The Role of Forensic Accounting in Fraud Detection and Prevention

Abstract

Forensic accounting is a specialized branch of accounting that combines accounting, auditing, and investigative skills. It also helps in Investigating financial irregularities, disputes, or possible fraud within an organization entail using accounting principles and techniques. Forensic accountants are educated experts with in-depth knowledge of financial systems, data analysis, auditing techniques, and legal frameworks. They use their knowledge to find financial misconduct, spot potential fraud, determine financial damages, and offer litigation support. A wide range of tasks fall under the purview of forensic accounting, including financial statement analysis, financial record reconstruction, fund tracing, interviewing, and questioning suspects, producing investigative reports, and working with legal teams, attorneys, and other professionals. The purpose of this study is to evaluate the methods and strategies utilized in the detection of fraud as well as the function of forensic accounting in identifying and preventing fraud, with an emphasis on how financial institutions, authorities, and law enforcement organizations use it. In addition, the project hopes to advance knowledge of forensic accounting techniques and raise awareness of occupational fraud….