FORENSIC ACCOUNTING AS A TOOL FOR FRAUD DETECTION AND PREVENTION IN COMPANIES IN BUEA MUNICIPALITY.
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The main objective here is to ascertain forensic accounting as a tool for fraud detection and prevention in companies in Buea municipality.
The specific objectives here are to ascertain that investigative accounting will curb fraudulent activities in companies in Buea municipality and to determine the methods used in litigation support to detect and prevent fraud in companies in Buea municipality.
Data was collected through questionnaires administered to different institutions, surveys and observations.
The method of data analysis here is Quantitative method, which include; descriptive statistics, inferential statistics and regression analysis.
The key finding here is that, most companies in molyko use forensic accounting in preventing and detecting fraud. Also forensic accountants are trained to investigate financial irregularities and can provide evidence that may be useful in legal proceedings.
Based on the available research, it is concluded that forensic accounting can be a valuable tool for fraud detection and prevention in companies in buea municipality
The key recommendation here is training employees on proper accounting procedures as well as fraud prevention and detection techniques.
The growing demand for forensic accounting is a known characteristic of most companies in the world. Forensic accounting arises from the effect and cause of fraud and technical error made by human. Forensic accounting is quite new as companies have realized that the service of a forensic accountant is needed as fraud cases have substantially increased in number. Forensic accounting is the application of financial skills and investigative mentality to unsettled issues, conducted within the context of the rules of evidence (Arokiasamy and Cristal, 2009). Bologn and Lindquistn (1987) assert that forensic accounting as a discipline encompasses fraud knowledge, financial expertise, and a sound knowledge and understanding of business reality and the working of the legal system. Forensic accounting may be one of the most effective and efficient way to decrease and check accounting fraud. Presently, forensic accounting is gaining popularity worldwide. It is been taught as a major course in many educational institutions in various countries.
According to Hopwood, Leiner, and Young (2021), Forensic Accounting is the application of investigative and analytical skills for the purpose of resolving financial issues in the manner that meets standards required by court of law. Forensic accountants apply special skills in accounting, auditing, finance, quantitative methods certain areas of the law research and investigative skills to collect, analyze and evaluate evidential matter and to interpret and communicate finding. In the era of increasing accounting scandals, the Importance of forensic accounting is also increasing. The current study systematically analyse a sample of Twenty-four(24) research articles which have been conducted in the broad area of forensic accounting. The sample has been collected from research articles published during periods starting from 2015 to 2020. The result of this study reveals Importance of incorporating forensic accounting education into undergraduate and graduate level courses.
There are two types of research questions, that is the main and the specific research question.
The main research question for this project is; to what extend forensic accounting affects fraud detection and prevention in Buea municipality?
The specific research questions for this project are;
-what is the effect of investigative accounting on the detection and prevention in companies in buea municipality
-In what way does litigation support affects fraud detection and prevention in companies in buea municipality