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Forensic Accounting Assignment: Solving Vexed Problems In Corporate World

s and Research Objectives The present analysis performed in the forensic accounting assignment coved multiple research questions based on the single topic of Roles of Forensic Accounting in Solving Vexed Problems inCorporate World and Business. Nevertheless. The current research proceedings will address the following research objectives: To investigate the objectives and the role of forensic accounting along with identifying its effectiveness in complex business situations of accounting aspects To determine the significance of forensic accounting in modern trends of business management towards strengthing the applications of predictable accounting system To evaluate the multiple utilities of contemporary elements of foreign accounting towards solving vexed issues in modern business management Developing recommending aspects with the view towards highlighting the role of forensic accounting along with its areas of improvement based on financial improvement and internal control over commercial operations. However, based on the developed research objectives, the following part of the research on forensic accounting assignment note developed the required research questions, which proved to be very much sufficient with the view towards meeting the outcome of research needed. Q1. What are the various ways, while applying the notion of forensic accounting to address the accounting fraudulence and frauds? Q2. What are the specific ways to determine the importance of forensic accounting to strengthing the conventional accounting system? Q3. What are the ways, which proved to be very much specific to evaluate the quality of the financial reporting along with determining the effective means to address the vexed issues based on corporate governance? Q4. What are the best ways to address the difficulties faced by the auditors to apply the core and fundamental concepts of forensic accounting? Theoretical Background/Literature Review Introduction In this research on forensic accounting assignment, article shall be selected for understanding the responsibility of forensic Accounting in managing problems in the businesses and business world. The selection of the research articles while preparing this forensic accounting assignment shall help in an in-depth investigation of the research problem. Role of forensic accounting in managing corporate failure It has been noted by Kingsly (2015) that there have been increased cases of accounting fraud that is one of the most common corporate failures. Kingsly (2015) has noted so as to forensic accounting cannot be treated as a process of the statutory audit; instead, it is an essential aspect of corporate governance. It is believed by Kingsly (2015) that organisations that have forensic Accountants with proper training in financial data, pieces of evidence, auditing skills and Accounting Information System Software, can help to address the risks of corporate failure. The importance of forensic accounting for handling cases of Corporate failure lies in the use of accounting skills, law procedures and professional judgments in an integrated manner so that the risks of Corporate liquidation can be addressed to avoid financial scandals. Figure 3: Role of Forensic Accounting in Corporate World (Source: Eze&Okoye, 2019) Forensic accounting from the perspective of financial auditing Financial markets are prone to loss of confidence if there are risks of financial frauds. Inaccuracy in the audit of the financial statements increases the chances of scams in an organization as noted by Kizil & Ka?ba?? (2018). The authors also indicated that most of the cases of frauds in countries such as us and Japan have been due to accuracy in auditing to be able to detect the risks of fraud. In this respect, Kizil & Ka?ba?? (2018) have noted the critical role of forensic accounting for adequate levels of Investigation for maintaining reliability and transparency in financial auditing system. The purpose of forensic accounting mentioned herein forensic accounting assignment has also been found to be essential for preserving standardization and objective investigation into the financial statements. It has been noted by Kizil & Ka?ba?? (2018) that the United States of America has implemented legislation for setting up public bodies for minimizing the possibilities of accounting scandals. It is assumed that through maintaining a higher level of efficiency in the financial auditing system risks of finance-related crimes can be avoided. Forensic accounting can be of immense value for investigations in the audit system for maintaining transparency and standardization of auditing. Function of forensic accounting in managing fraud management The investigation article by Bhasin (2015) has noted fraudulent practices in countries to be a significant challenge for the economy. It has been indicated by Bhasin (2015) that states set up anti-corruption institutes for handling economic crimes, but there is little success. Considering that financial crimes can have an immense impact not only on corporate organization