Forensic traditional auditing and other internal control mechanisms

Forensic accounting emerged as an academic and practical field of endevour to address the ineffectiveness andinconsistencies of the traditional accounting and auditing practices in spotting out fraud in financial reporting.Essentially, forensic accounting functions to mitigate the menace of fraud through combination of accounting andauditing skills as well as incorporating legal procedures to provide an expert witness and other litigation services.Hence, forensic accounting is the ideology in vogue as far as anti-fraud control mechanisms are concerned.

Chichiand Ebimobowei (2012), see forensic accounting as having the requisite accounting, auditing and investigativeskills to effectively determine whether fraud has occurred and up to the point of establishing a case against thefraudster in any organization. Hence, Forensic accountants are seen as specialists who are experts and experiencedin performing fraud audits and their main objective is to investigate suspicions of fraud (Singleton et al. 2006).Interestingly, forensic accounting is a specialized form of audit and investigative skills and knowledge for theprevention and detection of fraud and in certain cases, the conclusion drawn by forensic accountants will be usedin court of law to resolve disputes(Omar et al., 2013). Singleton and Singleton (2010) observe that forensicaccounting has to do with the comprehensive fraud investigation consisting of preventing frauds and analyzingantifraud control, the audit of accounting records in search of evidence of fraud and fraud audit.

Best services for writing your paper according to Trustpilot

Premium Partner
From $18.00 per page
4,8 / 5
4,80
Writers Experience
4,80
Delivery
4,90
Support
4,70
Price
Recommended Service
From $13.90 per page
4,6 / 5
4,70
Writers Experience
4,70
Delivery
4,60
Support
4,60
Price
From $20.00 per page
4,5 / 5
4,80
Writers Experience
4,50
Delivery
4,40
Support
4,10
Price
* All Partners were chosen among 50+ writing services by our Customer Satisfaction Team

Adegbie andFakile ( 2012) observe that, this has become necessary owing to the inability of the traditional auditing and otherinternal control mechanisms to appropriately spot fraud in organizations. Conventional accounting and auditingtext are premised with little requisite skills for both the external and internal auditors to reveal fraud (Carnes &Gierlasinski, 2001). Equally, the inadequacy of the litigation services which often leads to inaccurate judgmentsby lawyers and judges (Adegbie & Fakile, 2012) . To solve this problem, Digabriele (2008) suggests theintegration of forensic accounting skills into the external audit functions so that discovering fraud will be anintegral responsibility of an auditor.

Ever since its inception of forensic accounting, the accounting and auditingliterature has documented a number of researches on the inclusion of forensic accounting in the accounting andauditing curricula ( e.g Bhasin, 2013; Bologna & Lindquist, 1987; Carpenter, Durtschi, & Gaynor, 2011; Efiong,2012; Hao, 2010; Ramamoorti, 2008) on one hand. Similarly, from the other angle of the divide, the need foradopting and adapting forensic accounting in both the public and private practices has been identified (Gbegi &Okoye, 2013; Ghazali, Rahim, Ali, & Abidin, 2014; Malusare, 2013; Modugu & Anyaduba, 2013), as the ultimatesolution to addressing the issue of fraud and corruption.