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Basic Issues in Forensic Accounting and Auditing International Journal of Scientific & Engineering Research, Volume 7, Issue 12, December-2016 1397 ISSN 2229-5518 Basic Issues in Forensic Accounting and Auditing 1Fasua Henry Kehinde, 2Igbinomwanhia Lilian Nneka, and 3Toluwa Omame Evelyn Department of Accounting, University of Benin, Benin City, Edo State, Nigeria 08032165839, [email protected]; 08032768623, [email protected]; 07039441764, [email protected] Abstract: The objective of the study is to examine basic issues in forensic accounting and auditing. Specifically, the paper seeks to differentiate between forensic accounting and auditing. The methodology employed in the study was purely exploratory library based research. This is based on an in-depth review of relevant and current lite- rature on fact in issues. The findings reveal that that forensic accounting and auditing are interwoven, and both can be carried out by forensic experts. The relationship that ex- ists between them is likened to relationship that is seen in financial accounting and auditing. Professional accountants can carry out both audit exercises as well engage in preparation and presentation of financial statements at different categories. The study concludes that the services of forensic accoun- tant are of great relevance to the development of better public sector. The paper recommends that the National Assembly should ensure executive offers full autonomy to government agents and forensic experts that are responsible for enforcing accountability in order to discharge their duties without undue influence. Key words: Forensic accounting, Forensic accounting assignment, Forensic auditing, Investigation —————————— —————————— 1 INTRODUCTION the last 40 years has resulted to a paradigm change in The threat of fraudulent financial statement has accounting profession. Interestingly, at the verge of been in existence for several years. In fact it was the this lack of credibility and confidence in reasonable threat of this and the need to provide shareholders and assurance, and when the issue of fraud detection and other stakeholders with a reasonable assurance and a prevention was at its pinnacle, a few scholars forecast means of protecting their wealth from different forms that in the nearest future there will be reception of the of fraud following the demand of the corporate go- general roles of the auditors to detect and prevent mi- vernance of Nigeria that necessitate stewardship ac- sappropriation of assets, corruption fraud and fraudu- counting couple with theIJSER Companies and Allied Mat- lent financial statements (Brown, 1962; Zimbelman & ters Act of 2014. Financial fraud includes misappropr- Albretch, 2012 ). These actions led to the employing iation of assets, corruption and financial statement of fraud investigators who can be called forensic ac- fraud. It involves the illegitimate conversion of prop- countants. This has bought about an issue of what con- erty belonging to employers to the fraudster’s own stitute forensic accounting profession and basic issues personal use and gain. of forensic auditing. Therefore, this paper is motivated to look at basic issues of forensic accounting and au- Financial frauds may be perpetrated by individual, col- diting. lusion of top managers, organized crime groups (Fasua & Osifo, 2016). In other hand, Individuals, govern- From extent literature, it was observed that there is no ments, corporations and the entire world may be vic- clear definition between fraud auditing, forensic ac- tims. In the early era of the last century, the universal counting, investigative accounting, forensic auditing belief was that it was not the responsibility of the audi- unlike financial accounting and management account- tor to prevent or detect fraud and external auditors ing. Okoye (2009) states that fraud or forensic audit- sought to protect themselves from such professional ing involves a proactive approach as well as metho- liability. This has resulted to expectation gap and un- dology to detect fraud whereas forensic accounting answerable quest in the mind of shareholders and oth- may be carried out after evidence or symptom of fraud er stakeholders as it concerns the existence of organi- has been established and surfaced via an allegation. zation. However, Smith and Crumbley (2009) argue that a fraud auditor or forensic auditor is a professional ac- The unremitting series of thwarting audit failures over countant with a specialized skilled in auditing while a forensic accountant may engage in fraud auditing ser- IJSER © 2016 http://www.ijser.org International Journal of Scientific & Engineering Research, Volume 7, Issue 12, December-2016 1398 ISSN 2229-5518 vices. And can also be called a fraud auditor/ forensic proceedings (Joshi, 2003). It provides an accounting auditor. analysis that is suitable to the court, which will form the basis of discussion, debate and ultimately dispute On this background, the main objective of this study is resolution (Zysman, 2004). to examine the basic issues in forensic accounting and 2.12 Forensic Accounting auditing and the specific objectives are: to differen- Forensic Accounting is the specialty practice area of tiate between forensic accounting and auditing; and to accountancy that explains engagements which result distinguish between the roles, duties and function of from actual or anticipated disputes or litigation (Zim- forensic accountants and auditors. In order to appeal to bel & Albretch, 2012). Onodi, Okafor, and Onyali ( empirical information collected from existing litera- 2015) states that “Forensic” denotes “suitable for use ture and relevant materials, this study will be of im- in a court of law”. In the same concept, forensic ac- portance to shareholders, other stakeholders and other countants are also forensic auditors or investigative researchers in the forensic accounting field. auditors who have to render expert evidence at the pre- trial as well as trial. To Dhar and Sarkar (2010), 2 LITERATURE REVIEW forensic accounting concerns the application of ac- counting concepts and techniques to legal problems. 2.1 Conceptual review In the same vein, Smith and Crumbley (2009) explain The recent articles and research papers have focused forensic accounting by differentiating forensic ac- on the broadening scope of forensic accounting away counting from fraud auditing. They state that a fraud from the traditional narrow fraud detection and pre- auditor is an accountant who possesses a specialized vention definition as well as on the increasing demand skilled in auditing while a forensic accountant may for accountants to conduct forensic accounting activi- carry out fraud auditing services and may in fact be a ties (Cohen, Crain, & Sanders, 1996; Baron, 2006; Fa- forensic auditor. According to Singleton & Singleton sua & Osifo, 2016). Okoye (2009) argues that the lex- (2010) forensic accounting involves fraud investiga- icon of accounting terms such as forensic accounting, tion, detection and prevention of fraud and analyzing fraud investigative, fraud accounting, and valuation, antifraud controls after gathering non-financial infor- forensic auditing and litigation are not clearly defined. mation. Hopwood, Leiner, and Young (2013) view fo- Therefore, the term forensic accounting profession is rensic accounting as the application of investigative as prominent in existing forensicIJSER accounting literature as well as analytical skills for the reason of resolving fi- well as the legal system. nancial issues in a manner that is suitable for standards 2.11 Forensic required by courts. However argue that while forensic The term forensic is seen as “the use of scientific accounting profession may not make directly reference knowledge to legal problems in a court of law” (Sin- to fraud, fraud examinations as integral part of foren- gleton & Singleton, 2010). Webster dictionary views sic accounting. forensic as belonging to; or use in public discussions and debate or suitable to courts of judicature. There- For the sleek of clarity, Hopwood, Leiner, and Young fore, according to Zysman (2004), forensic accounting (2013) explain the following terms: involves the integration of accounting, auditing and Forensic Investigation: The application of specialized investigative skills. Crumbley ( 2006) simply puts fo- investigative skills in implementing an inquiry con- rensic accounting as accounting that is suitable for ducted in such a manner that the result will be useful legal review offering the highest level of assurance in the court of law. A forensic investigation may be and including the now generally accepted connotation rooted in accounting, engineering, medicine, or some of having been arrived at in a scientific fashion. To other discipline. Coenen (2005), forensic accounting involves the ap- plication of accounting concepts and techniques. It Forensic Audit: An investigation of evidence regarding demands reporting, where the accountability or the an assertion or reporting to determine its assurance to fraud is established and the report is considered as established criteria carried out in a manner suitable to evidence in the court of law or in the administrative the court. IJSER © 2016 http://www.ijser.org International Journal of Scientific & Engineering Research, Volume 7, Issue 12, December-2016 1399 ISSN 2229-5518 Peremptory: Forensic accountants may be em- Internal Audit: An audit carried out by an employee ployed in a wide variety of risk management who verifies operational evidence to determine
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