but also on individuals, advanced research is necessary for efforts that go beyond the statutory audits. In this respect, it had been noted by Dubey (2016) that forensic accounting practices could help in the detection of fraud and even be used for controlling the risks of fraud that is one of the most significant financial crimes that cannot be easily detected by external auditors. Forensic accounting helps in the in-depth investigation and enhanced level of knowledge of judicial accounting procedures and financial reporting skills. Forensic accounting can hence be considered to be the best practices for harmonization of financial risk operation. A theoretical framework to reflect upon forensic accounting and its advantages The understanding of Skinner's Operant Conditioning Theory as noted by EhioghirenAtu (2016), forensic accounting can be considered as an environmental consequence that makes an individual commit any fraud. Other behaviourist theories suggest that financial scams as criminal activities can be viewed as rewarding in terms of money or prestige. This makes the need to commit fraud to be a recurrent process. Considering that financial crimes in the context of forensic accounting assignment are the result of the psychological underpinning of an individual to commit a crime given environment, behavioral patterns in terms of activities of individuals committing the crime can help to reduce the risks of the crime (Rathnasiri&Bandara, 2017). Such information has a vital role to play in the process of Investigation in forensic accounting by forensic Accountants. Preventive role of forensic accounting in hazard aversion Modugu and Anyaduba (2013) have provided another perspective regarding the role of forensic accounting, and that is in the form of its role in preventing any risk in organization or economy at large. They have noted an issue with forensic accounting to be taken as a causal action to minimise the impact of any financial crime. Modugu and Anyaduba (2013) have indicated that most of the crimes for cases of fraud in the organisation are due to no achievement of the power systems for corporate governance maturity. This can for the related to the Limited or no use of the forensic accounting system as a preventive measure in organisations to avoid frauds. It has been noted by MEKIC, Modugu and Anyaduba (2013) that forensic accounting and its capabilities of identifying the gap between the actual performance and planned performance had been undermined. Hence the need for the use of forensic accounting as a proactive and preventive system has been established. Ata?anand Kavak (2017) consider the assistance of the legal accounting system along with the use of the corporate governance maturity is useful for minimizing the control lapses that often leads to the increased risks of fraud. Forensic accounting measure examined in the segment of forensic accounting assignment has been promoted as a tool for elimination of performance-related fraud risk and the purpose of detective control. What is the importance of forensic accounting for financial efficiency in the context of forensic accounting assignment? Hitchcock (2018) has calculated the influence of forensic accounting training to be given and the consequence of forensic accountant involved in the commercial governance of organizations. It has been noted by Herbert et al. (2017) that the scientific investigation process and the proactive detection system that is part of the four accounting can help in better enforcement of a system that is secured. For Asset Management, the detection in the gaps of actual and perceived performances is essential that can be achieved through the defect investigation process of forensic accounting. Conclusion To contribute, it can be stated based on the research studies of the selected articles that forensic accounting can be used both as a preventive measure and fraud management tool. The use of research articles initiated in the case scenario of forensic accounting assignment has admired the importance of forensic accounting. Research Design and Methodology The notion of adopting the required research design will evaluate the way which will prove to be very much sufficient towards determining the outline of the current research framework. Type of Research Framework Exploratory research framework is the selected research framework for the proceedings, where the analyst will be able to identify the problem that has not been studied more clearly in the operational activities (Sahdan, Cowton& Drake, 2019). Along with the same point of time, the applied research methods proved to be very much sufficient towards developing the operational definitions and improve the final research design with the view towards identifying the effectiveness of the associated research topic. Data Collection Procedure Based on the objectives and space associated with the current research operational framework illustrated herein forensic accounting assignment, the analyst evaluated the findings based on the core applications of both primary and secondary research work (Rezaee&Wang, 2019). The long-form of both primary and secondary research in