IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v8y2024i6p2168-2181.html
   My bibliography  Save this article

Fortifying Financial Integrity: Insights into Fraud Detection and Prevention Strategies Across Various Financial Companies in Sri Lanka from the Perspectives of Accountants and Internal Auditors in an Analytical Review

Author

Listed:
  • Shathurshna Rathakrishnan

    (Assistant Lecturer, Department of Business & Management Studies, Faculty of Communication & Business Studies, Trincomalee Campus, Eastern University, Sri Lanka)

  • Thirunavukkarasu Baskar

    (Senior Lecturer Gr-I, Department of Business & Management Studies, Faculty of Communication & Business Studies, Trincomalee Campus, Eastern University, Sri Lanka)

Abstract

Fraudulent activities in organizations pose a serious threat to financial integrity, sustainability, and trust. This research study examines in detail fraud detection and prevention strategies in financial institutions in Sri Lanka, as perceived by auditors and internal auditors. Using existing literature and empirical evidence, the study highlights the increasing complexity of fraud and the importance of proactive countermeasures to effectively combat it. Key findings highlight the critical role of good corporate governance practices, the use of IT tools and fostering a culture of integrity in reducing fraud risks. Collaboration between auditors, fraud analysts and internal audit teams emerges as an important element in identifying and addressing fraudulent activity The study highlights the need for a comprehensive approach that includes knowledge, collaboration, governance migration effectiveness, ethical culture, ICT, and transparency combine to effectively prevent fraud to strengthen financial integrity.

Suggested Citation

  • Shathurshna Rathakrishnan & Thirunavukkarasu Baskar, 2024. "Fortifying Financial Integrity: Insights into Fraud Detection and Prevention Strategies Across Various Financial Companies in Sri Lanka from the Perspectives of Accountants and Internal Auditors in an," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(6), pages 2168-2181, June.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:6:p:2168-2181
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-8-issue-6/2168-2181.pdf
    Download Restriction: no
    File URL: https://rsisinternational.org/journals/ijriss/articles/fortifying-financial-integrity-insights-into-fraud-detection-and-prevention-strategies-across-various-financial-companies-in-sri-lanka-from-the-perspectives-of-accountants-and-internal-auditors-in-an/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Maria Krambia‐Kapardis, 2002. "A fraud detection model: A must for auditors," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 10(3), pages 266-278, September.
    2. Hashem Alshurafat & Mohannad Obeid Al Shbail & Ebrahim Mansour, 2021. "Strengths and weaknesses of forensic accounting: an implication on the socio-economic development," Journal of Business and Socio-economic Development, Emerald Group Publishing Limited, vol. 1(2), pages 135-148, July.
    3. Ovidiu Constantin Bunget & Alin Constantin Dumitrescu, 2009. "Detecting And Reporting The Frauds And Errors By The Auditor," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-11.
    4. Khosrow Hassibi, 2000. "Detecting Payment Card Fraud with Neural Networks," World Scientific Book Chapters, in: Business Applications Of Neural Networks The State-of-the-Art of Real-World Applications, chapter 9, pages 141-157, World Scientific Publishing Co. Pte. Ltd..
    5. Sawsan Saadi Halbouni & Nada Obeid & Abeer Garbou, 2016. "Corporate governance and information technology in fraud prevention and detection," Managerial Auditing Journal, Emerald Group Publishing Limited, vol. 31(6/7), pages 589-628, June.
    6. Philip Law, 2011. "Corporate governance and no fraud occurrence in organizations," Managerial Auditing Journal, Emerald Group Publishing Limited, vol. 26(6), pages 501-518, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dr. Solomon Abeki & Aliyu, Abubakar Sadiq; Msc, 2023. "The Influence of Tone at the Top on Financial Statement Fraud of Listed Manufacturing Firms in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(9), pages 1221-1242, September.
    2. Laura-Andreea Iamandache (Florea), 2022. "Reporting on Errors and Fraud in Financial Audit Missions," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 863-868, Decembrie.
    3. Saddam A. Hazaea & Ebrahim Mohammed Al-Matari & Saleh F. A. Khatib & Khaldoon Albitar & Jinyu Zhu, 2023. "Internal Auditing in the Arab World: A Systematic Literature Review and Directions for Future Research," SAGE Open, , vol. 13(4), pages 21582440231, October.
    4. Ayush B. Shrestha & Richard A. Bernardi & Susan M. Bosco, 2013. "The Propensity to Trust Others: Gender and Country Differences," Accounting and Finance Research, Sciedu Press, vol. 2(2), pages 1-69, May.
    5. Razan Nayef Almashaqbeh & Hashem Alshurafat & Hamzeh Al Amosh, 2023. "The Impact of Professionalism Theory Constructs on the Applicability of Forensic Accounting Services: Evidence from Jordan," IJFS, MDPI, vol. 11(4), pages 1-23, December.
    6. Noura Metawa & Rhada Boujlil & Saad Alsunbul, 2023. "Fraud-Free Green Finance: Using Deep Learning to Preserve the Integrity of Financial Statements for Enhanced Capital Market Sustainability," International Journal of Energy Economics and Policy, Econjournals, vol. 13(6), pages 610-617, November.
    7. Miron Gabriela Monica, 2020. "The Influence of VAT Variation on the Damages Resulting from Fraud in the Romanian Economy," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 30(4), pages 111-131, December.
    8. Mazlina Mustapha & Soh Jin Lai, 2017. "Information Technology in Audit Processes: An Empirical Evidence from Malaysian Audit Firms," International Review of Management and Marketing, Econjournals, vol. 7(2), pages 53-59.
    9. Riana Iren Radu & Alexandra Basa & Andrei-Mirel Florea, 2024. "The Techniques and Skills Needed by the Forensic Accounting Expert to Identify Fraud Attempts in Romania," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 62-70.
    10. IONESCU, Luminița, 2017. "Errors And Fraud In Accounting. The Role Of External Audit In Fighting Corruption," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 17(4), pages 29-36.
    11. Prabhat Mittal & Amrita Kaur & Pankaj Kumar Gupta, 2021. "The Mediating Role of Big Data to Influence Practitioners to Use Forensic Accounting for Fraud Detection," European Journal of Business Science and Technology, Mendel University in Brno, Faculty of Business and Economics, vol. 7(1), pages 47-58.
    12. Ozili, Peterson K, 2023. "Forensic accounting research around the world," MPRA Paper 118789, University Library of Munich, Germany.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:8:y:2024:i:6:p:2168-2181. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.