Evaluating the perceived usefulness and fairness of forensic accounting and investigation standards

Abinash Mandal and Amilan S.

Journal of Financial Regulation and Compliance, 2023, vol. 31, issue 5, 754-769

Abstract: Purpose - This study aims to investigate the perceived willingness to adopt and use Forensic Accounting and Investigation Standards (FAIS) in Forensic Accounting and Investigation (FAI) assignments. The study also analyses the usefulness of FAIS in achieving the principle of natural justice (PNJ) concerning fairness. Design/methodology/approach - The respondents comprised 118 accounting professionals whose online survey responses were analyzed descriptively. This study also uses a 2 × 2 contingency analysis representing two levels of usefulness and fairness. Findings - The results revealed that FAIS 410 received the highest mean rating while FAIS 240 received the lowest mean rating in willingness to adopt and use FAIS, and most of the standards were related to the PNJ concerning fairness. The study shows the accounting professionals’ readiness to adapt and flourish with the help of these Standards in FAI assignments. Practical implications - The findings of this study will increase practitioners’ awareness of the usefulness and fairness of FAIS, which will enhance their understanding of the significance of implementing these newly developed standards to harmonize the investigative process in forensic audits. Additionally, the findings may encourage regulators, researchers, accounting bodies and their members to adopt and conduct further FAIS studies that can advance financial crime prevention, detection and investigation knowledge. Originality/value - This paper substantially contributes to the literature as it is the first to examine the usefulness and fairness of “Forensic Accounting and Investigation Standards” in the context of forensic audits and investigations, which has not been previously explored.

Keywords: Fraud; Fairness; Usefulness; Contingency tables; Forensic Accounting and Investigation Standards (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfrcpp:jfrc-12-2022-0157

DOI: 10.1108/JFRC-12-2022-0157

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