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- Title
Forensic Accounting - Key Tool in Detecting and Preventing Fraud and Financial Crimes.
- Authors
FLOREA, Radu; FLOREA, Ramona
- Abstract
In the current rise of economic crime, forensic accounting is not only a necessity but also an essential tool for maintaining a healthy and stable economic environment. This article aims to analyse and highlight the role that forensic accounting plays in fighting against economic crime and protecting the integrity of financial systems. Forensic accounting is acknowledged today as an essential discipline in the financial and legal field. Over the past decades, the practice of forensic accounting has undergone a broad process of globalisation. The diversification of financial crime and cyber-attacks have created a need for continuous adaptation of forensic accounting practices and technologies. "Forensic accounting" refers to a specialized form of accounting that focuses on investigating and documenting financial matters for use in legal proceedings or forensic investigations. This field covers a wide range of activities, including detecting and preventing fraud, assessing damages in civil cases, providing financial expertise in court, and assisting in criminal investigations related to financial matters. Fraud essentially involves the use of deception to dishonestly obtain a personal gain for oneself and/or to create a loss for another. Fraud becomes a crime when it is a "misrepresentation of the truth or concealment of a material fact to induce another to act to his detriment". Every type of fraud is either individual or organizational (external or internal). The main categories of Internal Fraud schemes (occupational fraud) over companies are misappropriation of assets, corruption and fraud in financial statements - Fraud Tree. In Romania, starting from the experience and good practices of the accounting profession in the USA, where Forensic Accounting is even a distinct specialization of accounting experts, which involves specific accreditation procedures and own professional standards, the aim is to create an institutional and functional framework for the development a profession of forensic accountant. Placing the professional independence of accounting experts at the forefront of the public interest, the aim is to create a solid anti-corruption framework that will contribute to increasing economic security.
- Subjects
ROMANIA; FORENSIC accounting; COMMERCIAL crimes; ECONOMIC crime; CRIMINAL investigation; FINANCIAL statements; CIVIL procedure; FRAUD; CRIME
- Publication
Economy Transdisciplinarity Cognition, 2023, Vol 26, Issue 2, p118
- ISSN
2067-5046
- Publication type
Article