FORENSIC ACCOUNTING: NEED OF AN HOUR

Abstract

In an era marked by increasing financial complexities and a surge in economic crimes, the role of forensic accounting has emerged as a pivotal component of modern financial investigation and analysis. This paper explores the pressing need for forensic accounting in today's financial landscape, with a focus on its significance in detecting, preventing, and mitigating financial fraud, embezzlement, and corporate misconduct. It delves into the evolving methodologies, tools, and practices that forensic accountants employ to unearth hidden financial irregularities and provide critical insights for legal proceedings. The paper underscores the importance of proactive engagement with forensic accountants to safeguard financial integrity, bolster corporate governance, and uphold the rule of law. Through case studies and real-world examples, it elucidates the tangible benefits of incorporating forensic accounting as an indispensable tool in the realm of financial management and corporate oversight. This study serves as a clarion call to recognize forensic accounting as an essential need of the hour for businesses, financial institutions, regulatory authorities, and the broader society in our interconnected and complex financial world.