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An innovative approach in combating economic crime using forensic accounting techniques

An innovative approach in combating economic crime using forensic accounting techniques The purpose of this study is to develop an innovative approach of combating economic crime using the forensic accounting techniques.Design/methodology/approachThe approach considered the identification of the effective forensic accounting techniques from the available literature and also explored the anti-economic crime policy, capable of assisting in the combating of economic crime. This brought about the development of two conceptual models, which incorporate all the requirements for the implementation of forensic accounting and the integration of forensic accounting technique into the organizational control system for effective fraud mitigation.FindingsThe analysis of the literature review indicated that one of the drawbacks, which has continue to mitigate the implementation of forensic accounting as a tool for combating fraud is lack of a suitable framework. This was the major focal point of this work, which produced two simplified conceptual models suitable for effective fraud mitigation.Research limitations/implicationsThis study is limited to the development of conceptual models for fraud mitigation only.Practical implicationsThe simplified model can easily be adopted into the structure of an organization to provide a sustainable solution to mitigate fraud occurrences.Originality/valueThe novelty of this study lies in the development of two simplified conceptual models. The first model addressed the incorporation of forensic accounting into the organization structure while the second captured the detailed investigation and comprehensive data analysis processes of uncovering fraud. The development of conceptual models with all these peculiarities for fraud mitigation has not been widely reported by the existing literature. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Crime Emerald Publishing

An innovative approach in combating economic crime using forensic accounting techniques

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References (83)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1359-0790
eISSN
1359-0790
DOI
10.1108/jfc-04-2020-0053
Publisher site
See Article on Publisher Site

Abstract

The purpose of this study is to develop an innovative approach of combating economic crime using the forensic accounting techniques.Design/methodology/approachThe approach considered the identification of the effective forensic accounting techniques from the available literature and also explored the anti-economic crime policy, capable of assisting in the combating of economic crime. This brought about the development of two conceptual models, which incorporate all the requirements for the implementation of forensic accounting and the integration of forensic accounting technique into the organizational control system for effective fraud mitigation.FindingsThe analysis of the literature review indicated that one of the drawbacks, which has continue to mitigate the implementation of forensic accounting as a tool for combating fraud is lack of a suitable framework. This was the major focal point of this work, which produced two simplified conceptual models suitable for effective fraud mitigation.Research limitations/implicationsThis study is limited to the development of conceptual models for fraud mitigation only.Practical implicationsThe simplified model can easily be adopted into the structure of an organization to provide a sustainable solution to mitigate fraud occurrences.Originality/valueThe novelty of this study lies in the development of two simplified conceptual models. The first model addressed the incorporation of forensic accounting into the organization structure while the second captured the detailed investigation and comprehensive data analysis processes of uncovering fraud. The development of conceptual models with all these peculiarities for fraud mitigation has not been widely reported by the existing literature.

Journal

Journal of Financial CrimeEmerald Publishing

Published: Dec 7, 2020

Keywords: Conceptual model; IT; Control system; Forensic accounting; Economic crime

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