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

Author

Listed:
  • Anghel Gabriela

    (Valahia University of Târgoviște, Romania)

  • Poenaru Cristina-Elena

    (Valahia University of Târgoviște, Romania)

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.

Suggested Citation

  • Anghel Gabriela & Poenaru Cristina-Elena, 2023. "Forensic Accounting, a Tool for Detecting and Preventing the Economic Fraud," Valahian Journal of Economic Studies, Sciendo, vol. 14(2), pages 87-100, December.
    • Handle: RePEc:vrs:vaecst:v:14:y:2023:i:2:p:87-100:n:1
    DOI: 10.2478/vjes-2023-0018
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    References listed on IDEAS

    as
    1. Oluwatoyin Esther Akinbowale & Heinz Eckart Klingelhöfer & Mulatu Fikadu Zerihun, 2020. "An innovative approach in combating economic crime using forensic accounting techniques," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 27(4), pages 1253-1271, July.
    2. Valentin Radu & Alina Iuliana Tabirca, 2019. "Accounting Information Systems in the Knowledge Society," Book chapters-LUMEN Proceedings, in: Maria Negreponti Delivanis (ed.), International Conference « Global interferences of knowledge society », November 16-17th, 2018, Targoviste, Romania, edition 1, volume 8, chapter 25, pages 258-269, Editura Lumen.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    forensic accounting; professional accountant; economic fraud; financial statements; reporting standards;
    All these keywords.

    JEL classification:

    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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