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

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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

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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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