Question

Need ideas for this forensic accounting project

Pick Any Accounting function( PROCESS) then map all the people involve in the transaction.

Answer 1

Solution:

Q1: What is Forensic Accounting?

Solution:- It is a branch of accounting which is specific to examine fraud and errors for legal evidence.

Q2: Ideas for forensic accounting projects?

Solution: There can be a lot of topics in context to Forensic Accounting:-

(1) Emerging need for Forensic accounting in a competitive world

(2) The impact of Forensic accounting on Corporate scams

(3) Scams and forensic accounting in the era of digitalization

(4) The scope of Forensic accounting in the complex accounting world

(5) Problems and challenges in forensic accounting

Even I had worked on the project " Is forensic accounting is a winning strategy over internal and external audit". The project tells that how forensic accounting is more objective and independent than traditional auditing.

Example: You can work on recent Big Indian Bank scam where the forensic accounting and auditing is going to extracting the legal evidence.

In 2018, the second largest public sector bank of India named " Punjab National Bank" hit by a scam of $ 1.8 Billion Fraud. The bank manager issued fake Letter of undertaking worth $1.8 billion to corrupt businessman Nirav Modi without intimating the senior management. Now forensic accounting and auditing is going on to examine and verify:-

(1) Involvement of bank manager in the scam

(2) Involvement of senior managers in the scam

(3) Involvement of management of the bank in the scam

(4) Involvement of auditors in the scam etc.