1- Research Proposals
Research Interest Overview
The impact of the application of forensic accounting in the discovery
of financial fraud in Saudi Arabia
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 2
The impact of the application of forensic accounting in the discovery
of financial fraud in Saudi Arabia
Abstract
The present study intends to evaluate the impact of application of forensic accounting in detection
and prevention of financial frauds in Saudi Arabian companies. For this purpose, mixed method
approach will be followed based upon quantitative analysis of structured questionnaires as well as
qualitative analysis of data collected through interviews of different respondents.
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 3
Introduction
Since the last decade, the world has experienced increasing number of dubious fraudulent
accounting and financial activities which posit various risks to the businesses as well as their
investors. These fraudulent activities involve utilization of business resources for personal usage
as well as falsification of financial information reporting (Bozkurt 2003). These frauds are of
significant value such as Australian Institute of Criminology (2012) has reported that cost of fraud
is approximately $8.5 billion which constitute of almost half of the cost of total crimes in Australia;
and Bozkurt (2003) stated that this cost of financial frauds is $400 billion in the United States of
America and 6% of the total revenues is dropped by this these frauds. Moreover, Bozkurt (2003)
also mentioned that 15% of the total employees are inclined to commit frauds whereas the rest of
85% might be inclined to indulge in the fraudulent activities and there is a dire need to pay attention
towards this 85% segment of employees proactively.
Due to the significant and mass corporate scandals of last decade which are been attributed to
flawed accounting standards, detection and prevention of frauds have given rise to forensic
accounting as a profession. Forensic accounting, as a profession, has been gaining popularity in
developed countries such as UK, USA, Australia and Canada (Özkul & Pamukçu, 2012). Forensic
accounting is one specialized field of accounting which is a good combination of auditing,
accounting and investigative expertise are to be used in anticipated business disputes and legal
matters (Apostolou, Hassell, Webber, & Sumners, 2001). This is different from the traditional
approach being followed by auditors. The traditional audit process follows a reactive approach
towards fraud detection; however, these reactive approaches are being replaced by proactive
approaches of forensic accounting. There is no compensation or benefit of fraud detection by
auditing process if a loss has already occurred and this is only a sunk cost to the business which is
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 4
irrecoverable. So, proactive approaches, such as forensic accounting, are needed in businesses for
fraud detection and prevention as well as a measure of internal control which is not only saving a
large sum of money being manipulated in fraudulent activities but also the cost of detecting these
frauds in traditional reactive approaches. Hence, forensic accounting is essential in saving these
costs by detection of frauds in different financial aspects of a particular business. This importance
of forensic accounting is also quadrupled due to the increased sophistication of financial crimes
and many researchers have highlighted that forensic accounting should be a part of mechanism to
successfully investigate and persecute the victims of financial crimes (Candilis, 2009; Digabriele,
2008; Elmore, 2004; Gottschalk, 2011; Kranacher, Morris, Pearson, & Riley Jr, 2008).
Moreover, the corporate scandals and frauds around the globe (such as WorldCom, Etoys, Enron,
Tyco etc.), particularly in the developed countries, have highlighted the pivotal role of forensic
accounting in business and corporate agenda. Majority of these scandals were characterized by
problems in accounting and reporting issues which lead to happening to fraudulent activities in
these big corporations. These scandals and frauds caused the loss of significant amount of money
as well as the trust of general public on financial reporting quality. To restore the general public
confidence which is badly needed and to evade the possibility of any further theft and frauds in
business, many business firms initiated several internal control measures and accounting systems
radically which increased the significance of application of forensic accounting in fraud detection
and prevention.
With reference to Saudi Arabia, Al-Saad (2013) has argued in his pioneer exploratory study that
there is very less awareness in Saudi society about the importance of forensic accounting.
However, the role of forensic accountants is very much different from auditors in Saudi Arabia.
The core function of forensic accounting is representation of different clients in courts of law and
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 5
special judicial committees related to commercial transactions, insurance, customs, zakat and
taxation etc. as well as in financial cases being prosecuted in courts. He further suggested in his
study based upon the survey that this importance of forensic accounting in Saudi Arabia is going
to be increased in future as application of forensic accounting might have significant impact in
fraud detection in Saudi Arabian business sector. Based upon the discussion, the present study
establishes that forensic accounting is significantly important and its application might prove to be
very successful in detection of financial crimes in Saudi Arabia. Hence the aim of the current
proposed research is to investigate of impact of forensic accounting application in financial fraud
detection of Saudi Arabian business sector and it is expected to contribute significantly in
academic literature as well as business practices related to accounting and auditing.
