Forensic Accounting, a Tool for Detecting and Preventing the Economic Fraud

Anghel Gabriela () and Poenaru Cristina-Elena
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Anghel Gabriela: Valahia University of Târgoviște, Romania
Poenaru Cristina-Elena: Valahia University of Târgoviște, Romania

Valahian Journal of Economic Studies, 2023, vol. 14, issue 2, 87-100

Abstract: Economic crime is an increasing threat to the economic development of a state. While the legislative system tries to create tools to detect and prevent fraud, criminals continue to look for ways to commit and benefit from economic crimes, including fraud, money laundering, sanctions avoidance and corruption. Forensic accounting applies scientific techniques and accounting principles to detect fraudulent activities. Due to technological progress, corporate scams have increased enormously, and therefore, the need for forensic accountants has increased. Professionals specializing in this type of accounting don’t just examine financial statements: they take a holistic approach, incorporating statistical analysis, big data and machine learning, interviews, and physical observation to arrive at the truth – which is just as crucial to due diligence as it is to criminal cases.

Keywords: forensic accounting; professional accountant; economic fraud; financial statements; reporting standards (search for similar items in EconPapers)
JEL-codes: M40 M41 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:vaecst:v:14:y:2023:i:2:p:87-100:n:1

DOI: 10.2478/vjes-2023-0018

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