Topics: U.S. Securities and Exchange Commission, Fraud, Auditing Pages: 4 (1334 words) Published: March 22, 2013
Author Name: Ishita Dixit E-mail ID: Mob. no.: 9959609269 Affiliation: Damodaram Sanjivayya National Law

University, Vishakhapatnam, (A.P.) Designation: IVth year student, B.A. LL.B (Hons.) Co-Author Name: Trishna Roy E-mail ID: Mob. no.: 8179971519 Affiliation: Damodaram Sanjivayya National Law

University, Vishakhapatnam, (A.P.) Designation: IInd year student, B.A. LL.B (Hons.)

THEME: - IMPORTANCE OF FORENSICM ACCOUNTING IN DETECTING FINANCIAL FRAUDS. Abstract:The aim of the paper is to discuss frauds and omissions as the causes of inaccurate financial statements, control mechanisms in regard and institutions which are responsible for investigating frauds as well as the role and importance of forensic accounting and a forensic accountant in detecting frauds in financial statements. This research is about the perception of Accounting Academics on the vexed issue of whether the injection of Forensic Accounting techniques, on a cost & benefit basis, in to deal an audit is capable of increasing the ability of the auditor to discover fraud and thus help in bridging the audit expectation gap. Accounting has been perceived as a medium to provide useful information for economic decision making. Considering that a number of accounting and business numerous financial frauds from the past and the beginning of the century as well as the appearance of the global financial and later economic crisis have brought to the fore the relevance and reliability of financial information. The system of financial reporting in accounting and auditing profession are often accused because of the appearance of frauds and the loss of trust in the reliability of financial information on the part of the users and makers of economic decisions. The study revealed, from the perception of Accounting Academics, that the Forensic Accounting techniques inserted in an audit and given cost & benefit considerations is capable of increasing the...
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