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Uncovering Financial Fraud: The Vital Role of Forensic Accounting and Auditing in Modern Business Practice

Author

Listed:
  • Đukić Tadija

    (1 University of Niš, Faculty of Economics, Republic of Serbia)

  • Pavlović Miloš

    (2 Belgrade Business and Arts Academy of Applied Studies, Republic of Serbia & University of Priština, Faculty of Economics in Kosovska Mitrovica)

  • Grdinić Vladimir

    (3 Belgrade Business and Arts Academy of Applied Studies, Republic of Serbia)

Abstract

This article explores the critical roles of forensic accounting and auditing in modern business, focusing on uncovering financial irregularities and promoting transparency. Through a meticulous literature review and analysis, the study emphasizes the significance of these practices. The purpose is to underscore their importance, methodologies, and implications. Methodologically, the article employs a comprehensive literature review and meticulous analysis of real-world applications. It investigates cases of corporate fraud, financial statement analysis, and dispute resolution. Ethical and legal considerations are highlighted, emphasizing the adherence to professional codes and standards. The study reveals that forensic practices are pivotal in detecting financial misconduct, upholding financial transparency, and ensuring accountability. Technological advances, such as data analytics and AI, enhance efficiency and accuracy. The research establishes the need for continuous development and professional education to tackle the evolving financial challenges. In summary, this article highlights the central roles of forensic accounting and auditing in modern business, their methodologies, and ethical considerations. The study underscores their importance in detecting financial fraud, promoting transparency, and fostering trust.

Suggested Citation

  • Đukić Tadija & Pavlović Miloš & Grdinić Vladimir, 2023. "Uncovering Financial Fraud: The Vital Role of Forensic Accounting and Auditing in Modern Business Practice," Economic Themes, Sciendo, vol. 61(3), pages 407-418, September.
    • Handle: RePEc:vrs:ecothe:v:61:y:2023:i:3:p:407-418:n:5
    DOI: 10.2478/ethemes-2023-0021
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    More about this item

    Keywords

    Forensic accounting; auditing; financial fraud; transparency; corporate governance; ethical considerations; technology integration; legal compliance; financial investigations; data analytics;
    All these keywords.

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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