Literature Review
Forensic Accounting Overview
Forensic accounting has been getting its popularity as a fraud detection technique because of
enhanced complexity of business related transactions and increased numbers of frauds in business
activities and various business related legal prosecutions. The term forensic accounting was first
developed and used in Maurice E. Peloubet’ essay “Forensic Accounting: Its Place in Today’s
Economy” in 1946. The importance of application of forensic accounting was realized during the
World War II but the formal procedures were set till 1980 until the academic researchers had
started publishing articles on forensic accounting and its related areas (Rasey, 2009). According
to Crumbley et al. (2005), forensic accounting means “the specialty area of the accountancy
profession which describes engagements that result from actual or anticipated disputes or
litigation. Forensic means suitable for use in a court of law, and it is to that standard and potential
outcome that forensic accountants generally have to work”. A forensic accountant is “someone
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 6
who is applying financial skills and an investigative mentality to unresolved issues, conducted
within the context of the rules of evidence. It encompasses financial expertise, knowledge of fraud
and a strong knowledge and understanding of business reality and the working of the legal system”
(Thornhill, 1995). Forensic accounting deploys investigative skills along with auditing and
accounting techniques to investigate into the matters of fraud and theft in order to capture the
perpetrators. These matters include identification of business theft activities, tax dodging, and
tracing the money laundering. Forensic accounting is also used by various insurance firms to
identify insurance frauds like arson. This is also used in law cases to investigate the value of marital
assets by law firms in many cases of divorce (Weygandt, Kieso, Kimmel, & Kell, 2002). The
forensic accountant apply various skills such as information and understanding of accounting &
auditing practices, reporting standards, business information understanding along with
investigation skills and law related procedures to perform their tasks (Islam, Rahman, & Hossan,
2011). The application of forensic accounting requires the integration of education, training, and
experience in the area of accountancy, audit, law-related issues, team management, and
communications skills (Al-Khalidi & Al-Jobouri, 2013).
According to Sheetz and Howard (2007), forensic accounting involves interpretation,
summarization, and presentation of multifaceted accounting and financial issues in clear manner
with factual basis in the court of law. The integration of accounting field is essential in
determination of fraud issues in litigation process (Okunbor & Obaretin, 2010). Different methods
and models of investigation process are applied in forensic accounting discipline to look for legal
evidence which might be concerned with accounting evidence. This is a practical professional are
related to detection of financial embezzlement, financial frauds, risk assessment, due diligence,
compliance, forensic auditing (Skousen & Wright, 2008), violation of accounting and reporting
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 7
procedures, value and bankruptcy issues, and tax frauds as well (Dhar & Sarkar, 2010). According
to Bhasin (2007), the core objectives of application of forensic accounting are evidence collection
in financial crime cases, cost of negligence of internal and external auditors, fact-finding for
financial embezzlement and value and impact of fraud detection.
Forensic Accounting and Fraud Detection
Financial frauds are as hard to define as to identify these. Legally, this can be termed as deception
of truth intentionally in order to manipulate any individual or a company. Financial frauds are
intended to produce a misjudgment or trying to keep/maintain an existing misjudgment for
personal or private benefits (Enofe, Okpako, & Atube, 2013). Usually it is argued that when firms
experience serious financial issues and mishaps which tend them to financial distress or
bankruptcy; there is involvement of frauds by senior management. David (2005) reported that
fraud is a probability and not a possibility and the fraudulent activities can be detected and
prohibited if there is proper internal control mechanism is being implemented in an organization
and decisions are to be made by group of individuals until and unless their interests are not
converged to each other. According to Koh et al. (2009), the accounting frauds are intentional
manipulation of financial records, for example costs and revenues, to enhance the performance of
the company by increased net profits or meet the earnings expectation by shareholders or actual /
potential investors in financial markets. These frauds are not allowed by law of any country and
victims must be prosecuted in court of law.
Just like defining, the identifying a financial fraud is also a very difficult task in modern day
organizations because these involve a group individuals at senior management which are really
influential in the business (Karwai, 2002). With reference to fraud detection, Albrecht (2005)
stated that financial frauds are usually hard to identify rather their symptoms can be observed
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 8
usually. However, detection of these symptoms are not exactly means that there is actual
commitment of fraud but that might because of human error which are unintentional. The forensic
accountants must be very careful for putting allegations of fraud because those might not be
actually frauds but human errors which are seemingly looking like financial frauds which make
the tasks of forensic accountants more difficult. He further argued that without proper education
and appropriate expertise, it is difficult for the forensic accountants to identity and segregate
fraudulent activities from those of errors. On the other hand, Ramaswamy (2005) has argued that
emergence of frauds in recent years is because of lack of appropriate governance and control
mechanism in organization. He said that proper corporate governance and control mechanism may
ensure the transparency of reported financial figures and accountability of decisions makers in the
organization which reduces the probability of committing frauds. However, the corporate
governance and control mechanism is still in development stage in many countries, particularly
developing and under developed nations of the world. So the financial frauds are being emerged
in the absence of this corporate control mechanism. It is clear that less transparency in financial
reporting and professional dishonesty of corporate managers is the main root cause of corporate
frauds. In order to assure the transparency of financial facts, hiring of auditors is required.
