Exploring the Role of Forensic Accounting in Fraud Detection and Prevention: A Study in Saudi Arabia

Abstract

This study's broad objective is to determine whether the practice of forensic accounting in Saudi Arabia influences the detection and prevention of fraud, and if so, what factors, such as types, frequency, age, experience, education background, training, current use, and usefulness, might influence this behavior. Methodology The research aims to investigate and evaluate three primary research questions. (I) To what extent can various forms of fraud affect forensic accountants working in a professional environment in Saudi Arabia? However, what is the relationship between the types of fraud investigated and forensic accountants' educational attainment? How does the use of technological tools impact forensic accounting's perceived effectiveness in detecting fraud? The research has shown that qualifying forensic accountants in Saudi Arabia have significantly experienced different types of fraud; their professional experience is not mainly predicted by these experiences but rather by a broader industry exposure. Furthermore, none of the types of fraud investigated here had a significant relationship with educational qualification, and forensic accountants seem to acquire education that gives them broad skills necessary in dealing with all forms of fraudulent acts. The study also discovered that the use of newer tools such as data analytics and blockchain did not significantly enhance the perceived usefulness of forensic accounting, indicating a potential gap in the integration of these modern technologies into everyday forensic practices. The findings of this study shed light on the multifaceted facet of forensic accounting in Saudi Arabia, emphasizing an improvement plan that must be holistic, including improved training programs with better hands-on skills integration and more comprehensive regulatory support. By focussing on these broader areas, the study suggests recommendations for policymakers and educational institutions as a way to advance the field of forensic accounting in Saudi Arabia.