FORENSIC ACCOUNTING AND ECONOMIC GROWTH

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FORENSIC ACCOUNTING AND ECONOMIC GROWTH

CHAPTER ONE

INTRODUCTION

Background of the study

Forensic accounting, as a specialized area of the accounting profession, plays a crucial role in addressing financial fraud, embezzlement, corruption, and other forms of economic malfeasance. In recent decades, forensic accounting has gained prominence due to the increasing complexity of financial crimes and the growing need for transparency and accountability in both the public and private sectors. Its primary objective is to investigate and analyze financial discrepancies and frauds in order to provide legal evidence that can be used in courts of law. As such, forensic accountants are equipped with skills in both accounting and investigative techniques, making them critical players in combating economic and financial crime.

Economic growth, on the other hand, is a key indicator of a nation’s development and prosperity. It represents the increase in the value of goods and services produced by an economy over time. Sustained economic growth is essential for improving the standard of living, creating employment opportunities, and reducing poverty. However, the growth of an economy can be severely hampered by financial irregularities, including fraud, corruption, and mismanagement of resources. In many countries, particularly in developing economies, these challenges undermine public trust in institutions, discourage investment, and erode the tax base.

The intersection of forensic accounting and economic growth lies in the ability of forensic accounting to promote financial transparency, enhance corporate governance, and deter economic crimes. By identifying and addressing financial mismanagement, forensic accounting can help create a more stable and trustworthy economic environment, which is conducive to growth. Moreover, forensic accounting plays a pivotal role in the recovery of misappropriated assets, the prevention of financial crises, and the improvement of public sector efficiency.

This study seeks to explore the impact of forensic accounting on economic growth, with a focus on how its application in various sectors contributes to a healthier financial environment. It also examines the role of forensic accounting in curbing financial crimes that negatively affect the economy and provides insights into how the adoption of forensic accounting practices can lead to sustainable economic development. The study will address the following key areas: the importance of forensic accounting in economic growth, its role in fraud prevention and detection, and its contribution to improved corporate governance and financial accountability. Through this analysis, the potential for forensic accounting to act as a catalyst for economic growth will be critically examined.

In conclusion, understanding the relationship between forensic accounting and economic growth is essential in today’s globalized economy. With the rise of financial crimes and the need for transparent, accountable governance, forensic accounting offers a vital solution to protecting the integrity of financial systems, which is necessary for fostering long-term economic development.

The recent multi-billion dollars corporate scandals (Enron, Tyco, World Com, Adelphia and others) have shaken the business world. The public and governmental reactions to these events has been enormous. It has triggered congressional action that resulted in legislation (Sarbanes-Oxley Act, 2002) and auditing standards (Statement of Accounting Standard No. 99) that require companies and their auditors to be more aggressive in detecting and preventing fraud, which in turn, has elevated the importance of the accounting profession in protecting the integrity of the financial system in order to prevent such scandals.

Additionally, in today’s society, there is widespread growth in white-collar crimes evidenced by both fraudulent financial reporting and misappropriation of assets. Racketeering and terrorist groups often rely on money-laundering schemes to conceal and disguise their activities such as identity theft, present new challenges to accountants. The impact on the accounting profession has been dramatic. The environment has created many job opportunities in the accounting profession at federal, state and governmental agencies, such as the Securities and Exchange Commission, the revenue service and the office of the inspector general, all have an increased impact on accountants and others with forensic accounting investigation skills.

However, modern organized corporate frauds are sophisticated, and well resourced by manager, entrepreneur and politicians to mention but few. There is the need to respond to this changing criminal threat and the skills of non-traditional investigators like accountant and the legal experts are needed to combat the corporate ill, this has arouse the call for forensic accountant.

In the light of the foregoing discussion, forensic accounting has to do with the use of the use accounting discipline to help determine issues of fact in business litigation. It involves the application of accounting, business, legal and financial skills in settling commercial or legal disputes (Omoniyi, 2004).

Issues relating to the efficacy of forensic accounting and its techniques in curbing fraudulent and other criminal activities across the globe and what determines such techniques have gained the attention of scholars and practitioners in the field of forensic accounting over time. Notwithstanding the huge number of research conducted so far, there have not been any convergence as to a sufficient coverage in the meaning and what techniques of forensic accounting should be.

Statement of problem

The difficulty in having an agreed definition of forensic accounting has afforded the researchers in this field to come up with various definitions that best suited their direction of research which are not wholistic and most often, such definitions are not well representing the intention and capacities of the roles of forensic accounting as most of the meanings adduced to the concept of forensic accounting are skewed to some aspects of the concepts that interest the scholars. Hence, it is difficult to generalise such definitions.

Furthermore, various attempts by scholars to enumerate the techniques in forensic accounting have left the researchers in doubt about the mixed results available. Mostly, what is said to be the techniques in this specialised area of endeavor are not the known true representation of what can be called techniques. It is with this that this current research south to interrogate what exists as forensic accounting and what truly are the techniques in forensic accounting that the skill sets of the forensic accounting should be directed.

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