pakistani professionals.
References
Alshurafat, H., Al Shbail, M. O., & Almuiet, M. (2021a). Factors affecting the intention to adopt IT forensic accounting tools to detect financial cybercrimes. International Journal of Business Excellence, 1(1), 1. https://doi.org/10.1504/ijbex.2021.10039538
Alshurafat, H., Al Shbail, M. O., & Mansour, E. (2021b). Strengths and weaknesses of forensic accounting: An implication on the socio-economic development. Journal of Business and Socio-economic Development, 1(2), 135-148. https://doi.org/10.1108/jbsed-03-2021-0026
Alshurafat, H., Beattie, C., Jones, G., & Sands, J. (2020). Perceptions of the usefulness of various teaching methods in forensic accounting education. Accounting Education, 29(2), 177-204. https://doi.org/10.1080/09639284.2020.1719425
Arena, M., & Ferris, S. (2017). A survey of litigation in corporate finance. Managerial Finance, 43(1), 4-18. https://doi.org/10.1108/mf-07-2016-0199
Banerjee, S., Humphery-Jenner, M., Nanda, V., & Tham, M. (2018). Executive overconfidence and securities class actions. Journal of Financial and Quantitative Analysis, 53(6), 2685-2719. https://doi.org/10.1017/s0022109018001291
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77-101. https://doi.org/10.1191/1478088706qp063oa
Bryman, A. (2006). Integrating quantitative and qualitative research: How is it done? Qualitative Research, 6(1), 97-113. https://doi.org/10.1177/1468794106058877
Cohn, M. (2014). "Demand growing for forensic accountants." Accounting Today. https://www.accountingtoday.com/opinion/demand-growing-for-forensic-accountants
Domino, M. A., Stradiot, M., & Webinger, M. (2015). Factors that may bias judges’ decisions to exclude accounting expert witnesses testimony. Accounting Research Journal, 28(1), 59-77. https://doi.org/10.1108/arj-11-2014-0097
Ebaid, I. E. (2022). An exploration of accounting students’ attitudes toward integrating forensic accounting in accounting education. International Journal of Law and Management, 64(4), 337-357. https://doi.org/10.1108/ijlma-06-2021-0154
Elmore, R. C. (2004). Forensic accounting education: A survey of academicians and practitioners. Advances in Accounting Education Teaching and Curriculum Innovations, 193-231. https://doi.org/10.1016/s1085-4622(04)06010-9
Fleming, A. S., Pearson, T. A., & Riley, R. A. (2008). West Virginia University: Forensic accounting and fraud investigation (FAFI). Issues in Accounting Education, 23(4), 573-580. https://doi.org/10.2308/iace.2008.23.4.573
Gorman, S. (2019). Annual US Cybercrime costs are estimated at $100 billion. The Wall Street Journal. https://www.wsj.com/articles/SB10001424127887324328904578621880966242990
Grubor, G., Ristić, N., & Simeunović, N. (2013). Integrated forensic accounting investigative process model in a digital environment. International Journal of Scientific and Research Publications, 3(12), 1-9. https://www.ijsrp.org/research-paper-1213/ijsrp-p2408.pdf
Home Office (2016), Forensic Science Strategy, HMSO, London.
Hsing, C. W., & Souza, C. A. (2012). Management practices and influences on its architecture decisions: A case study in a telecom company. Journal of Information Systems and Technology Management, 9(3), 563-584. https://doi.org/10.4301/s1807-17752012000300007
Hutton, I., Jiang, D., & Kumar, A. (2015). Political values, culture, and corporate litigation. Management Science, 61(12), 2905-2925. https://doi.org/10.1287/mnsc.2014.2106
Islam, M. J., Rahman, M. H., & Hossan, M. T. (2011). Forensic accounting as a tool for detecting fraud and corruption: an empirical study in Bangladesh. ASA University Review, 5(2), 77-85. https://docplayer.net/3403571-Forensic-accounting-as-a-tool-for-detecting-fraud-and-corruption-an-empirical-study-in-bangladesh.html
Joseph, T. (2013). Principles of Fraud Examination (4th ed.). Wiley.
Khan, S. (2005). Corruption and professional practice: issue and challenges. The Nigerian Accountant 38(4), 60.
Kim, I., & Skinner, D. J. (2012). Measuring securities litigation risk. Journal of Accounting and Economics, 53(1-2), 290-310. https://doi.org/10.1016/j.jacceco.2011.09.005
Kramer, B., Seda, M., & Bobashev, G. (2017). Current opinions on forensic accounting education. Accounting Research Journal, 30(3), 249-264. https://doi.org/10.1108/arj-06-2015-0082
Kranacher, M. J., & Riley, R. (2023). Forensic accounting and fraud examination. John Wiley & Sons (3rd ed.).
