ANALYZE CASES OF FINANCIAL FRAUD, THE METHODS

USED FOR DETECTION AND PREVENTION, AND THE

ROLE OF FORENSIC ACCOUNTANTS IN UNCOVERING
FRAUDULENT ACTIVITIES

1
 Declaration
Declaration
I hereby declare that:
✓ I have read and understood Regulations 3.49—3.55 of Chapter 3 of the Regulatory
Framework of the University of the West of Scotland regarding cheating and plagiarism;
✓ This assessment is the result of my own work, except for those parts that are explicitly
referenced, and contribution of others is clearly indicated;
✓ No material presented in this assessment has been written, wholly or in parts, by any other
person(s);
✓ This assessment has not been submitted — partially or in full — in support of the
completion of assessment(s) on any other module, regardless of previously or the current
academic year (self-plagiarism).
Date: 26 November 2023

2
 Acknowledgement
This is a significant milestone in my life and has been subject to a lot of rigour and labour
from me. However, there have been a few indispensable resources on the way, without whose
contribution this word could not have been possible. Firstly, my supervisor, without whose
feedback and guidance I could not have produced this. Secondly, my friends at UWS, who
kept me motivated to keep working towards the end. Finally, and most importantly, my
family, who in their own way was always by my side at every step.

3
 Abstract

This study has focused on financial fraud, detection, and prevention of financial fraud. In
addition, financial fraud has affected the company’s reputation and decreased the economic
condition. It has also affected the positive relationship with stakeholders. Financial growth is
a vital aspect of any organization and financial fraud has affected this aspect and decreased
the financial statements. The questions of the findings section are also effective to increase
the concept of respondents among the financial fraud and the discussion section helps to
develop the importance of the questions to meet the objectives. Here questions related to
importance of financial accountants and forensic accountant and useful strategies have been
mentioned as well. The researcher has discussed an overview of the whole chapter in the
conclusion chapter. Moreover, the researcher has given some suitable recommendations in
order to decrease fraudulent activities. All research objectives have been linked with the
whole study. At the same time, research sheds light on this study by providing a future scope
and also giving a research limitation. According to a summary of this study, the
methodological section's primary importance lies in upholding the dissertation's scientific
integrity. The survey technique and theme analysis princess have been utilised in conjunction
with the mixed method of data collection used in this research to achieve this goal. The
interpretivism research philosophy, on the other hand, has been selected for the procedure
portion since it strengthens the core of the study issue. Based on the findings, it is evident that
this dissertation employs a descriptive research design in order to enhance the calibre of the
mixed method research. The fraud triangle theory of the finance portion has been explained
based on the previously mentioned literature review section and the debate. It is clear from
the examination of main and secondary data that this hypothesis, when applied correctly,
lessens the financial gain associated with fraud. It has also been said that this theory's other
significance is in inspiring people or organisations to lower the degree of financial fraud,
which emphasises the business's developed economy. Put another way, this study used an
inductive research approach. For the research study, the researcher employed both "primary
and secondary" approaches. This study would have been more successful if the researcher
had limited herself to using the "secondary data collection method." because compared to the
"secondary data collection method," the "primary data collection method" requires too much
time and money. Researchers would have more time to examine the research study if
secondary data were gathered for it.

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 Table of Contents
CHAPTER 1: INTRODUCTION..............................................................................................6

1.1 Introduction......................................................................................................................6

1.2 Background of research....................................................................................................6

1.3 Importance of the study....................................................................................................6

1.4 Rationale...........................................................................................................................7

1.5 Research aim.....................................................................................................................8

1.6 Research Objectives.........................................................................................................8

1.7 Research Questions...........................................................................................................8

1.8 Significance of the research..............................................................................................8

1.9 Outline of methodology....................................................................................................9

1.10 Summary of the chapters of the dissertation..................................................................9

1.11 Summary.......................................................................................................................10

CHAPTER 2: LITERATURE REVIEW.................................................................................11

2.1 Introduction....................................................................................................................11

2.2 Discussion on the concept of financial fraud..................................................................11

2.3 Evaluation of the cases of financial fraud that lead to challenges for the citizens of the
United Kingdom...................................................................................................................13

2.4 Critical discussion on the role of forensic accountants in uncovering fraudulent

activities................................................................................................................................15

2.5 Critical facts on the methods used for the detection and prevention of fraudulent
activities in UK-based firms.................................................................................................18

2.6 Recommended strategies to mitigate fraudulent activities in order to stabilize the

economic growth of the country...........................................................................................18

2.7 Theoretical Insights........................................................................................................19

2.8 Literature Gap.................................................................................................................20

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 2.10 Summary.......................................................................................................................21

CHAPTER 3: RESEARCH METHODOLOGY.....................................................................22

3.1 Introduction....................................................................................................................22

3.2 Research philosophy.......................................................................................................22

3.3 Research design..............................................................................................................23

3.4 Research approach..........................................................................................................24

3.5 Data collection................................................................................................................25

3.6 Data analysis...................................................................................................................26

3.7 Ethical consideration......................................................................................................27

3.8 Summary.........................................................................................................................28

CHAPTER 4: FINDINGS AND ANALYSIS.........................................................................29

4.1 Primary Findings............................................................................................................29

4.2 Secondary Findings........................................................................................................40

CHAPTER 5: DISCUSSION...................................................................................................43

5.1 RO1: “To thoroughly examine well-known instances of financial fraud in order to spot
trends and techniques that fraudsters often use”..................................................................43

5.2 RO2: “To compare and contrast conventional and technologically advanced methods
for spotting financial fraud, including the function of data analytics in seeing anomalies
and warning signs”...............................................................................................................43

5.3 RO3: “To evaluate current methods for avoiding financial fraud critically, with an
emphasis on the value of internal controls, risk management, and compliance controls”...44

5.4 RO4: “To look at how forensic accountants are changing their role in spotting fraud,
highlighting their specialized knowledge and methods for carrying out thorough fraud
investigations”......................................................................................................................44

5.5 RO5: “To provide suggestions for improving present procedures for the identification
and prevention of financial fraud while taking into consideration both technical
developments and the moral ramifications of forensic accounting techniques”..................45

5.6 Establishment of Theoretical Framework.......................................................................45

CHAPTER 6: CONCLUSION AND RECOMMENDATION................................................47

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 6.1 Conclusion......................................................................................................................47

6.2 Linking with Objectives.................................................................................................47

6.3 Future Scope...................................................................................................................49

6.4 Recommendation............................................................................................................49

6.5 Research Limitation........................................................................................................49

Reference List..........................................................................................................................50

