<abstract>
<title style='display:none'>Abstract</title>
Corruption occurs when there is a misuse of current resources to maximize personal benefits at the expense of other parties, causing financial problems and preventing the development of emerging economies.
Forensic accounting services utilize financial data to solve legal disputes. Saudi Arabia’s government does not tolerate obstacles that impede the realization of its ambitious Vision 2030, a long-term plan for transforming society and reforming the economy. The war on corruption has been observed in Saudi Arabian domestic policy. Whether the forensic accounting profession and the readiness of accountants qualified to conduct forensic inquiries and investigations are effectively accompanied by the government’s fight is probed. This study explores the current state of forensic accounting in Saudi Arabia. Potential means of employing such status to make Saudi Vision 2030 a reality to combat corruption and the ability of forensic accounting to ease the government’s fight are also investigated. A questionnaire was conducted on 181 participants comprising accountants, auditors, judges, accountancy academics, Oversight and Anti-Corruption Authority employees, and any supervisory body in Saudi Arabia. The results show that 46% of the surveyed participants were unaware of forensic accounting, implying that despite its significance and demand for its services, forensic accounting is undersupplied in Saudi Arabia. Thus, it is inferred that the current state of forensic accounting is below the required level. To address this issue, forensic accounting should be incorporated into accounting curricula, accountants should join specialized scholarship programs and seek to be certified forensic accountants. Policy-makers must develop charter institutions and related forensic accounting standards.
</abstract>

Exploring the Current State of Forensic Accounting in Saudi Arabia and Possible Ways of Elevating It to Assist the Government Fighting Corruption

<abstract>
<title style='display:none'>Abstract</title>
This paper is dealing with the first pioneering steps to introduce continuous fraud risk assessment tools and techniques in the medium size audit clients in Montenegro. Based on the available experience and audit evidence data gathered in the period 2019 to 2021 statutory audits of medium size enterprise the clients were open and perceptive to adopt simple techniques of the continuous fraud assessment by applying the MS Excel templates. The beforementioned approach is improving the quality of internal control, lowering the levels of asset’s misappropriation, improving the quality of financial and non-financial reporting, regulatory compliance and significantly preventing illegal acts within the enterprise.
</abstract>

Continuous Fraud Assessment within the External Auditing

<abstract>
<title style='display:none'>Abstract</title>
Information and communication technologies (ICT) have changed every area of our lives. Cyberspace-related areas have reflected these shifts. Cyberspace has an undeniable positive impact on information, trade, industry, and communication. On the other hand, cybercrime is a dark side of the Internet that degrades its peaceful use. Any illegal activity carried out by or via cyberspace and its electronic environment is characterized as cybercrime. Unlike traditional crimes, cybercrimes present a real dilemma because the identities of criminals may be hidden in the virtual domain. Digital forensics has emerged to formulate possible ways for cybercrime investigation and analysis process. In this paper, we deplore the idea of digital forensics in the context of cybercrimes. An investigation of the positive impact of digital forensics in combating cybercrimes is discussed. In today’s world of computers, any information can be made available within a few clicks for different endeavors. The information may be tampered with by changing the statistical properties and can be further used for criminal activities.
</abstract>

Role of Digital Forensics in Combating Financial Crimes in the Computer Era

<abstract>
<title style='display:none'>Abstract</title>
Fraud has existed throughout history. Yet, it is estimated that today's occurrence has a huge impact on global revenues, highlighting the importance of fraud examination and forensic accounting. Although the roles of the two disciplines appear to be similar (e.g. litigation support), they differ significantly in their objectives, with the goal of fraud auditing being to determine whether fraud has occurred and, if so, who is responsible. Forensic accounting has the additional objective of assessing the financial consequences and determining whether the allegations have a factual basis by analyzing the financial evidence.
</abstract>

Forensic Accounting vs Fraud examination: Roles, Importance and Differences

<abstract>
<title style='display:none'>Abstract</title>
The purpose of this study is to investigate the role of forensic accountants in different fraud and corruption cases and its impact on business development. Drawing on the Fraud Triangle Theory by Cressey (1953) and the theoretical concept of capability by Wolfe and Harmanson (2004) this study focuses on the significance of ‘opportunity’, ‘pressure’, ‘rationalization’ and ‘capability’ for forensic accountants in addressing fraud and corruption issues and evaluates the influence of their findings on business development. The study relied on a mixed method design to conduct the research.
</abstract>

The Role of Forensic Accountants in Fraud and Corruption Cases and Its Impact on Business Development: The Case of Saudi Arabia

