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Forensic accounting: The missing link in education and practice
aUniversity of Kragujevac, Faculty of Hotel Management and Tourism, Vrnjačka Banja
bUniversity of Belgrade, Faculty of Organizational Sciences

emailmilos.mitric@leitnerleitner.com, aleksandra.stankovic@kg.ac.rs, andrijana.lakicevic@fon.bg.ac.rs
Abstract
Financial scams and fraud appear to be a global problem. Although research related to financial fraud and embezzlement varies slightly from region to region, fraud schemes and perpetrator characteristics are pretty similar. In Serbia in particular, forensic accounting is an underdeveloped area in education and practice, and is thus often replaced by and considered to be an audit, even in academic circles, whereas forensic accountants are viewed as auditors. The correlation between auditing and forensic accounting is a dynamic process that changes over time due to political, social and cultural events, and the auditors themselves are expected to have, at least, adequate knowledge and skills to recognize a financial fraud. However, detailed disclosure of financial fraud and embezzlement is the matter forensic accountants are dealing with. These experts have the skill sets in many areas and are able to apply their skills and abilities in one area, while working in another. Forensic scientists need to be familiar with not only financial accounting, but also with tax and business law, criminology, psychology, etc. The aim of this paper is to show the incidence of financial fraud and embezzlement, indicating the consequences they bear and to explore the extent to which forensic accounting is represented in academic institutions and practice in the Republic of Serbia. It also explains the general concepts of services in the field of forensic accounting. As a research method in this paper the content analysis method is applied. With respect to the consequences of financial fraud and embezzlement it carries, and lessons learned from recent financial scandals in the world and in Serbia in particular, we can conclude that the development of forensic accounting in education and practice is of utmost importance. Although this process is neither easy nor cheap, the benefits it provides are invaluable. The present research topic should be given more attention, given a large number of fraudulent acts in the financial statements that characterized the operations of a substantial number of Serbian companies. A higher education is being proposed in the area of forensic accounting, both at the academic level and in the accounting practice.
References
ACFE (2012) Report to the Nation on Occupational Fraud & Abuse. Association of Certified Fraud Examiners, 10-39
Association of Certified Fraud Examiners (2005) Fraud examiners manual
Crumbley, L. (2001) Forensic Accounting: Older Than You Think. Journal of Forensic Accounting, 2: 181-202
Golden, T., Skalak, S., Clayton, M. (2006) A guide to forensic accounting investigation. John Wiley & Sons
Kleinman, G., Anandarajan, A. (2011) Inattentional blindness and its relevance to teaching forensic accounting and auditing. Journal of Accounting Education, 29(1): 37-49
Kolar, I. (2010) Je li forenzičko računovodstvo pravi put za otklanjanje privrednog kriminala. Acta Economica, 12: 81-103
Krstić, J. (2009) Uloga forenzičkih računovođa u otkrivanju prevara u finansijskim izveštajima. Facta universitatis - series: Economics and Organization, vol. 6, br. 3, str. 295-302
Larry, D., Heitger, L., Smith, S. (2005) Forensic and investigative accounting. Chicago: CCH Incorporated
Mellor, N., Mackay, C., Packham, C., Jones, R., Palferman, D., Webster, S., Kelly, P. (2011) ‘Management Standards’ and work-related stress in Great Britain: Progress on their implementation. Safety Science, 49(7): 1040-1046
Novajlija, S. (2011) Forenzičko računovodstvo i uticaj kreativnog računovodstva na finansijske izveštaje. in: Ekonomija integracija, međunarodna naučna konferencija (II)‚ Tuzla, pp. 567-585
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Skalak, S.L., Golden, T.W., Clayton, M.I., Pill, A.S. (2011) A Guide to Forensic Accounting Investigation. New Jersey: John Wiley & Sons, Inc
Zysman, B.C.A. (2012) Forensic accounting. http://www.forensicaccounting.com
 

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article language: Serbian, English
document type: unclassified
published in SCIndeks: 22/03/2013

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