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 List of figures
Figure 1.1: Types of financial frauds.........................................................................................7
Figure 1.2: Structure of the Dissertation..................................................................................10
Figure 2.1: Various types of financial fraud............................................................................12
Figure 2.2: Graph reflecting accounting scandals of Tesco.....................................................14
Figure 2.3: Roles played by forensic accountants....................................................................16
Figure 2.4: The prime roles of forensic accountants against financial fraud...........................17
Figure 2.5: Fraud triangle theory.............................................................................................20
Figure 3.1: Types of Research philosophy...............................................................................22
Figure 3.2: Types of data..........................................................................................................26
Figure 4.1: Age of the respondents..........................................................................................29
Figure 4.2: Gender of the respondents.....................................................................................29
Figure 4.3: Percentage of the current working person.............................................................30
Figure 4.4: Working years with Forensic Account..................................................................31
Figure 4.5: Awareness of financial fraud or prevention of the same of an organizational
context......................................................................................................................................32
Figure 4.6: Financial transparency is necessary to maintain a positive relationship with
stakeholders..............................................................................................................................33
Figure 4.7: Types of relevant fraud detection systems.............................................................34
Figure 4.8: Types of conventional techniques to detect financial fraud..................................34
Figure 4.9: Types of fraud prevention methods.......................................................................35
Figure 4.10: Importance of forensic accountants in reducing fraudulent activities.................36
Figure 4.11: The best suitable method used to scrutinise financial statements........................37
Figure 4.12: Requirements for improving the forensic accounting........................................38
Figure 4.13: Role of forensic accountants being changed or evolved....................................39
Figure 4.14: Strategies to reduce financial fraudulent activities.............................................39
Figure 4.15: Review of “anomaly detection techniques”.........................................................40

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CHAPTER 1: INTRODUCTION

1.1 Introduction
A full understanding of its complexity is necessary because of the global economy's
susceptibility to financial fraud. The different components of financial fraud, as well as its
historical origins and modern expressions, are all studied in this dissertation. It seeks to shed
light on the crucial role forensic accountants’ play in identifying fraudulent activity by
examining the different methods for fraud detection and prevention. It is essential to
understand these processes in order to protect financial institutions, uphold commercial
integrity, and promote stable and long-lasting economic development.
1.2 Background of research
The issue of financial fraud has been a persistent worry within the global economy, posing
challenges for companies and financial institutions. Prominent instances such as the Enron
incident and the 2008 financial crisis serve as illustrative cases that exemplify the adverse
ramifications of fraudulent conduct on the stability of markets and the trust of investors. In
recent years, there has been a notable increase in the prevalence of complex and sophisticated
forms of financial fraud, which may be attributed to the rapid advancements in technology
(Oladejo and Jack, 2020). Moreover, the proliferation of digital transactions and online
platforms has heightened the susceptibility of firms to fraudulent activities and cyber threats,
necessitating a comprehensive reassessment of existing tactics for detecting and preventing
such incidents.
1.3 Importance of the study
This research is important as it aims to shed light on financial fraud along with an analysis of
the methods that can detect such fraudulent activities. Financial fraud can lead to the
economic instability of an individual or a business organization as well. As argued by
Kovalová and Michalíková (2020), fraud in the financial domain can lead to the bankruptcy
of a company and it needs to be motivated so that it does not lead to a disaster. Therefore, it is
necessary to mitigate such fraudulent activities and gain knowledge on the methods that can
detect such activities over the internet. Financial frauds are increasing in the present era and it
is necessary to get a better understanding of the evolution of financial frauds over time
(Akinbowale et al. 2020). It is stated by Zhuet al., (2021), there are several types of financial
fraud that can occur through banking and insurance companies and customers should be
aware of such fraudulent activities. This research is important as it helps in safeguarding the

9
financial as well as confidential data of business organizations as well as government bodies
so that economic stability can be maintained effectively.

Figure 1.1: Types of financial frauds

(Source: Zhuet al., 2021)

1.4 Rationale
This research was motivated by the ongoing danger of financial fraud, which seriously
jeopardizes the sustainability and stability of international economic institutions. Efforts to
make regulatory frameworks and internal control systems stronger have not been able to halt
the incidence of financial fraud cases (Eko et al. 2020). This necessitates a deeper
understanding of the deceptive tactics fraudsters use. By studying the historical context and
present manifestations of the issue, this research aims to contribute to the body of knowledge
currently accessible on the subject of financial fraud. It is crucial to comprehend the
subtleties of fraudulent conduct in order to develop more effective detection and prevention
techniques. The interests of stakeholders will be protected, and potential financial losses will
be reduced.
As a result of technological advancements and the increasing digitisation of financial
transactions, it is also vital to assess the efficiency of existing anti-fraud measures in the
current context. This research will investigate how advancements in digital platforms have
both aided and complicated fraudulent activities in order to better understand the relationship
between technology advancements and financial fraud (Kranacher and Riley, 2019). The
growing role that forensic accountants play in uncovering financial malfeasance further
emphasizes the significance of their abilities in conducting thorough investigations and
presenting critical evidence in court proceedings. This research aims to emphasize the vital
roles that forensic accountants play in the fight against financial crime by emphasizing the

10
value of their specific skills and expertise in maintaining accountability and openness in
financial systems.
1.5 Research aim
The aim of this dissertation is to comprehensively analyze cases of financial fraud, examine
effective methods for its detection and prevention, and emphasize the indispensable role of
forensic accountants in uncovering fraudulent activities, ultimately contributing to the
enhancement of financial integrity and security in both organizational and broader economic
contexts.
1.6 Research Objectives
● To thoroughly examine well-known instances of financial fraud in order to spot trends
and techniques that fraudsters often use.
● To compare and contrast conventional and technologically advanced methods for
spotting financial fraud, including the function of data analytics in seeing anomalies
and warning signs (Rathore, 2020).
● To evaluate current methods for avoiding financial fraud critically, with an emphasis
on the value of internal controls, risk management, and compliance controls.
● To look at how forensic accountants are changing their role in spotting fraud,
highlighting their specialized knowledge and methods for carrying out thorough fraud
investigations.
● To provide suggestions for improving present procedures for the identification and
prevention of financial fraud while taking into consideration both technical
developments and the moral ramifications of forensic accounting techniques.
1.7 Research Questions
● What are the unique advantages and drawbacks of each strategy, and how successful
are technologically driven approaches compared to conventional ways of financial
fraud detection?
● What particular methods and procedures do forensic accountants use, and how do
they add to the broader investigation process, to find complicated financial fraud?
● What steps may be taken to safeguard the ethical integrity of forensic accountants'
work, and how do ethical concerns affect their practices during fraud investigations?
1.8 Significance of the research
This research is significant because it has the potential to help in the creation of stronger,
more efficient methods for identifying and combating financial fraud, protecting the integrity
of financial systems, and boosting investor trust (Alharasiset al. 2023). This research may
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provide useful insights for enterprises, regulatory authorities, and law enforcement agencies
by analyzing notable instances and looking at emerging fraud detection and prevention
techniques, therefore helping the deployment of preventative measures to counteract
fraudulent activity. The investigation into the crucial role performed by forensic accountants
also highlights the need of investing in forensic accounting resources inside organizations and
the important requirement for specialized knowledge in exposing sophisticated financial
deceptions (Ikechukwu et al. 2020).
1.9 Outline of methodology
Secondary qualitative methodology is used in this study where the data is gathered mainly
from peer-reviewed articles and journals. Government websites and news reports are also
used in this study so that current information about financial frauds can be detected and
documented in this research, however, blogs and unauthorized websites are not used as they
lack the credibility of being used in research. As per Sherif (2018), secondary qualitative data
helps in conducting in-depth evaluation of the past research findings and the gasp of those
researches can be mitigated in the present study, this is the reason for choosing this
methodology in the study. Interpretive research philosophy and innovative research approach
are used so that modern theories can be linked with the secondary data and the research
objectives can be met efficiently within a time-effective manner.
1.10 Summary of the chapters of the dissertation
The dissertation comprises five main chapters that include an introduction, literature review,
mythology, data findings and conclusion. In the first chapter, the aims and research objectives
are utilized which helps in providing knowledge to readers about the facts that can be
explored through this study. In the second chapter, several secondary resources are analyzed
and reviewed to gain data about financial frauds that have occurred in the past. Similarly, the
third chapter outlines the data collection method of the study which aims to maintain
accountability with the readers about the reliability of the data sources. The findings and data
analysis chapter critically evaluates the data that is gathered to answer the research questions
of this study. Finally, the last chapter concludes the main points of this study and
recommends strategies to mitigate financial fraud in future.