the overall conclusions comprised the way with the view towards gathering the best possible outcome from the determined approaches (Alshurafat, Beattie, Jones & Sands, 2019). The combination of both qualitative and quantitative research approach is carried on this forensic accounting assignment and will be helpful for the analyst to meet the result of the research work with compelling facts. Interview the employees associated with any organization having some specific issues and gathering the feedbacks of the managers will complete the data collection procedure in the required manner (Kranacher and Riley, 2019). Figure 4: Conceptual Framework of Data Collection Procedure (Source: Rathnasiri&Bandara, 2017) Sample size and Data Sampling After completing the survey justifying the collected samples in the required manner is another crucial area of working for the analyst(Quinlan, Babin, Carr& Griffin, 2019). Determining the required sample space includes the applications of the proper sampling methods and techniques, which will allow the analyst in the study to find the best-identified results with from different kinds of alternatives, where various characteristics need to be considered (Gray, 2019). Probability sampling methods, along with non-probability sample methods at the same point of sampling, will allow the analyst to meet the required outcome of the current research findings obtained within the forensic accounting assignment in the best possible manner (Wiek& Lang, 2016). The finished sample size based on the requirements of the current research includes ten employees and five managers working in the same organization, where some issues have been identified in auditing (Quinlan, Babin, Carr& Griffin, 2019). Data Analysis procedure Theme based examination procedures along with statistical examination procedures are the two combined points, which defined the process to improve the skills and simplicity of the analyst to execute the required data breakdown procedure(Fletcher, 2017). Since the reason behind the findings of the research on forensic accounting assignment will be done with the application of both quantitative and qualitative research framework, the best way will define to have the desired results based on applying a mixed concept and approach (Ledford & Gast, 2018). Thematic analysis will meet the required procedures to implement the necessary set of text-based arranging several kinds of interview transcripts (Kumar, 2019). Topics, ideas and patters repeatedly come with effective utilization of the collected data's. On the other hand, is one of the vital comments of data analysis procedure, where statistical analysis involved in the direction towards collecting and scrutinizing every data sample in a set of items from which samples can be drawn and executed(Ledford & Gast, 2018). Therefore, with the view towards meeting the context of the research on forensic accounting assignment, the analyst comprised the way towards selecting thematic analysis for qualitative study and statistical analysis for quantitative study. Ethical Concerns and Framework The analyst has done a remarkable job towards meeting the ethical framework of the current research on forensic accounting assignment in the best possible manner. Maintaining the privacy of the present study was crucial where all the collected data's in the form of both primary and secondary research are done confidentially (Fletcher, 2017). The researcher, during the survey with all its participants, adheres to the stick polices of applications based on business-oriented operations(Quinlan, Babin, Carr& Griffin, 2019). By applying this ethical principle, the researcher will carry out the understanding and knowledge about information search(Wiek& Lang, 2016). Data protection act, along with dealing fairly with all the crucial findings based on the research work fundamental objectives. Reference List Aduwo, O. O. (2016). The role of forensic accounting in combating the menace of corporate failure. Forensic accounting assignment International Journal of Economics, Commerce and Management, 4(1), 640-649. https://pdfs.semanticscholar.org/471a/34ef65d83a8931d48ab2415ed222343b5b90.pdf Alshurafat, H., Beattie, C., Jones, G. & Sands, J., (2019). Forensic accounting core and interdisciplinary curricula components in Australian universities: analysis of websites. Journal of Forensic and Investigative Accounting, 11(2-Special Edition), pp.353-365. Ata?an, G. and Kavak, A., 2017. RELATIONSHIP BETWEEN FRAUD AUDITING AND FORENSIC ACCOUNTING. International Journal of Contemporary Economics & Administrative Sciences, 7. https://www.researchgate.net/profile/Guelsah_Atagan/publication/325130505_Relationship_Between_Fraud_Auditing_and_Forensic_Accounting/links/5bead0114585150b2bb35fc8/Relationship-Between-Fraud-Auditing-and-Forensic-Accounting.pdf Bhasin, M.L., (2015). Contribution of Forensic Accounting toCorporate Governance: An Exploratory Study of an AsianCountry. International Business Management, 10(4), p.2016. Crain, M.A., Hopwood, W.S., Gendler, R.S., Young, G.R. &Pacini, C.,( 2019). Essentials of forensic accounting. John Wiley & Sons.] Cugova, A. &Cug, J., (2020). Motivation