<abstract>
<title style='display:none'>Abstract</title>
This paper is dealing with one of the major challenges confronting the development of forensic accounting primarily legislation to combat fraudulent practices in the Kingdom of Saudi Arabia. The focus of our research is corporate and practice in the finance and banking sectors, since business operations are becoming more complex, especially with the recent developments in information and communication technology and as a consequence of the global pandemics of Covid-19 and the looming economic crisis. This has changed the nature of corporate fraud and fraudulent practices. This study has a primary goal to investigate the theoretical aspects of the integration of forensic accounting and corporate law and related regulation as tools for combating corporate and cyber fraud. In that sense, forensic accounting with a more than strong backing in the legislative aspects is strongly geared towards the minimization of the cost of employed capacities for forensic accounting activities to mitigate and eventually eliminate cyber fraud.
The study also explores the effect of integrating forensic accounting and management control systems on banks’ reputations and the huge loss of revenue resulting from cyber fraud. The study develops a conceptual model to show the relationship between forensic accounting, the management control system, and cyber fraud in the banking sector. A legal context analysis methodological research approach was employed to express the relationship amongst the variables considered in this study to reduce corporate and public sector fraud, minimize cost and improve the reputation of corporate and public government sectors. Preliminary research in the formulation of clear conclusions gives an idea of the feasibility of combining the components of forensic accounting, corporate and related laws and regulations, management control systems, and corporate reputation to combat business fraud. This was validated in some general conclusions which resulted in an acceptable, logical, and feasible model of forensic accounting solidly founded in corporate law and structure. Some of the findings are that the speed and ease of convergence process symbiotic integration of forensic accounting and corporate law is the best solution that is feasible and suitable for achieving the set objectives. Our initial conclusion and recommendation are that the government of the Kingdom of Saudi Arabia should introduce legislation that would ensure strict corporate disclosure standards, requirements, and norms as this would defend companies’ critical assets as well as its anti-fraud programs.
</abstract>

Forensics Accounting in Business Law of the Kingdom of Saudi Arabia

<abstract>
<title style='display:none'>Abstract</title>
This paper addresses a underlying assumption of financial statements: going concern assumption. The going concern assumption constitutes a foundational premise presuming that the entity will conduct its operations in the forthcoming period (at least 12 months) without significant risk of business interruption. The primary objective of financial reporting is to provide information regarding the entity's financial position and performance to diverse users. Management is obligated to apprise users, and auditors are tasked with scrutinizing the assertion that the entity will continue its operations for a period exceeding 12 months. This paper meticulously examines the regulatory framework grounded in International Financial Reporting Standards and International Standards on Auditing. It particularly scrutinizes the role and significance of auditors in assessing the going concern assumption, encompassing an analysis of factors influencing the auditor's opinion on the going concern assumption and addressing criticisms directed at auditors. Furthermore, the paper explores past experiences in developing models for evaluating going concern assumptions, potentially aiding forensic accountants in uncovering irregularities in financial statements, given the correlation between a heightened bankruptcy risk and fraudulent activities.
</abstract>

Going concern assessment: a literature review

<abstract>
<title style='display:none'>Abstract</title>
In response to recent high-profile accounting scandals, the auditing sector is undergoing a critical review of practices. Despite regulatory changes and technological advancements, doubts persist about auditors' effectiveness in identifying financial statement fraud. This article advocates for a paradigm shift in auditors' skillsets, especially amid challenges posed by remote and hybrid work scenarios.
</abstract>

Bridging the Gap: Integrating Forensic Accounting Skillsets for Enhanced Audit Quality in the Post-Pandemic Era

<abstract>
<title style='display:none'>Abstract</title>
Online shopping helps consumers search for information about products and services, makes it easier to compare prices and product features, and enables a quick and easy exchange of positive and negative experiences. However, through numerous positive advantages, there is inevitably a constant increase in the negative consequences of online shopping, especially from the consumer's perspective.
</abstract>

Qualitative insight into the internet frauds within` the context of consumers in Bosnia and Herzegovina

<abstract>
<title style='display:none'>Abstract</title>
The paper aims to identify the possibility of positioning the profession of forensic accountant in the financial sector of the Federation of Bosnia and Herzegovina (hereinafter FBiH). To answer the question of how the profession of forensic accountant could be introduced into the financial sector, qualitative research was conducted using the method of interviews with respondents who have many years of experience in the financial sector of FBiH.
</abstract>

Position of a forensic accountant in the Federation of Bosnia and Herzegovina finance sector