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 Figure 1.2: Structure of the Dissertation

(Source: Developed by the author)

1.11 Summary
The research emphasizes the fundamental need of establishing strong safeguards to defend
the integrity of financial systems by examining prominent fraud instances and analyzing the
crucial role of forensic accountants in unearthing fraudulent activity. Overall, it can be
summarized that this research is important as it helps in gaining adequate ideas about
fraudulent activities and the methods that can detect such activities in order to safeguard
financial data and resources. While emphasizing the importance of ethical concerns and
regulatory compliance in forensic accounting practices, it underscores the role that technical
improvements have had in improving fraud detection skills (Okoye et al. 2019). Overall, it
can be analyzed from this section of the dissertation that this study will have five main
chapters that include an introduction, literature review, methodology, findings and
conclusion. The conclusions drawn from this research ultimately seek to strengthen
international efforts to reduce financial fraud and promote accountability and transparency
within financial ecosystems.

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CHAPTER 2: LITERATURE REVIEW

2.1 Introduction

This chapter has mainly focused on the cases of financial fraud and the methods used for
detection and prevention. Throughout the research, all the analysis has been conducted with
the proper implementation of credible and topic-related data from the UK commercial market
to understand the role of forensic accountants in uncovering fraudulent activities. Hence, a
literature review on the particular topic has been incorporated in this section by supporting
and arguing with various tropic-related journals and articles to reflect the concept and cases
of fraudulent activities taking place across UK-based business firms. The chapter has covered
all the previous research works of authors and researchers regarding the importance of this
specific topic of financial fraud and the methods used for detection and prevention by
forensic accountants in the UK business culture.

2.2 Discussion on the concept of financial fraud

The challenges of financial fraud have been a serious global problem within the corporate
economy, which is creating a lot of fraudulent issues, especially for UK-based firms and
financial institutions. According to the qualitative findings of Hashim et al., (2020), it can be
outlined that in a company, financial fraud mainly arises when an individual deprives the
company and misuses its economic resources or money. Supporting this opinion, Shonhadji
and Maulidi, (2021) in primary survey findings have pinpointed the fact that financial fraud
can be detected and conducted through a variety of methods to raise whistleblowing systems
and fraud awareness within organisations. As a result, the authors opined, that financial
frauds harm the overall financial health and brand image of a company by misleading the
firm or conducting any deceptive or illegal fraudulent practices. From the above supporting
evidence, it has been comprehended that financial frauds are conducted to mislead the
company’s clients and investors to harm the company’s goodwill and market reputation of
the brand.
Financial fraud mainly happens when an individual takes money or any other economic
assets from any company through any criminal activity, such as deception or manipulating
stock prices. In such cases, Reurink, (2019) from the qualitative study analysis, has supported
the fact by stating that most UK-based firms, nowadays, are witnessing a lot of troubles due
to financial fraud, where various deceptive or illegal practices occur by a company’s

14
employee or any related person. While discussing the corruption and fraud in financial
markets, Alexander and Cumming, (2022) in their book have highlighted two major instances
of financial fraud witnessed by UK-based companies and financial institutions, including
investment fraud and identity theft. Hence, from the authors’ opinions, the concept can be
clearly comprehended that financial fraud for businesses can occur anytime through any
illegal, unethical or deceptive activities, leading to huge monetary and asset losses for the
respective firms.
Based on the above discussion, the concept of financial fraud reflects risks and critical
challenges to the financial service industry which has been a complex and elusive concept
(Reurink, 2019). Therefore, financial fraud has been termed as a financial crime which acts as
an intruder with the help of financial activities. On the other hand, Karpoff (2021) has opined
that the concept of financial fraud involves the risk of the future financial system which
negatively impacts the global economic condition. Therefore, based on the above-mentioned
critical analysis, it is evident to get along with the several types of financial crimes which
have been stated below.

Figure 2.1: Various types of financial fraud

(Source: Reurink, 2019)

Considering the above figure, the concept of financial fraud can be determined as identity
theft where the intruder steals personal financial information and thus unexpected financial

15
losses take place. Therefore, the research works of Homer (2020) have stated that it should be
legitimate to identify the concept of the fraud testing triangle which also includes not only the
above-mentioned types of financial fraud but also the workplace crimes which were solely
related to the financial frauds. Once again, Eltweriet al., (2021) have also revealed that
despite the application of big data tools and applications in the systems of large-scale
financial organisations, the concept of financial fraud showed no sign of decrement as new
loopholes have been found by the hackers to continue the exploitation of finances from
people and large-scale business organisations.

2.3 Evaluation of the cases of financial fraud that lead to challenges for the citizens of
the United Kingdom

From various real-life evidence of numerous UK-based firms and financial institutions,
various real cases of financial fraud have been outlined that lead to challenges for the
citizens. According to Hashim et al., (2020), various qualitative studies have reflected that
financial frauds are increasing day by day across international platforms, especially in the
UK, due to which, modern-day firms are witnessing poor and limited financial resources for
improving the future sustainability of companies. Similarly, in the qualitative findings,
Reurink, (2019) has portrayed the critical situations of UK-based citizens, facing extreme
financial frauds, including the hacking of confidential data, the revelation of credit numbers,
identity theft and so on. Considering both these opinions, it can be determined that due to all
these challenges in the financial arena, most UK-based firms nowadays are facing the
challenges of financial fraud related to economic destabilization, which is severely affecting
UK-based citizens.

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 Figure 2.2: Graph reflecting accounting scandals of Tesco

(Source: Bhaskar and Flower, 2019)

Further, the above-mentioned authors have pointed out that 1 out of 15 firms in the UK are
becoming the victim of financial fraudulent activities day by day (Bhaskar and Flower,
2019). Hence, from the primary findings of various annual and audit reports of UK-based
firms, Elmarzouky et al., (2022) have pointed out that in the post-pandemic period, the
overall country’s business lost around £1.2bn due to financial fraudulent practices in 2022.
While analysing financial scandals and failures, Bhaskar and Flower, (2019) in their books,
pointed out that Tesco has presented false statistics of its profit of £263m, which deceived its
stakeholders in 2014. However, from the authors’ opinions, it can be stated that wrong
calculations and Tesco’s manipulation of financial statements to overstate the profit margins
from its annual report are real cases of financial fraud. However, it has been argued by Ozili,
(2020) that UK citizens are also witnessing significant cases of financial fraud through
payment cards. Among such cases, one that happened in the “Bank of Scotland’s Scandal”
where the details of customer debit and credit cards were hacked, leading to misuse of
financial resources, loss of earnings and the bankruptcy of UK-based business firms.
Despite Tesco, there have been other large-scale business organisations facing financial fraud
in the UK. Considering the research works of Toms (2019), it has been revealed that there has
been a long tradition of the occurrence of financial fraud in the UK which received
international attention. Similarly to that, the analysis of Jamieson et al., (2019) has also stated

