Uncovering Financial Fraud: The Vital Role of Forensic Accounting and Auditing in Modern Business Practice

Đukić Tadija (), Pavlović Miloš () and Grdinić Vladimir ()
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Đukić Tadija: University of Niš, Faculty of Economics, Republic of Serbia
Pavlović Miloš: Belgrade Business and Arts Academy of Applied Studies, Republic of Serbia & University of Priština, Faculty of Economics in Kosovska Mitrovica
Grdinić Vladimir: Belgrade Business and Arts Academy of Applied Studies, Republic of Serbia

Economic Themes, 2023, vol. 61, issue 3, 407-418

Abstract: This article explores the critical roles of forensic accounting and auditing in modern business, focusing on uncovering financial irregularities and promoting transparency. Through a meticulous literature review and analysis, the study emphasizes the significance of these practices. The purpose is to underscore their importance, methodologies, and implications. Methodologically, the article employs a comprehensive literature review and meticulous analysis of real-world applications. It investigates cases of corporate fraud, financial statement analysis, and dispute resolution. Ethical and legal considerations are highlighted, emphasizing the adherence to professional codes and standards. The study reveals that forensic practices are pivotal in detecting financial misconduct, upholding financial transparency, and ensuring accountability. Technological advances, such as data analytics and AI, enhance efficiency and accuracy. The research establishes the need for continuous development and professional education to tackle the evolving financial challenges. In summary, this article highlights the central roles of forensic accounting and auditing in modern business, their methodologies, and ethical considerations. The study underscores their importance in detecting financial fraud, promoting transparency, and fostering trust.

Keywords: Forensic accounting; auditing; financial fraud; transparency; corporate governance; ethical considerations; technology integration; legal compliance; financial investigations; data analytics (search for similar items in EconPapers)
JEL-codes: G34 K42 M42 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ecothe:v:61:y:2023:i:3:p:407-418:n:5

DOI: 10.2478/ethemes-2023-0021

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