| Country : | Australia |
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Assignment Task :
Research Background
The key aim of this research is to assess the impact of the forensic accounting on the overall success of the undertakings.
The scientific and specialist areas of fraud and forensic accounting promote and build resources in a variety of similar fields, technology, information management, electronic forensics, and general forensic science. Latest corporate accounting and financial controversies have resulted in expanded legal and regulatory standards (Mary-Jo Kranacher, 2019). These standards has encouraged the financial professionals to be more intrusive in detecting fraud and misconduct and these professionals are expected to have more understandings of the financial forensics. Threatening terrorism attacks, governmental corruption and organized crime activity has intensified the need for experts who accordingly educated to examine and address problems and accusations linked to these actions.
There is also a growing market for forensic and legal consulting services relating to dicorce claims, valuations, project delays and so on. Demand for students with advanced credentials in this area has risen dramatically and is expected to continue to rise. Growing competition provided an unparalleded incentive for all practitioners who develop expertise, experience and abilities specific to fraud and forensic accounting. For example, the Bureu of Labour Statistics forecasts 10% job growth for accountants and auditors from 2016 to 2026. It is hard to picture a more flexible and demand-driven profession.
Forensic accounting refers to the comprehensive view of fraud investigation (Singleton, n.d.). This required the avoidance of theft and the study of anti-fraud procedures. Forensic accounting will require an audit of the accounting documents in the hunt for proof of wrong doing, the audit of fraud. The work of a forensic accountant is typically carried out by individuals with financial or accounting experience specializing in the collection, analysis and recording and documentation of financial events for the purpose of the “forum” of a decision-making body or individual. The conditions such as fraud auditing, forensic accounting, fraud examination, fraud prosecution, intrusive accounting, legal assistance and value division are not specifically specified in the accounting dictionary. (Rechtman, 2020)
The forensic accounting provide assistance in reduction and analysis of losses in fraud cased, including risk assessments, designing the preventions strategies, internal controls and procedures. Policy development, implementation and monitoring. The forensic specialists understand the arbitration process whether agreed, facilitated or resolved by the court. They put together a wide base of business expertise and a varied range of skills to investigate the financial affairs of the parties and to create the facts.
Research Questions and Research Objectives
Research Questions:
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How would forensic accounting impact on the organization?
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What is the relation between forensic accounting and fraud management?
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How are the current Forensic Accounting firms operating in Australia?
Research Objectives:
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To identify the impact of forensic accounting in auditing system
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Recommendation to be undertaken for the better forensic accounting system
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