17
that there have been some more recent cases of financial fraud which took place in various
large-scale business organisations in the UK. Based on some essential reports, it has been
revealed that Barclays, a well-known multinational business organisation in the UK was
tricked into a loss of £700,000 which was equivalent to $906,000 that was transferred into an
account in the United Arab Emirates (Reuters.com, 2023). The very same reports have also
stated that the fraud took place from the Barclays authorised push payment application.
In previous times, such types of scams took place and this time, the British government
suffered a total loss of £752 million which negatively impacted the country’s economy. To
recover the fraud amount, Barclays appealed to Great Britain’s Supreme Court and the entire
situation turned out to be fruitful for the multinational business organisation the organisation
successfully found the fault in the financing system in the UK which was inconsistent with
the principles of banking law (Reuters.com, 2023). Thus, the involvement of the British
parliament took place and took the sole responsibility for the loss of Barclays, thus planning
to initiate new financial services and market acts in the UK. The fraud stories also continued
from multinational business organisations to the common people.
As per some other news reports of Guardian money, it has been revealed that the fraud
amount started from £100 to millions and billions (Theguardian.com, 2023). In such kind of
scenario, the common people of the UK lost a total amount of £1.2 billion from 2022 to 2023
which was equivalent to £2,300 (Theguardian.com, 2023). Mainly, the fraud over the
common people of the UK took place while transferring funds after purchasing assets such as
houses, shops, apartments and many more. HSBC bank was somehow, involved in the matter.

2.4 Critical discussion on the role of forensic accountants in uncovering fraudulent

activities

Today, forensic accountants play major roles in uncovering fraudulent activities across
various companies and financial institutions, especially in the UK. Akinbowale et al., (2020)
in qualitative findings have identified that forensic accountants associated with any UK-based
companies contribute to financial detectives by unravelling complex financial data to uncover
fraudulent activities. Supporting this, Al Abbadi et al., (2021) in primary survey analysis
stated that forensic accountants mainly detect anomalies and patterns in the complex and
large financial datasets of companies for determining various fraudulent activities. However,
while discussing their roles and responsibilities, Nadaf, (2023) in quantitative survey findings
has outlined that forensic accountants use sophisticated analytical tools, modern technologies

18
and software, such as Four Quantitative Prediction Techniques and Link Analysis.
Furthermore, to detect fraudulent activities leading to the bankruptcy of most of the UK-
based firms through scrutinising financial statements, relevant methods and tools are used by
forensic accountants, including methods of Altman Z-Score, Zmijewski X-Score, Olson O-
Score, Beneish M-Score, and the Bayesian Method.

Figure 2.3: Roles played by forensic accountants

(Source: Nadaf, 2023)

By considering the above image, Al Abbadi et al., (2021) have pointed out that forensic
accountants detect the point of adulteration, offer training to staff and maintain accountability
with customers by monitoring and investigating transaction records and electronic data to
detect fraudulent activities across UK-based firms. Therefore, forensic accounts are essential
in uncovering possible financial fraud as they are trained to evaluate financial data and
discover intentional and deceptive financial crime within organisations by reporting on
revenue losses, forecasting and preventing financial deceptions and investigating complex
business fraud cases to mitigate risks.
Furthermore, the research and analysis of Kranacher and Riley (2019) have revealed that not
only forensic accountants but also forensic accounting have helped to initialise audits in the
books of accounts in large-scale business organisations. Therefore, forensic auditing has
played the role of being an empirical overview to detect fraud in various financial

19
multinational business organisations. The prime role of forensic accountants in the form of
diagrammatic presentation has been stated below.

Figure 2.4: The prime roles of forensic accountants against financial fraud

(Source: Ijecm.co.uk, 2023)

Considering the above figure, it can be stated that forensic accountants mainly attempts to
examine the effect of forensic auditing to detect financial frauds of different business
organisation on an international level (Ijecm.co.uk, 2023). For example, in Zimbabwe, bank
frauds and other abnormal monetary losses have been reluctantly detected and the money of
the customers and large-scale business organisations were safeguarded with the help of
assistance from forensic accountants (Ijecm.co.uk, 2023). Therefore, it is clear that forensic
accountants have been involved in special procedures to initialise the safeguarding measures.
They have decided to go along with a quantitative survey which implies the asking of
questions related to fraud to the upper hierarchies of several large-scale business
organisations and common people in order to understand the entire matter clearly. The recent
empirical study has also stated an example of financial fraud in Nigeria where the
quantitative survey conducted by forensic accountants was done based on 143 people
consisting of managers, accountants, management staff, assistants and many more
(Ijecm.co.uk, 2023). Despite all the prime roles, forensic accountants have also faced several
challenges in dealing with financial fraud. The humongous task of gathering all the detailed

20
information has been a challenging one, the acceptance of shreds of evidence should be
permissible by the government, criminal and civil claims and many more (Ijecm.co.uk,
2023). Thus, based on the overall discussion and analysis, the need for forensic accountants
should be inevitable as the internal members of the large-scale organisation should not be
involved in the matter. In addition, the internal audit committee should also stay away from
the prime role of forensic accountants where the statutory auditors should only provide the
information and documents regarding the financial frauds.
2.5 Critical facts on the methods used for the detection and prevention of fraudulent
activities in UK-based firms
The concept of fraud detection in a financial organisation has become more intelligent with
the help of smart systems and training human resources in order to safeguard financial
aspects (Zhu et al., 2021). On the other hand, Roszkowska (2021) has provided a different
opinion that fraud detection would not be enough unless the prevention procedures have been
integrated because the detection procedures could not manage the creation of
countermeasures. Therefore, in the UK-based firms, the integrated fraud detection methods
have been stated below.
● Initialisation of machine learning and AI.
● Integration of behavioral analytics.
● The clustering of identity.
● Real-time monitoring of data.
As mentioned above, these fraud detection methods or techniques would come in handy when
the prevention methods have been initialised by UK-based firms. Some of the fraud
prevention methods have been elaborated below.
1. Employee training and education regarding fraud.
2. Biometrics.
3. Risk scoring.
4. Transaction monitoring.
Considering the above points of fraud prevention, the UK-based firms mainly provide
training to their employees regarding fraudulent activities which also includes the concepts of
artificial intelligence and machine learning. The utilisation of biometrics has successfully
clustered the identity of employees and customers which lowered the risk of the occurrence
of fraud activities. The UK-based firms have also provided training to the employees to
constantly monitor the transactions of the customers to detect as well as prevent fraud
activities.
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2.6 Recommended strategies to mitigate fraudulent activities in order to stabilize the
economic growth of the country
Recommendation 1: Initialise a sceptical model in business
The UK-based finance firms should deeply consider the sceptical model for business in this
modern-day industry 4.0. Therefore, it is strongly recommended that the organisations of the
UK revise their dealings with the clients, and look for better opportunities regarding the
integration of technology. In addition, organisations should also look out for vital information
and details regarding financial transactions. With the help of the sceptical model, UK-based
financial firms would be able to prevent fraudulent activities in their business.
Recommendation 2: Taking care of business vulnerabilities
It is obvious that business vulnerabilities exist in every business organisation and that is why
the UK-based financial business firms should take care of the business vulnerabilities.
Organisations should revise the business vulnerabilities, observe the employees at some
point, and look out for the target market and business regulatory obligations. In addition,
taking care of business vulnerabilities would also include knowing the details of customers.
Recommendation 3: Extra care regarding cyber attacks
Taking care of unauthorised access to the organisation's database should be monitored and
eliminated. That is why it is strongly recommended that UK-based organisations should take
care of the information systems and protect them against unauthorised intruder access. In
addition, the firms should also induct a strong firewall to safeguard all the organisational
data. The integration of a strong firewall could also protect the intellectual properties of UK-
based financial organisations. The overall recommendations would also help in enhancing
and stabilising the economic condition of the country.
2.7 Theoretical Insights
The fraud triangle theory explains the main motivation that encourages an individual or a
community to conduct a fraudulent activity. As a consequence, the three states that an
individual might be pressured unethically by another entity to conduct the fraudulent activity,
the fraudster may gain financial benefit by conducting the financial fraud or the fraudster has
gained a way to rationalize the fraud with his values (Sujeewa et al., 2018). These Three
reasons can explain and justify the fraudulent activity connected by an individual or an
organization. However, any such fraudulent activity is highly necessary and must be
prevented by governing bodies in order to maintain the economic stability of the citizens and
business organizations as well. The theory explains the importance of a method that can
detect such fraudulent activity as the culprit is motivated to conduct the financial frauds as he
22
gains financial benefits or is pressured by someone to connect the unethical or illegal task.
Similarly, if the culprit rationalizes the crime with his or her values, the extent of financial
frauds shall increase in the society.