<abstract><title style='display:none'>Abstract</title>We are witnessing an increasing frequency of illegal actions and fraud in the business of legal entities, which directly reflects on the quality of information presented in financial statements. Internal audit does not primarily deal with the audit of financial statements, but through verifying the application of accounting policies and procedures it helps to gain reasonable assurance that the financial statements are reliable and that they are presented fairly. The role of internal audit in the fraud detection process is reflected in the fraud risk assessment in the internal audit planning process, and through performing work engagements to detecting them. In this paper, we will present risk assessment techniques, which the internal auditor can apply in quantitative and qualitative assessment of fraud risk, and in identifying priority areas/audit processes. The aim of this paper is to point out the importance of the role of internal audit, through the application of techniques, tools and prescribed responsibilities for risk assessment, in the process of detecting fraud in companies that cause incalculable damage on a daily basis.</abstract>

Internal Audit Risk Assessment in the Function of Fraud Detection

<abstract>
<title style='display:none'>Abstract</title>
The primary purpose of this work is to provide an overview and comparative analysis of various Information System Audit Quality measures, as well as to test the validity of the chosen measurement scale empirically. In this regard, a thorough literature study was undertaken, followed by primary empirical research, and the reliability and validity of the measurement scale were tested. Based on the identified papers, a questionnaire was created and evaluated by a panel of experts. Following that, data was collected from respondents who were either managers inside the organizational unit responsible for information technology or those designated as adequate by the heads of IT departments.
</abstract>

University of Sarajevo - School of Economics and Business

Identification of Information System Audit Quality Factors

<abstract><title style='display:none'>Abstract</title>This study explores revenue recognition and reporting expenses relevant to the stage of completion of the contract agreements. Literature suggests that the taxation effects financial reporting, realization of capital gains as well as revenue recognition. We argue that construction firms make use of these estimates to postpone revenue and value added tax recognition. The analysis grounds on the assumption that the value added tax effects timely recognition of revenues from construction agreements, where managers are incentivized to underestimating stage of completion and suppress recognition of gross earnings to better align emerging of the value tax related liability with contracted and expected inflows of cash. Results show that the revenue recognition is positively associated with reported income before tax and cost of material as a direct expense that can be allocated to the execution of construction agreements. These findings build baseline for future research that assesses effects of newly adopted standard IFRS 15 on real earnings management practice in construction industry of Bosnia and Herzegovina.</abstract>

Revenue Recognition and Real Earnings Management in Bosnian Construction Industry

<abstract>
<title style='display:none'>Abstract</title>
This paper investigated the opportunities for public sector improvement by digitalization Financial Management and Control (FMC) system in the Western Balkans (WB) countries. Optimizing business processes within public sector through the digitalization of the FMC system offers opportunities for public sector improvement.
The idea is to analyze the existing legal solutions on FMC system in the WB countries and evaluate the current level of digitalization of the system to find the abilities for improvement FMC. The data obtained through an interview with management persons in the Ministry of Finance of the WB Countries and key experts who worked on behalf of the EU as expert consultants on EU-funded projects. Also, we use secondary data collected by exploring literature and OECD reports. Since the database is limited, we use descriptive statistics to analyze the data and the case-study method. The digitalization of the entire system presented only at the entity and state level in Bosnia and Herzegovina. The research showed that the development of a quality FMC system can be enabled by the digitalization of the entire system. The main contribution of this paper is its focus on digitalization of FMC system, since there is limited research paper on this subject.
</abstract>

Possibilities for Public Sector Management Improvement by the Digitalization of Financial Management and Control System in the Western Balkan Countries

<abstract><title style='display:none'>Abstract</title>The field of business ethics has received considerable attention from the corporate, academic, and public sectors over the past several decades. A key purpose of this paper is to examine existing research and knowledge creation in the field of business ethics. The paper includes systematic literature review using bibliomteric analysis which covers 50 articles, published in 11 peer-reviewed journals from 1994 to 2019, examining the methodological and theoretical approaches, as well as the main research focus areas. We found significant amount of studies concerning business ethics appeared mostly in business ethics journals. We identified seven areas of research covered by numerous authors in the observed period, of which three predominate: corporate culture; education; and national (cultural) approach to business ethics.</abstract>

A Bibliometric Overview of Business Ethics

Ethical guidelines for journal publication

Paper Template

Journal of Forensic Accounting Profession

 The Journal of Forensic Accounting Profession (JFAP) publishes creative and innovative studies employing research methodologies that logically and clearly identify, describe and...

 The Journal of Forensic Accounting Profession (JFAP) publishes creative and innovative studies employing research methodologies that...