However, there is consensus on the fact that fraud detection is not the prime responsibility of the
auditors but they are hired to ensure true and fair accounting reporting practices of firms in
accordance with those of standard reporting procedures. Fraud detection can be possible only when
forensic accountants are hired along with auditors or the auditors are using standard guidelines of
forensic accounting.
Ramazani and Refiie (2010) investigated the perceptions of accountants regarding forensic
accounting in fraud prevention and found that perceptions of accountants regarding forensic
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 9
accounting are low. Forensic accounting is one important tool in detection and prevention of frauds
in financial reporting and application of proper guidelines of forensic accounting may ensure true
and fair error and fraud free reporting of financial figures (Bierstaker, Brody, & Pacini, 2006).
Similarly, Okoye and Gbegi (2013) contended that forensic accounting procedures can
significantly reduce the risk of financial frauds by improving the quality of audit plan. The
effectiveness of this application is even higher if the forensic accountants are part of the fraud
detection assessment process instead of just providing consultation. Moreover, the fraud survey of
KPMG (2003) indicated that the companies, where fraudulent activities are increased as compared
to past years, are initiating preventive measures by introducing anti-fraud programs which are in
compliance with guidelines of Sarbanes- Oxley Act of 2002. The significance of application of
forensic accounting education and practices in corporate fraud detection and prevention is also
highlighted by this reliable survey.
Boritz et al. (2008) also found in their study that role of forensic accountants is much more
important in fraud detection as compared to auditors. The forensic accounting guidelines followed
in auditing procedures can significantly reduce the fraud risk (Srivastava, Mock, Turner, &
Monroe, 2003). This fraud detection can be improved by using computed based sophisticated data
analysis using proactive forensic procedures which might remain unobserved for many years
otherwise (Brown, Aiken, & Visser, 2007). Although there is no disagreement that forensic
accounting is more effective in fraud detection in business firms, however, formal application is
still at lower level. The worldwide fraud survey of Ernst and Young (2003) found that the
satisfaction level of businesses with forensic accounting is 88% but only 20% organizations are
formally employing forensic accounting system and hired professional forensic accountants.
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 10
Similarly, Bierstaker et al. (2006) concluded that accountants consider forensic accounting as most
effective anti-fraud mechanism but very few organizations are using this system.
With respect to Saudi Arabia, Al-Saad (2013) conducted an exploratory study on the current
practices and future prospective in the country. He found that, in Saudi Arabia, forensic accounting
is used to support the financial cases in courts of law with accounting evidences and required
professional opinions. The study highlighted that the functions of auditors and forensic accountants
are very different in Saudi Arabia. The role of forensic accounting is limited to represent the clients
in court of law in cases related to tax, zakat, customs, insurance etc. and in some cases the financial
issues are involved. However, 86.6% respondents of survey study pointed out that forensic
accounting is expected to become a significant profession in Saudi Arabia because the scope of
forensic accounting is much greater than just presenting evidences in simple business cases. The
forensic accounting should be applied in full capacity which also includes fraud detection and
prevention. Moreover, the study results also indicated that the forensic accountants must acquire
required skills, knowledge and training. The participants of the study have an agreement on that
forensic accounting should be part of the educational curriculum in Saudi Arabia. This is in
alignment to the results of Al-Khalidi and Al-Jobouri (2013).
There are many academic researches on various issues relating to forensic accounting, such as role
of firms offering forensic accounting services (Candilis, 2009; Digabriele, 2008; Gottschalk, 2011;
Kranacher, et al., 2008), what are the requisite skills and qualification the forensic accountants
need (Carpenter, Durtschi, & Gaynor, 2011; Digabriele, 2008; E. Okoye, 2009) and the
requirement of this academic discipline for this profession (Heitger & Heitger, 2008; McMullen
& Sanchez, 2010). Moreover, as discussed above, there are few studies which addressed the
important of forensic accounting in fraud detection in developed countries. The only study found
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 11
for Saudi Arabia (i.e. AL-Saad, 2013) is related to current practices of forensic accounting.
However, there is no study found which have addressed the issue of impact of forensic accounting
application in fraud detection in Saudi Arabia. Hence, this present study fills this research gap by
investigating the impact of application of forensic accounting in detecting frauds in Saudi Arabia
which is the biggest economy of the Gulf region as well as what skills are required by forensic
accounting practices and need to incorporate the forensic accounting in education curriculum at
Saudi universities.