Figure 2.5: Fraud triangle theory

(Source: Sujeewa et al., 2018)

As per the technology adoption curve, it is necessary to use modern technologies such as
artificial intelligence to detect the frauds that are being conducted in different parts of the
world. Artificial intelligence tools can detect fraudulent activities that are conducted over the
internet. Blockchain technology and AI-based tools are efficient in analyzing financial frauds
and detecting them in a cost-efficient as well as time-effective manner (Tyagi et al., 2020).
Similarly, it assists business firms in keeping confidential data safe so that financial frauds
can not only be detected but can be revered as well. As a consequence, it is essential that
digital transactions of financial resources are done under the surveillance of blockchain as
well as artificial technology so that in the future fraudulent activities can be mitigated with
the help of modern technologies.
2.8 Literature Gap
A number of secondary resources are investigated in this study in order to analyze the past
findings on the chosen research topic. However, several resources are analyzed that have
gaps in the main findings. As an example, several articles lacked the interlinkage of theories
with the finding which did not allow the researcher to understand the practical implication of
the research findings. On the other hand, issues were found in the structure of the research
papers where there was a lack of proper headings and subheadings (Hashim et al., 2020). As
a consequence, the generation of research findings as per research objectives or themes was
inefficient which made it challenging to understand if the research questions were answered
effectively or not. All these literature gaps are mitigated in this study as theories are
interlinked and proper subheadings are used to segregate the findings (Elmarzouky et al.,

23
2022). On the other hand, an abstract is also a document which outlines the main findings and
encourages readers to understand the research findings in brief which was also lacking in the
previous articles and journals.

2.10 Summary

The literature review section has critically analysed all the real-life cases of financial fraud,
including Tesco, to understand the concept and current financial fraud issues faced by most
UK-based companies. From the overall literature review section, it can be concluded that the
business firms of the UK are witnessing a lot of challenges these days due to extreme cases of
increased financial fraud and corruption. The section thus highlighted the effective roles of
forensic accountants in detecting financial frauds in UK-based organisations. However, the
section has also incorporated relevant methods, such as Zmijewski X-Score, Altman Z-Score,
Olson O-Score, Four Quantitative Prediction Techniques, Beneish M-Score method, Link
Analysis and the Bayesian Method for the detection and prevention of fraudulent activities.
Based on these recommended strategies and methods, fraudulent activities can be mitigated
in UK-based firms towards stabilising the economic growth of the country. Additionally, by
taking The Fraud Triangle and Technology Adoption theories into consideration, the section
has highlighted relevant gaps to understand the reliability and validity of the research topic.

24
CHAPTER 3: RESEARCH METHODOLOGY

3.1 Introduction

This is the third chapter of the dissertation and it aims to outline the data collection method
math is used to gather information related to the research topic. The section has made use of
the research onion framework to organize the headings as per the layers of the model. Ethical
considerations are also outlined so that readers can be assured about the moral principles that
are followed in this research. On the other hand, research philosophy, approach and design
have been chosen so that financial fraud detection can be done effectively.
3.2 Research philosophy

Research philosophy is focused on the beliefs and thought processes of the researcher.
Interpretivism research philosophy is chosen for this study as the philosophy encourages the
researcher to conduct an in-depth evaluation of the data with the help of resources that can
provide subjective information about the research topic (Ikram and Kenayathulla, 2022).
Financial fraud detection requires in-depth evaluation so that the previous research gaps can
be mitigated and readers can understand the risk associated with financial fraud.

Interpretivism

Realism

Positivism

Pragmatism

Figure 3.1: Types of Research philosophy

(Source: Created by the author)

25
In the context of this research study, the main importance of the research philosophy is to
create a direct influence on the research methodology and this also helps to interpret the
result of the dissertation. As mentioned by HR and Aithal (2022), the main purpose of the
interpretivism philosophy is to identify the complex nature of the dissertation topic and to
develop the proper data interpretation process for logical analysis. It has been noticed that the
main research aim is to identify the role of forensic accountants in the mitigation and
prevention of financial fraud. The interpretivism research philosophy tries to mitigate
financial fraud as it helps to reform the public management roles in organisations to create a
significant structure of the financial department (Chowdhury and Shill, 2019). On the other
hand, this type of philosophy helps to measure the research data qualitatively or
quantitatively. Henceforth, the evaluation of the financial fraud direction is developed
through this research philosophy. The researcher has chosen the “interpretivism research
philosophy” to conduct the research topic. As per the words stated by Pandey and Pandey
(2021), the researcher helped to analyze the financial fraud detection and required in-depth
evaluation of the fraudulent activities. In addition, this philosophy has detected fraud in
financial statements and it includes various analytical procedures such as ratio analysis, and
comparative analysis. This philosophy has helped in understanding in-depth research
philosophy on a huge level. This is essentially stated that interpretivism represents a
philosophical position and scratch method that can evaluate various events in society and it is
dependent on the “specific value system” of the culture and society. As per the ideology of
Snyder (2019), the definition of interpretivism is one type of sociological method and it has
evaluated the financial fraud events by appalling various cultural and social norms.

