Affiliation: D K M S & Associates Chartered Accountants
Abstract:
Fraud has been a persistent societal issue for centuries, evolving alongside advancements in commerce and technology. From historical scams to modern cyber frauds, its impact on financial systems and corporate governance has necessitated mechanisms like forensic accounting to detect and prevent such crimes. Forensic accounting, a multidisciplinary field combining accounting, auditing, and investigative skills, has gained prominence in addressing financial discrepancies, legal disputes, and fraudulent activities. This study provides an exploratory review of forensic accounting education and practice, focusing on its evolution, methodologies, and integration into professional and academic settings. The research examines the alignment between educational programs and industry demands, identifying gaps in skillsets required for addressing complex fraud schemes. The findings highlight the transformative role of technology, including data analytics and AI, in enhancing forensic accounting practices. However, challenges such as limited integration of forensic accounting into academic curriculums, particularly in India, and the need for ethical training persist. By analyzing global trends and career prospects, the study underscores the increasing demand for forensic accounting professionals equipped with both traditional and advanced technological skills. It also emphasizes the importance of interdisciplinary approaches and the potential for further research to adapt forensic accounting practices to the dynamic nature of financial crimes. This work contributes to the broader discourse on strengthening forensic accounting education and practice to meet the growing complexities of modern fraud.
Keywords: Forensic Accounting,Fraud Detection,Data Analytics,Accounting Education,Financial Crime Prevention
Vol & Issue: VOL.1, ISSUE No.1, january 2025