Theoretical Model with Research Questions
The present study intends to investigate the impact of application of forensic accounting in
detection of financial frauds in Saudi Arabian business firms. In this regards, application of
forensic accounting will be considered as an independent variable and its effect will be evaluated
on the different fraud related dependant variables. The dependant variables include financial fraud
control, internal control quality, and financial reporting credibility. All three dependant variables
are indicators or response variables for financial frauds detection and prevention. Figure 1 below
outlines the proposed conceptual model for the objectives of current study which are intended to
evaluate the impact of forensic accounting on fraud detection. Application of forensic accounting
practices and procedures in business is expected to enhance level of financial fraud control (FFC),
increased the Internal Control Quality (ICQ), and enhance the level of Financial reporting
Credibility (FRC).
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 12
Figure 1: Conceptual Model
Financial fraud control (FFC) will be measured by 5 questions such as “forensic accounting can
be used to locate diverted funds or assets, forensic accounting can identify misappropriated assets
and identify reversible insider transactions, forensic accounting is effective as a fraud detection
tool, forensic accounting is solely enough as a tool to detect suspicious or fraudulent transactions,
risk assessment processes under forensic accounting specifically cover risk of fraud”. The second
variable of internal control quality (ICQ) will be measure on the basis of two questions like
“forensic accounting is helpful in designing internal control system and forensic accounting is
helpful in monitoring and evaluation of internal control systems. Lastly, the third variable of
financial reporting credibility (FRC) will be measured in four questions including “forensic
accounting is helpful in enhancing quality of financial reporting, forensic accounting improves
stakeholder confidence in corporate financials, accountants or auditors with forensic accounting
skills will deliver more quality financial reporting, and forensic investigations deals directly with
fraud investigation and this reduces financial reporting expectations gap”. These questions have
been obtained from the survey of earlier literature on forensic accounting and fraud
detection/prevention.
Moreover, realizing the importance of forensic accounting in fraud detection, and as suggested by
varies authors, (e.g. Carpenter, Durtschi, & Gaynor, 2011; Digabriele, 2008; E. Okoye, 2009),
Application of
Forensic
Accounting
ICQ
FFC
FRC
+
+
+
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 13
there is a dire need to add forensic accounting to the educational curriculum of the business and
accountancy degrees offered by universities in developed and developing countries. The forensic
accounting courses and its related areas, such as taxation, criminology, etc. must be of special
focus in either accounting specialization or a separate forensic accounting specialization area at
undergraduate and graduate level. As reported by Al-Saad (2013), there is no particular
professional certification of forensic accounting in Saudi Arabia. The perceptions based data will
be gathered from various respondents on this question that is there any need to add forensic
accounting in business curriculum in Saudi Universities. Furthermore, skills (such as teamwork,
education, training, experience, leadership, and business ethics) required at minimum level for the
accounting professionals, particularly Saudi CPAs, to work as forensic accountants are also an
objective of the current study.
Based upon the above conceptual model, the research questions formed could be:
Does forensic accounting enhance the level of financial fraud control, internal control
quality and credibility of financial information reporting?
Is there any need to integrate forensic accounting as course curriculum of business and
accountancy degrees offered by Saudi Universities?
Are there required skills of forensic accounting in Saudi Certified Public Accountants
(CPAs)?
Does forensic accounting should be a part of the accounting curriculum at universities of
Saudi Arabia?
Data Collection and Analysis
The present will be based upon two step data collection and apply mixed method of data analysis.
At first stage, the data will be collected by conducting a survey based upon closed ended self
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 14
administered questionnaire on 5 point likert scale. The items under variables are discussed in
conceptual model. The population of study comprises of four different groups including
academics, users of financial statements, managers (preparers of financial statements) and the
auditors in Saudi Arabia. Many earlier studies have also used the same classification of
respondents for forensic accounting research (e.g.Lowe, Geiger, & Pany, 1999). The parametric
analysis techniques will be applied on a sample of around 500 respondents on whole sample as
well group basis of four population groups. Multi stage sampling will be used where different
clusters will be formed at first stage based upon four groups of respondents and then simple random
sampling technique will be applied to gather the required data on questionnaires. After the
empirical quantitative analysis, this study also intends to conduct a qualitative analysis based upon
structured interviews about the perceptions of selected respondents among four groups about the
effectiveness of forensic accounting in fraud detection and control. The results of the study will be
based upon the mixed method of these two types of analysis method.
The impact of the application of forensic accounting in the discovery of financial fraud in Saudi Arabia Page 15
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