for the use of creative accounting techniques in the conditions of the globalized business environment. Forensic accounting assignment In SHS Web of Conferences (Vol. 74, p. 01004). EDP Sciences. Dubey, M.P., 2016. Forensic Accounting. https://www.academia.edu/download/40815232/2596.pdf Ehioghiren, E. E. &Atu, O. O. K. (2016). Forensic accounting and fraud management: Evidence from Nigeria. Forensic accounting assignment Igbinedion University Journal of Accounting, 2(8), 245-308. https://www.iuokada.edu.ng/journals/571E2E6407A9033.pdf Eze, E. & Okoye, E.I., (2019). Forensic Accounting and Fraud Detection and Prevention in Imo State Public Sector. Fletcher, A.J., (2017). Applying critical realism in qualitative research: methodology meets method. International journal of social research methodology, 20(2), pp.181-194. Gray, D.E., (2019). Doing research in the business world. Sage Publications Limited. Herbert, W.H., Onyilo, F., Ene, E.E. &Tsegba, I.N., (2017). Fraud and forensic accounting education: Prospects and challenges in Nigeria. International Journal of Business and Management, 12(7), pp.146-160. https://pdfs.semanticscholar.org/0197/ec0b9787ca98faec10ebc8afe09b74d24c5b.pdf Hitchcock, M., (2018). The Importance and Implications of Forensic Accounting in the Financial World. https://digitalcommons.liu.edu/cgi/viewcontent.cgi?article=1026&context=post_honors_theses Kingsly, M., (2015). The Role of Forensic InvestigationProfessionals in the Prevention of Fraud and corruption inDeveloping Countries. Available at SSRN 2605811. Kizil, C. &Ka?ba??, B., (2018). Accounting Scandals and Eye-Catching Frauds: USA-Japan Comparison by Considering the Role of Auditing. Forensic accounting assignment Journal of Asian Research, 2(3). https://pdfs.semanticscholar.org/46b6/32331f49db67cf49eecb7e7ba2af7cca8a72.pdf Kranacher, M.J. & Riley, R., (2019). Forensic accounting and fraud examination. John Wiley & Sons. Kumar, R., (2019). Research methodology: A step-by-step guide for beginners. Sage Publications Limited. Lakshmi, P. and Menon, G.,( 2016). Forensic Accounting: ACheckmate for Corporate Fraud. Forensic accounting assignment Journal of Modern Accountingand Auditing, 12(9), pp.453-460. Ledford, J.R. & Gast, D.L., (2018). Single case research methodology: Applications in special education and behavioral sciences. Routledge. MEKIC, A., Halilbegovic, S. &Huric, A., (2017). Forensic Accounting as a Solution to Manipulative Accounting of SME’s in Bosnia and Herzegovina. Ecoforum Journal, 6(2). http://www.ecoforumjournal.ro/index.php/eco/article/viewFile/634/396 Modugu, K.P. and Anyaduba, J.O., (2013). Forensic accountingand financial fraud in Nigeria: An empiricalapproach. International Journal of Business and SocialScience, 4(7), pp.281-289. Quinlan, C., Babin, B., Carr, J. & Griffin, M., (2019). Business research methods. South Western Cengage. Rathnasiri, U.A.H.A. &Bandara, S.,( 2017). The forensic accounting in Sri Lanka. https://www.survey.unitec.ac.nz/bitstream/handle/10652/4713/Rathnasiri.%20U.%20A.%20H.%20A.%20%282017%29.pdf?sequence=3&isAllowed=y Rehman, A. & Hashim, F., (2018). Literature review: Preventive Role of Forensic accounting and Corporate Governance Maturity. Forensic accounting assignment Journal of Governance and Integrity (JGI), 1(2), pp.68-93. https://www.researchgate.net/profile/Ali_Rehman12/publication/325813347_LITERATURE_REVIEW_PREVENTIVE_ROLE_OF_FORENSIC_ACCOUNTING_AND_CORPORATE_GOVERNANCE_MATURITY/links/5b26a4590f7e9b0e374e54b1/LITERATURE-REVIEW-PREVENTIVE-ROLE-OF-FORENSIC-ACCOUNTING-AND-CORPORATE-GOVERNANCE-MATURITY.pdf Rezaee, Z. & Wang, J., (2019). Relevance of big data to forensic accounting practice and education. Managerial Auditing Journal. Sahdan, M.H., Cowton, C. & Drake, J., (2019). Forensic accounting services in English local government and the counter-fraud agenda. Forensic accounting assignment Public Money and Management. Wiek, A. &Lang, D.J., (2016). Transformational sustainability research methodology. In Sustainability science (pp. 31-41). Springer, Dordrecht. Appendix: Ethical Form Student Details Name : Student Number : Email : Subject (Code/Name) : Supervisor Details Name : Email : Proposed Research Details : Topic: Applied Business Research (Forensic Accounting) Summary of the proposed research project, including brief description of methodology (bullet points where applicable ) The research framework along with effective data analysis procedure combined the way to get the best results. Applying both the concept of quantitative and qualitative data analysis procedure will give the effective result of finings by describing the research framework as a whole Ethics Checlist (Participants) How do you propose to select your participants? By arranging research survey in the form of quantitative and qualitative research findings Will your research involve adults who might be identified by you or anyone else reading the research ? (Yes/No). If yes, how will you obtain their consent ? Yes. To get the best findings. Does your research involve children under eighteen years old ? (Yes/No) No


Subject Name: Accounting

Level: Undergraduate


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