Forensic Accounting in Developing Economies Problems and Prospects

Abstract

Recent cases of financial scandals particularly in the banking and insurance industry in developing economies require more professionalism in the field of accounting and finance, thus the need for forensic accounting for litigation support services and investigative functions. Therefore, the objective of this paper was to examine the concept of forensic accounting and its prospects and problems in developing economies. It was however gathered that forensic accounting is a new trend, which is yet to gain ground in developing economies, hence accountants lack the technical know-how on forensic issues. This results to lack of adequate knowledge on the subject matter. In order to enhance its development, some possible remedies were advanced. The paper therefore concluded that if forensic accounting must become a "household name" in business, its prospects must be harnessed while the challenges must be brought to bear.

Keywords: forensic accounting