Application of forensic accounting techniques in the South African banking industry for the purpose of fraud risk mitigation
AbstractThe purpose of this study is to investigate the application of forensic accounting techniques in relation to fraud risk mitigation. This study employed an explanatory research design and a qualitative approach accompanied with a purposive sampling method. A primary data source was devised wi...
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| Format: | Article |
| Language: | English |
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Taylor & Francis Group
2023-12-01
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| Series: | Cogent Economics & Finance |
| Subjects: | |
| Online Access: | https://www.tandfonline.com/doi/10.1080/23322039.2022.2153412 |
| _version_ | 1797658403408969728 |
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| author | Oluwatoyin Esther Akinbowale Heinz Eckart Klingelhöfer Mulatu Fekadu Zerihun |
| author_facet | Oluwatoyin Esther Akinbowale Heinz Eckart Klingelhöfer Mulatu Fekadu Zerihun |
| author_sort | Oluwatoyin Esther Akinbowale |
| collection | DOAJ |
| description | AbstractThe purpose of this study is to investigate the application of forensic accounting techniques in relation to fraud risk mitigation. This study employed an explanatory research design and a qualitative approach accompanied with a purposive sampling method. A primary data source was devised with a focus on the 17 licensed commercial banks registered in South Africa. By obtaining a true reflection of the situations in the banks, a conclusion was drawn following the outcome of the inferential statistical analysis. The research was conducted at the individual and organisational levels, with the bank consultants presenting their views. One hypothesis was formulated and non-parametric statistical analyses involving the use of Chi-square test, Fisher's Exact test and Spearman’s correlation were carried out. The results obtained substantiate that the loopholes created as a result of non-effective application of forensic techniques are partly responsible for some cyberfraud incidents in the banking industry. There is no sufficient evidence to ascertain whether the fraud risk assessment and management in the banking industry has a relationship with the effective application of forensic accounting techniques in terms of the identified causes of cyberfraud. However, the findings establish a positive correlation between fraud risk assessment and management as it relates to forensic accounting implementation. This study provides an insight into the significance of forensic accounting applications for fraud risk mitigation. There is still a death of information regarding the forensic accounting for fraud risk mitigation; hence, it is envisaged that this study will add to the existing literature in this regard. |
| first_indexed | 2024-03-11T17:59:29Z |
| format | Article |
| id | doaj.art-ed4d064c853d419f9ffdc8894d67a2dd |
| institution | Directory Open Access Journal |
| issn | 2332-2039 |
| language | English |
| last_indexed | 2024-03-11T17:59:29Z |
| publishDate | 2023-12-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | Cogent Economics & Finance |
| spelling | doaj.art-ed4d064c853d419f9ffdc8894d67a2dd2023-10-17T10:51:05ZengTaylor & Francis GroupCogent Economics & Finance2332-20392023-12-0111110.1080/23322039.2022.2153412Application of forensic accounting techniques in the South African banking industry for the purpose of fraud risk mitigationOluwatoyin Esther Akinbowale0Heinz Eckart Klingelhöfer1Mulatu Fekadu Zerihun2Faculty of Economics and Finance, Tshwane University of Technology (TUT), South AfricaFaculty of Economics and Finance, Tshwane University of Technology (TUT), South AfricaFaculty of Economics and Finance, Tshwane University of Technology (TUT), South AfricaAbstractThe purpose of this study is to investigate the application of forensic accounting techniques in relation to fraud risk mitigation. This study employed an explanatory research design and a qualitative approach accompanied with a purposive sampling method. A primary data source was devised with a focus on the 17 licensed commercial banks registered in South Africa. By obtaining a true reflection of the situations in the banks, a conclusion was drawn following the outcome of the inferential statistical analysis. The research was conducted at the individual and organisational levels, with the bank consultants presenting their views. One hypothesis was formulated and non-parametric statistical analyses involving the use of Chi-square test, Fisher's Exact test and Spearman’s correlation were carried out. The results obtained substantiate that the loopholes created as a result of non-effective application of forensic techniques are partly responsible for some cyberfraud incidents in the banking industry. There is no sufficient evidence to ascertain whether the fraud risk assessment and management in the banking industry has a relationship with the effective application of forensic accounting techniques in terms of the identified causes of cyberfraud. However, the findings establish a positive correlation between fraud risk assessment and management as it relates to forensic accounting implementation. This study provides an insight into the significance of forensic accounting applications for fraud risk mitigation. There is still a death of information regarding the forensic accounting for fraud risk mitigation; hence, it is envisaged that this study will add to the existing literature in this regard.https://www.tandfonline.com/doi/10.1080/23322039.2022.2153412CyberfraudForensic accountingInformation securityManagement control systems |
| spellingShingle | Oluwatoyin Esther Akinbowale Heinz Eckart Klingelhöfer Mulatu Fekadu Zerihun Application of forensic accounting techniques in the South African banking industry for the purpose of fraud risk mitigation Cogent Economics & Finance Cyberfraud Forensic accounting Information security Management control systems |
| title | Application of forensic accounting techniques in the South African banking industry for the purpose of fraud risk mitigation |
| title_full | Application of forensic accounting techniques in the South African banking industry for the purpose of fraud risk mitigation |
| title_fullStr | Application of forensic accounting techniques in the South African banking industry for the purpose of fraud risk mitigation |
| title_full_unstemmed | Application of forensic accounting techniques in the South African banking industry for the purpose of fraud risk mitigation |
| title_short | Application of forensic accounting techniques in the South African banking industry for the purpose of fraud risk mitigation |
| title_sort | application of forensic accounting techniques in the south african banking industry for the purpose of fraud risk mitigation |
| topic | Cyberfraud Forensic accounting Information security Management control systems |
| url | https://www.tandfonline.com/doi/10.1080/23322039.2022.2153412 |
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