Kumari Tiwari, R., & Debnath, J. (2017). Forensic accounting: A blend of knowledge. Journal of Financial Regulation and Compliance, 25(1), 73-85. https://doi.org/10.1108/jfrc-05-2016-0043
Lira, A. M., Parisi, C., Peleias, I. R., & Peters, M. R. (2012). Uses of ERP systems and their influence on controllership functions in Brazilian companies. Journal of Information Systems and Technology Management, 9(2), 323-352. https://doi.org/10.4301/s1807-17752012000200007
McGinn, M. (2018). Cybercrime costs the financial services sector more than any other industry, with breach rates tripling over the past five years. Accenture. https://newsroom.accenture.com/news/2018/cybercrime-costs-financial-services-sector-more-than-any-other-industry-with-breach-rate-tripling-over-past-five-years-according-to-report-from-accenture-and-ponemon-institute
Modugu, K. & P. J. Anyaduba (2013). Forensic accounting and financial fraud in Nigeria: An empirical approach. International Journal of Business and Social Science 4(7), 281-289. https://ijbssnet.com/journals/Vol_4_No_8_Special_Issue_July_2013/28.pdf
Mugarura, N. (2010). The effect of corruption factor in harnessing global anti‐money laundering regimes. Journal of Money Laundering Control, 13(3), 272-281. https://doi.org/10.1108/13685201011057145
Odia, J. O., & Akpata, O. T. (2021). Role of data science and data analytics in forensic accounting and fraud detection. In Handbook of research on engineering, business, and healthcare applications of data science and analytics (pp. 203-227). IGI Global.
Ohalehi, P. (2019). Fraud in small charities: Evidence from England and Wales. Journal of Financial Crime, 26(1), 211-222. https://doi.org/10.1108/jfc-12-2017-0122
Onwuegbuzie, A. J., & Leech, N. L. (2007). A call for qualitative power analyses. Quality & Quantity, 41(1), 105-121. https://doi.org/10.1007/s11135-005-1098-1
Oyedokun, G. E. (2013). An assessment of the role of forensic accountants in litigation support services (An explanatory approach). SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2410664
Prabowo, H. Y. (2021). Undergraduate forensic accounting education in Indonesia: Initiating a re-invention. Australasian Business, Accounting & Finance Journal, 15(2), 3-25. https://doi.org/10.14453/aabfj.v15i2.2
Punch, K. F. (2013). Introduction to social research: Quantitative and qualitative approaches, sage.
Renzhou, D. (2011). Research on legal procedural functions of forensic accounting. Energy Procedia, 5, 2147-2151. https://doi.org/10.1016/j.egypro.2011.03.371
Seda, M. & Kramer, B. K. P. (2015). A comparison of US forensic accounting programs with the National Institute of Justice funded model curriculum. Journal of Forensic & Investigative Accounting 7(2), 144-177. https://studylib.net/doc/8690476/a-comparison-of-u.s.-forensic-accounting-programs-with-the
Shavers, B. (2013). Placing the suspect behind the keyboard: using digital forensics and investigative techniques to identify cybercrime suspects, Newness.
Sivaprasad, A., & Jangale, S. (2012). A complete study on tools & and techniques for digital forensic analysis. 2012 International Conference on Computing, Electronics and Electrical Technologies (ICCEET). https://doi.org/10.1109/icceet.2012.6203877
Starks, H., & Brown Trinidad, S. (2007). Choose your method: A comparison of phenomenology, discourse analysis, and grounded theory. Qualitative Health Research, 17(10), 1372-1380. https://doi.org/10.1177/1049732307307031
The Guardian (2019). “Jury protest forces fraud trial collapse after two years” .UK news. https://www.theguardian.com/uk/2005/mar/23/transport.constitution#:~:text=What%20is%20believed%20to%20be,also%20protested%20about%20their%20hardships.
Thorne, S. (2000). Data analysis in qualitative research. Evidence-Based Nursing, 3(3), 68-70. https://doi.org/10.1136/ebn.3.3.68
US-CERT (2018), “Computer forensics”, United States Computer Emergency Readiness Team, Vol. 11 No.28.
Yang, C., & Lee, K. (2020). Developing a strategy map for forensic accounting with fraud risk management: An integrated balanced scorecard-based decision model. Evaluation and Program Planning, 80, 101780. https://doi.org/10.1016/j.evalprogplan.2020.101780
Yekini, K., Ohalehi, P., Oguchi, I., & Abiola, J. (2018). Workplace fraud and theft in SMEs. Journal of Financial Crime, 25(4), 969-983. https://doi.org/10.1108/jfc-03-2017-0025
Yinusa, S. O., Lawal, B. A., Oyetunji, O. T., & Adekoya, A. A. (2020). Forensic accounting and fraud detection: Evidence from manufacturing industry in Nigeria. Kampala International University Interdisciplinary Journal of Humanities and Social Sciences, 1(2), 242-264. https://doi.org/10.59568/kijhus-2020-1-2-17
Published
Issue
Section
License
Copyright (c) 2024 Qlantic Journal of Social Sciences and Humanities
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.