3.3 Research design

Research design is one type of the research framework which includes research techniques
and research methods and it has been chosen by the researcher in order to analyze the study.
At the same time, Newman and Gough (2020), have stated that the researcher has used
“descriptive research design” to analyze both “quantitative and qualitative” data. It has also
helped to collect a lot of information about the specific research topic in order to make
accurate predictions regarding the research hypothesis and problems. As per the view of
Acharyya and Bhattacharya (2019), this design has helped to determine the role of the
financial accounts in evaluating the particle level of financial fraud. It can be stated that

26
descriptive design has described the distribution of more variables without regard for the
hypothesis.

A descriptive research design is used in this study so that all the data that is gathered can be
described elaborately to make it easy for readers to understand (Sileyew, 2019). The chosen
design encourages the researcher to elaborate on the topic and answer all the research
questions in detail.
The design of the research is addressed as the blueprint of the research methodology and the
main purpose of the research design is to improve the proper direction of the data collection
method. As mentioned by Sileyew (2019), the qualitative aspect of the research design has
been developed through the descriptive research design and for this reason, the content
analysis of collected data is possible in the dissertation. In this study, the main objective of
this study is associated with the detection and prevention of financial fraud in organisations.
The descriptive design helps to identify the role of e-finance and forensic accountants in
analysing the reasons for financial fraud and reducing the loopholes of the companies to
mitigate the level of financial fraud (Rusdiantiet al., 2022). On the other hand, the other
significance of the descriptive research design is to identify the concepts of financial fraud to
address the techniques of fraudsters.
3.4 Research approach

The research approach is a vital procedure and this procedure has been selected to gather,
evaluate, and conduct data. As per the words stated by Greening (2019), the research
approach has been divided into two parts such as the “deductive research approach” and the
“inductive research approach”. The inductive research approach” has helped to analyze the
procedures of reduction of finance fraud and identify the research gap. However, as per the
presumptions of Dodds and Hess (2020), the inductive approach has been able to generate
concrete conclusions and generalize an interaction between general and specific areas. It can
be stated that the inductive approach has also helped to identify patterns and themes and
make a conceptual framework. At the same time, the “inductive approach” has not involved
the formulation of hypotheses by implementing some process.

The inductive research approach is followed in this study as the chosen approach allows the
researcher to be flexible enough while collecting data from different data sources (Okoli,
2023). The inductive research approach also motivates the mitigation of previous research
gaps in order to provide adequate information about financial fraud to the readers.

27
The research approach has created the appropriate plan and procedures for the dissertation
and it also tries to identify the broad assumptions of the research study for the identification
of the research problem nature. As suggested by Malik and Gupta (2022), the key essentiality
of the inductive research approach is to address the accurate insight of the dissertation
analysis. In the context of this dissertation, the key aim of this research is to evaluate the
recent methods for avoiding financial fraud. As per the view of Nchang and Isoh (2019), the
inductive approach tries to identify the financial fraud mitigation ways as it helps to create
awareness in the capitalist organisation for the application of the financial fraud mitigation
process. Henceforth, the other effectiveness of this particular approach is to modify the
interpretation of the research quality for the maintenance of dissertation quality.
3.5 Data collection

“Data collection method” is a significant procedure of the research study and it is divided into
two parts such as, “primary data collection method” and “secondary data collection method”.
In addition, Newman and Gough (2020), have argued that researchers have implemented both
the “primary and secondary methods” in order to analyze the research study. Here, the
researcher has collected 4 articles from Google Scholar for thematic analysis. All articles are
relevant and regarding financial fraud and mitigation procedures. On the other hand, the
researcher has made 14 questions regarding research objectives and conducted the primary
method. It can be stated that the primary method is quite time-consuming and the secondary
procedure is the cheapest. As per the ideology of Acharyya and Bhattacharya (2019), primary
data can provide more numerical data and secondary data can provide more authentic data
and the researcher has used mixed methods to get more data and information to analyze the
research study.

A secondary qualitative data collection method is used so that the research topic of analyzing
the methods of detecting financial frauds can be explored with the help of secondary
resources. Secondary data is gathered from past articles, journals and books that have
outlined the risk of financial fraud and have outlined methods to detect them as well as
prevent it. Blogs and unauthorized websites are not used but news reports as well as
government websites are used to gather necessary information about the research topic
(Sileyew, 2019).

28
 Types of
data

Primary Secondary

Figure 3.2: Types of data

(Source: Created by the author)

The data collection method is associated with the other effective pillar of the methodological
section and this is trying to address the proper way of data explanation and collection. The
primary quantitative method is important for the research study as it maintains the socio-legal
aspects of the research topic (Budianto, 2020). It can be stated that the mitigation of financial
fraud is the topic of this dissertation and the primary quantitative study helps it to identify and
collect the proper nature of the data for the development of dissertation analysis quality. On
the other hand, another significance of mixed method application in the above–mentioned
research is to provide a comprehensive understanding of the research questions.

3.6 Data analysis

Data analysis is a process of modelling, analyzing, and collecting data by using many
statistical methods and techniques. It can be stated that data analysis is important because by
using the “data analysis technique”, the researcher has collected authentic data. As per the
opinion of Dodds and Hess (2020), for analyzing this research topic, researchers have used
both quantitative and qualitative techniques. The quantitative technique has provided
statistical data through interview analysis. On the other hand, qualitative data has been
collected by survey analysis. This is necessary to state that the researcher has taken the

29
secondary qualitative data and it has been conducted by thematic analysis. As per the words
stated by Pandey and Pandey (2021), along with the primary quantitative method has been
analysed by survey analysis. This procedure has helped to analyze the effect of financial
fraud in organizations.

Thematic data analysis is used in order to explore the gathered data as this method is suitable
for in-depth analysis of the information that is collected from secondary resources. themes are
prepared as per the research objectives and the gathered data is generated so that every
research question can be answered in detail.
The method of data analysis is also considered as the other essential part of the methodology
of a significant dissertation. In this study, the survey method has been applied as well as the
thematic analysis for the continuation of the primary quantitative analysis. As per the
statement of Denton et al., (2020), the survey method is effective for the dissertation as it
helps to create a focus on qualitative research measurement that tries to develop the main
goal of the research analysis with the help of proper responses. On the other hand, the
statistical power of the dissertation has also been developed through the above–mentioned
method. In this study, 33 respondents responded to 14 questions related to financial fraud in
organisations that are mitigated by forensic accountants. The Microsoft forms have been used
for the continuation of this survey method in this specific dissertation.
3.7 Ethical consideration

Ethical consideration represents a set of principles that can guide the research design and
research practice. As per the words stated by Snyder (2019), these principles include
informed consent, voluntary participation, confidentiality, and anonymity. The researcher has
kept all confidential data of all participants from third-party sources. This is necessary to state
that during this research study, researchers have maintained informed consent and voluntary
participation from participants before participating in this survey. In addition, Pandey and
Pandey (2021), have stated that researchers have enhanced benefits and reduced harm to
participants and the researcher respects the dignity and autonomy of participants. It has
included reducing coercion and ensuring all participants withdraw from this study at any time
without any type of negative consequences. Ethical principles are followed so that data
collected can be stored safely in the personal computer of the researcher with the help of
strong passwords. Moreover, blogs are not used in this research as they are unreliable sources
of data.

