Innovative approaches in forensic accounting: The role of data analytics

Kapo Amra (), Turulja Lejla () and Vidačak Zorana ()
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Kapo Amra: University Sarajevo, School of Economics and Business
Turulja Lejla: University Sarajevo, School of Economics and Business
Vidačak Zorana: PhD candidate in Management, University of Sarajevo, School of Economics and Business

Journal of Forensic Accounting Profession, 2024, vol. 4, issue 1, 1-14

Abstract: The integration of data analytics into forensic accounting has revolutionized the detection and prevention of financial fraud. This paper conducts a comprehensive analysis of recent advancements in this field, highlighting the application of machine learning, data mining, and big data techniques in identifying fraudulent activities. By reviewing the latest research and examining case studies, we demonstrate the enhanced accuracy and efficiency these technologies offer over traditional methods. The findings suggest that financial institutions should adopt these advanced tools to mitigate fraud risks and improve overall financial security. The paper also explores future research directions, emphasizing the need for developing hybrid models and real-time detection systems to further enhance fraud detection capabilities.

Keywords: data analytics; forensic accounting; fraud detection; big data; audit analytics (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:jfaccp:v:4:y:2024:i:1:p:1-14:n:1001

DOI: 10.2478/jfap-2024-0001

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