The Role of Modern Technology in Preventing and Detecting Accounting Fraud

Abstract

Fraud is a deliberately deceiving action designed to offer the perpetrator with an illegal gain or to forbid a right to a victim. Forms of fraud entail credit card fraud, tax fraud, bankruptcy fraud, and securities fraud. Fraud can easily be perpetrated, especially in the digital era. Hacking can be traced, but it is a tiresome process. Thus, organizations will seek to access specialized services that provide improved protection. They include fraud prevention policies as well as internal controls and audits. According to the study, the available Technical Methods and Tools That Prevent and Detect Accounting Fraud are Embedded Audit Modules, The Monitoring and Control Layer, Audit Data Warehouse, and Audit Applications Approach. Future audit techniques are likely to necessitate auditors, standard setters and regulators to initiate crucial adjustments. The modifications include transformation in the frequency and timing of the audit, increased training in analytic approaches or technology,  adoption of entire society analysis rather than sampling, re-evaluation of topics like independence and materiality, and  authorization of the provisioning of the audit data principle.