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The state of forensic accounting: South Africa versus the United States of America

Author

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  • Varaidzo Denhere

    (Johannesburg Business School, University of Johannesburg, 69 Kingsway Avenue, Auckland Park, Johannesburg, South Africa)

Abstract

As a multi-faceted emerging profession, forensic accounting is surrounded by some issues, controversies, and challenges among them lack of consensus on the entry requirements and certification of the profession, misconstruction of the innate goal of forensic accounting, and the lack of consensus on the teaching pedagogies of forensic accounting. The claim of ownership of forensic accounting by different professional bodies in different jurisdictions also exacerbates these challenges. With these issues surrounding the profession, this study sought to examine the state of affairs of forensic accounting in a developed economy, USA, and a developing economy South Africa. The comparison was based on the following criteria: certification; the profession issues; constitutional and judicial issues; and legal and regulatory issues. The study employed a desktop literature review methodology involving an in-depth review of relevant and current literature. The paper found that both countries share a similar status of the forensic accounting profession only on the profession issues. Differences were noted on the certification; constitutional and judicial issues; as well as the legal and regulatory issues. To date, the profession is regulated in both jurisdictions but it happened in 2000 in the US and 2013 in South Africa. It can therefore be concluded that the similarity in forensic accounting profession status for the two jurisdictions is based only on the profession criteria with differences existing in the certification; constitutional and judicial; and legal and regulatory issues. The paper recommends more studies on comparing the status of the profession in other jurisdictions because extant literature still alludes to unresolved issues and challenges on forensic accounting in some jurisdictions. Key Words:Forensic accounting, Jurisdictions, South Africa, State of forensic accounting, USA

Suggested Citation

  • Varaidzo Denhere, 2023. "The state of forensic accounting: South Africa versus the United States of America," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 12(7), pages 332-344, October.
    • Handle: RePEc:rbs:ijbrss:v:12:y:2023:i:7:p:332-344
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    References listed on IDEAS

    as
    1. Reshma Kumari Tiwari & Jasojit Debnath, 2017. "Forensic accounting: a blend of knowledge," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 25(1), pages 73-85, February.
    2. Bryan Howieson, 2018. "What is the ‘good’ forensic accountant? A virtue ethics perspective," Pacific Accounting Review, Emerald Group Publishing Limited, vol. 30(2), pages 155-167, April.
    3. repec:eme:par000:par-01-2017-0005 is not listed on IDEAS
    4. Hegazy, Sarah & Sangster, Alan & Kotb, Amr, 2017. "Mapping forensic accounting in the UK," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 28(C), pages 43-56.
    5. Huber, Wm. Dennis, 2013. "Should the forensic accounting profession be regulated?," Research in Accounting Regulation, Elsevier, vol. 25(1), pages 123-132.
    Full references (including those not matched with items on IDEAS)

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