30
In the context of this research study, it has been noticed that the mixed method has been
followed and for this case, the consent form has been applied as the ethical consideration for
the maintenance of the primary quantitative method’s ethics. As stated by O’Sullivan et al.,
(2021), the main essentiality of the consent form is to maintain the contextual factor of the
research and it also helps to maintain the confidentiality of the respondent’s answers. On the
other hand, the Data Protection Act of 2018 is addressed as the other kind of ethical guideline
that helps to maintain secondary data confidentiality. The key purpose of this act is to control
the empowerment of the secondary data that helps to generate lawful information processing
for the research analysis (Ico.org.uk, 2023). Therefore, the ethical considerations are trying to
enhance the data confidentiality development.
3.8 Summary

Based on the present study, it has been summarised that the main significance of the
methodological section is to maintain the scientific sound of the dissertation. In this research,
the mixed method of data collection has been applied and for this cause, the survey method
and thematic analysis princess have been used here. On the other hand, the interpretivism
research philosophy has been found for the method section as this helps to enhance the
fundamental nature of the research topic. As per the result, it can be identified that the
descriptive type of research design has been applied in this dissertation to develop the quality
of the mixed method research. In other words, an inductive research approach has been
followed in this study. On the other hand, the research principles have been maintained
through ethical considerations. The Researcher has collected 4 articles and made three themes
that can be related to the research objectives. Descriptive research design has helped to
analyze the research study by collecting data. Researchers have used both “secondary and
primary data” to get more authentic data and make a proper research study. Researchers have
made 14 questions based on the research objective. These questions have also linked with the
aspects of the literature review and create insights about the research objective of this
research study.

31
CHAPTER 4: FINDINGS AND ANALYSIS

4.1 Primary Findings

Question 1
The first question of this particular survey is related to the age of the participants and this
identified the experiences of the forensic accountants to mitigate the financial fraud.

Figure 4.1: Age of the respondents

(Source: Derived from Microsoft forms)

It has been noticed that 15 participants (45%) among 33 belong to the 24-30 age whereas 11
participants (33%) among all respondents belong to the age group 18-24. On the other hand,
7 participants (21%) among 33 respondents stated that they belong to the age group of 30
years and above. Henceforth, it has been observed that the major forensic accountants are
young youth and technically sound. As per the previous literature, Al Abbadi et al., (2021),
stated that forensic accountants are trying to detect patterns and anomalies of the financial
datasets to identify fraudulent activities. For this cause, the youth are needed to play the role
of forensic accountants.
Question 2
This specific survey question helps to address the gender of the respondents.

Figure 4.2: Gender of the respondents

(Source: Derived from Microsoft forms)

32
Based on the above-mentioned pie chart, it has been noticed that 16 participants (48%) are
male and 17 respondents (52%) are female. Henceforth, this is observed that the roles of
males and females are almost the same in detecting financial fraud in organisations. As
mentioned by Sandhu (2020), talent management among forensic accountants is also
enhanced through the mitigation of gender discrimination. In the context of previous
literature, Kranacher and Riley (2019), stated that the initialization of audits is also improved
through talent management and gender discrimination which helps to mitigate financial fraud
in the organisations.

Question 3

The main purpose of question 3 is to show the percentage of current working people in
forensic accounts. This percentage has enabled in order to make a proper understanding of
the forensic department.

Figure 4.3: Percentage of the current working person

(Source: Derived from Microsoft Forms)

From the above pie chart, it can be shown that 31 respondents (94%) stated yes. Hence, they
are currently working in the forensic account. At the same time, the rest of the 2 respondents
(6%) said no hence they are not currently working in this organization. In the context of the
literature review, forensic accountants have tried to detect financial fraud and patterns of
fraud systems and helped to decrease the misleading process of financial health (Kelkar and
Kabha, 2023). This question is linked with the literature review question and research
objective. It can be stated that financial fraud is harmful to overall financial health and also
affects the brand image of an organization by misleading the firm (Shonhadji and Maulidi,

33
2021). So, 94% of people have engaged with this department and they can decrease the level
of financial fraud.

Question 4

This below question is related with the working hours with the forensic account and it has
been determined through this survey.

Figure 4.4: Working years with Forensic Account

(Source: Derived from Microsoft Forms)

From this graphical image, it can be shown that 30 respondents (91%) have engaged with this
organization for 1 to 3 years. On the other hand, the blue section has detected that the
remaining 3 respondents have engaged with forensic accountants for 3 to 5 years. This is also
linked with the literature review question. People who have been engaged with this
organization for more than 3 years have sufficient knowledge regarding this financial fraud
(Reurink, 2019). At the same time, it can be stated that financial fraud leads to economic
downturns where many illegal and deceptive practices have created corruption. As per the
view of Rodriguez-Rodriguez et al., (2020), forensic accountants need to take action against
it and decrease the level of financial fraud. In this department, experience always matters, and
experienced people can solve this matter in an easy way. Financial health is a fundamental
pillar for an organization and financial health has also affected this organization on a huge
level. Hence, it can be stated that experience in forensic accounting is necessary for these
cases.

Question 5

34
This question has helped to make a view of the people’s awareness level of financial fraud of
the same in terms of the organizational context.

Figure 4.5: Awareness of financial fraud or prevention of the same of an organizational

context

(Source: Derived from Microsoft Forms)

The above image shows the percentage of people who are aware of the prevention of
financial fraud. However, the blue part indicates that 29 people (88%) are aware of the
financial fraud and they have wanted to prevent this. On the other hand, the other portion of
this pie chart has shown that 4 (12%) people are not aware of financial fraud. As a result, the
company’s economic condition has decreased. In the context of the literature review,
awareness of financial fraud is mandatory for organizations (Goecks et al., 2022). Most
reputed organizations have been affected by financial fraud. Wrong calculations of Tesco
have affected the stakeholder’s position and it has also affected the financial position of the
company (Hashim et al., 2020). On the other hand, forensic accounts have detected various
anomalies and patterns in the huge financial data set of organizations in order to identify any
fraudulent activities.

Question 6

This question is related to the significance of financial transparency in order to maintain a

positive relationship with a company's stakeholders. This percentage has been shown through
a survey form.

35
Figure 4.6: Financial transparency is necessary to maintain a positive relationship with
stakeholders

(Source: Derived from Microsoft Forms)

From the above bar diagram, it can be stated that 15 people strongly agree with this
statement. On the other hand, 15 other participants agreed with this statement. Around 2% of
people are neutral. They think that financial transparency is also necessary in order to
maintain a positive relationship with their stakeholders. In the context of the literature review,
the company should maintain financial transparency to prevent financial fraud and financial
fraud has an impact on the economic condition (Elmarzouky et al., 2022). Investment fraud,
financial theft, marketing fraud, and investment fraud are various types of financial fraud and
it has affected a company’s growth and financial investment on a huge level.

Question 7
In the 7th question in the survey, types of fraud detection systems are identified to reduce the
fraudulent activities in the companies.

36
 Figure 4.7: Types of relevant fraud detection systems

(Source: Derived from Microsoft forms)

Based on this pie chart, 12 participants (36%) supported the real-time data monitoring
process and 9 participants (27%) selected the identity clustering process whereas 6
participants (18%) supported AI and machine learning. On the other hand, 4 participants
(10%) agreed with the quantitative prediction techniques. In the context of the previous
literature, Shonhadji and Maulidi, (2021) opined that the types of financial fraud detection
systems are trying to increase organisational financial awareness and also help to reduce the
misleading process of financial health. On the other hand, the real-time data monitoring
system helps to design the organisational economic development processes with technical
help (Haoxiang. and Smys, 2021). Henceforth, this question is similar to the literature and
that proves that the research is conducted properly.
Question 8
This effective survey question is related to the identification of the conventional techniques to
detect financial fraud.

