A Comparative Study on Understanding Forensic Accounting and Auditing Compared to Traditional Accounting and Auditing.

Abstract

This research work empirically explored a comparative study on understanding forensic accounting and auditing compared to traditional accounting and auditing. The objectives of this study were to compare forensic audits with regular accounting and auditing techniques, analyse forensic accountants' responsibilities, analyse forensic accountants' anticipated knowledge and abilities, identify opportunities for forensic accountants and the organization’s that assist them will be discussed. The scope of the study is South Yorkshire, England, the white collar theory and fraud triangle theory was used as framework, the population targeted for this study consists of students and employees in both the forensic services industry and the conventional services industry, a total of 20 students and employees in both the forensic services industry and the conventional services industry was used as sample size. Instrument used for this study is the interview. Data collected were collected from primary sources. From the analysis of the data, the findings revealed that there is significant difference between forensic accounting and auditing and traditional accounting and auditing, it further confirms that forensic accounting and auditing is very analytical and meticulous such that it is capable of detecting and preventing fraud. Following the findings, it was recommended that forensic accounting is different from traditional accounting because forensic accounting is more analytical and as such should be utilized in various institutions, forensic accounting and auditing is very useful in preventing fraud in various sectors; therefore, public and private sector should make use of forensic activities in curbing fraud and corruption. The study reliably concludes that embracing forensic accounting and making use of them in the public and private sector, businesses and banks will thrive more and help curb fraudulent activities.