Forensic Accounting and Legal Systems in Combating Financial Crimes
- Post by: airjournals
- December 31, 2024
- Comments off
Chukwuani, V. N.
Department of Accountancy, Enugu State University of Science and Technology, Enugu State, Nigeria
Abstract
Forensic accounting is a specialised field that combines accounting, auditing, and investigative skills to detect and analyse financial discrepancies, often within the legal framework. This paper explores the intersection of forensic accounting and legal systems in combating financial crimes such as fraud, money laundering, embezzlement, and bribery. Financial crimes have severe economic and social implications, necessitating effective tools and strategies to address them. Forensic accountants play a pivotal role in investigating complex financial misconduct, uncovering hidden assets, and reconstructing financial records to provide crucial evidence in legal proceedings. Their expertise bridges the gap between intricate financial data and legal requirements, enhancing the prosecution of financial offenders. The study highlights the importance of collaboration between forensic accountants and legal professionals, emphasising how this partnership strengthens the effectiveness of financial crime investigations. It also examines the integration of emerging technologies, including artificial intelligence, blockchain, and advanced data analytics, which have revolutionised forensic accounting by improving fraud detection and investigation capabilities. Challenges such as jurisdictional barriers, ethical dilemmas, and rapid technological advancements are discussed alongside strategies for overcoming these issues. This paper concludes with policy recommendations, advocating for enhanced legal frameworks, specialised training, and international cooperation to address cross-border financial crimes. This collaborative and innovative approach is essential for maintaining the integrity of global financial systems and promoting accountability.
Keywords: Forensic Accounting; Financial Crimes; Legal Systems; Fraud Detection; Cross-Border Cooperation