Question

In: Accounting

What do you see as some of the challenges with new technologies when it comes to...

What do you see as some of the challenges with new technologies when it comes to fraud investigation? How do you think these challenges can be overcome?

Solutions

Expert Solution

Some of the challenges with new technologies are:

1. Upgradation : Technologies needs upgradation to stay in tune with the frequently changing technologies in the environment. If such upgradation not done on timely basis then such system becomes vulnerable to error and frauds.

2. Elimination of manual procedure : Due to highly automation the requirement for human resources has reduced hence one person may be having influence over vast part of the system which my lead to manipulation of system for personal gain.

3. Fraud at higher/ managerial lever is very difficult to detect even with the help of advance technology.

4. Persons having in depth knowledge of the technological system may be able to manipulate and conceal the dirty deeds.

5. It is very difficult with only technology to judge a certain action on the basis of ethical and moral code.

6. Error in techological system for fraud investigation may lead the whole investigation to waste.

Following are some of the suggestion to over come the challenges:

1. Constant upgradation of technology to investigation will help to detect the fraud which might escape investigation if obsolete technology is used.

2. Wholly techology based investigation should be avoided. Ample and at appropriate interval human intervention is required to confirm the smooth functioning of investigation.

3. Situations which indicate the possibility of fraud at higher/ managerial level should be given special consideration. Managerial represention should be taken wherever required.

4. Decentralization should be implemented and one's work should be checked by the another's work.

5. Where judging a situation on the basis of ethics expert's opinion should be taken.

6. Before implementing the system for fraud investigation test check should be carried out for confirming that the system will deliver desired results.


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