Figure 4.8: Types of conventional techniques to detect financial fraud

(Source: Derived from Microsoft forms)

The above–mentioned pie chart shows that 13 respondents (39%) have supported the type of
internal controls as a conventional technique whereas 15 participants (45%) have agreed with
the forensic accounting process. The previous literature notices that the forensic accounting
technique is more important than the other techniques as it tries to identify the major
instances of financial fraud witnessed by UK-based companies (Cumming, 2022). For this
reason, the forensic accounting process mitigates financial crimes and develops
organisational financial activities.
Question 9

37
In the context of the ninth question, the fraud prevention methods are identified through this
survey.

Figure 4.9: Types of fraud prevention methods

(Source: Derived from Microsoft forms)

The above-mentioned graph has been observed that 19 respondents (57%) followed employee
training and fraud regarding education to increase the fraud prevention method whereas 7
respondents (21%) agreed with the biometrics process. Apart from this risk scoring and
transaction monitoring methods are applied by 3 and 4 respondents consequently. In the
context of the previous literature, it can be stated that the training of human resources and the
help of smart systems are addressed as the safeguard of the organisational financial health
and this is why, the employee training and biometrics methods are appropriate (Zhu et al.,
2021). On the other hand, another significance of employee training is to identify the
financial fraud triangle and to develop the risk management process (Davis, 2019). Thereby,
the development of research conduction is possible through the similarity between this
question and the previous literature.

Question 10

The question is about analysis if the financial accountants in the organisation are efficient in
detecting and investigating fraud-related activities. Here understanding these questions and
how the responses react to this question can help us to measure the importance of efficient
financial accountants for mitigating financial fraud.

38
 Figure 4.10: Importance of forensic accountants in reducing fraudulent activities

(Source: Derived from Microsoft Forms)

The above figure has mentioned that about 12 participants or 36% of participants have agreed
with this question that financial accountants in their organisation are efficient in detecting and
investigating fraudulent activities. Aligning with two other participants who have strongly
agreed with this fact. Apart from this 10 participants or about 30% of participants among 33
respondents have decided to stay neutral in this fact as they are not sure if financial
accountants in their organisation are efficient for analysis of several fraudulent activities. On
the other hand, 6 participants or 18% of respondents followed by 3 participants or 9% of
respondents strongly disagreed and disagreed with the fact that financial accountants are
responsible for their organisation detecting fraud.

Question 11

This question is about analysis to consider which is the most useful method that is used by
the financial accountants in their company for scrutinising overall financial statements. Here,
getting review from this answer, it can measure efficient methods used by most financial
accountants to detect fraudulent activities.

39
 Figure 4.11: The best suitable method used to scrutinise financial statements

(Source: Derived from Microsoft Forms)

The above figure has mentioned that “Altman Z-Score” is used most where 12 respondents or
36% of respondents have mentioned that this method is used by financial accountants in their
company for scrutinising financial statements. Additionally “Olson O- Score” and “The
Bayesian Method” are also used as 24% of respondents have mentioned that these two
methods are used by financial accountants for scrutinising financial statements. Moreover, 4
respondents or 12% of respondents among 33 respondents have mentioned that “Beneish M-
Score” is also used for scrutinising financial statements and the rest 3% or 1 respondent have
mentioned that “Zmijewski X-Score” is also used by the financial accountants for scrutinising
the financial statements.

Question 12

This question mentioned if the participants think that improving forensic accounting is
required to detect fraudulent activity and help to understand if the efficiency of forensic
accounting is required. Based on this it is possible to know the importance of forensic
accounting in financial institutions or organisations.

Figure 4.12: Requirements for improving the forensic accounting

(Source: Derived from Microsoft Forms)

The above figure mentions that on asking the questions 14 respondents or 42% of
respondents agreed with the fact that improvements in forensic accounting efficiency are
required. Additionally, 9 respondents or 27% respondents have also strongly agreed with the
40
fact that forensic accounting efficiency and its improvement are required to detect fraudulent
activities. Although 10 participants have decided to stay neutral on this fact. On the other
hand, no participants disagreed or strongly disagreed with the fact that it is required to
improve forensic accounting efficiency or not.

Question 13

This question is about understanding if their forensic accountant's role has changed or
reversed. In this case, it can help to find out how changing and evolving the role of forensic
accountants may affect or impact the overall financial departments on detecting fraudulent
activities.

Figure 4.13: Role of forensic accountants being changed or evolved

(Source: Derived from Microsoft Forms)

On asking the question if participants feel that forensic accountant roles have evolved or
changed. Here about 12 participants or 36% of participants have agreed that forensic
accountant roles have changed and evolved. Additionally, 7 participants or 21% participants
have mentioned that the role of the forensic accountant has also changed. Apart from that, 12
participants have stayed neutral in the fact that they have neither agreed nor disagreed that the
roles of forensic accountants have evolved or changed. On the other hand, about 2
participants or 6% participants disagreed about the fact that the roles of forensic accountants
have evolved and changed. In this case, no participants strongly disagreed with the fact that
the roles of forensic accountants have changed.

Question 14

41
This question has mentioned which strategies participants feel to implement or recommend
for reducing financial fraudulent activities.

Figure 4.14: Strategies to reduce financial fraudulent activities

(Source: Derived from Microsoft Forms)

The above figure has mentioned that 13 participants or above have mentioned that increasing
awareness among consumers regarding financial fraudulent activities, phishing attacks and so
on needs to be recommended which can help to reduce issues related to financial fraudulent
activities. Additionally, 12 participants have mentioned that monitoring business
vulnerabilities is efficient and is needed to reduce financial fraudulent activities. Apart from
this, 5 participants or about 15% of participants have mentioned that a suitable strategy to
reduce financial fraudulent activities is to implement cyber security measurement. In addition
to this, 3 participants have mentioned that strengthening internal controls can help to reduce
issues related to financial fraudulent activities.

4.2 Secondary Findings

Theme 1: Review of anomaly detection techniques and recent advances and art in
financial fraud detection

Over the past few decades, fraud has become increasingly prevalent with large businesses.
Anomaly detection techniques have been categorized into some statistical approaches,
machine learning, and cognition. In addition, as per the view of Hilal et al., (2022), machine
learning techniques are popular for real-time problems. Machine learning techniques are

42
based on the implicit and explicit model that can enable patterns that have been analysed.
This is necessary to state that this theme has fulfilled the research objectives 1 and 2 whereas
it can be stated that well-known financial fraud has spotted various techniques and trends that
fraudsters have used and comparing the technological methods for identifying financial fraud
includes the function of the “data analytics process” in warnings signs and anomalies.

Figure 4.15: Review of “anomaly detection techniques”

(Source: Shahana et al., 2023)

This is necessary to state that fraudsters have evolved their approaches in order to exploit the
current prevention and vulnerabilities in the financial sector. In addition, as per the words
stated by Shahana et al., (2023), these crimes have included healthcare, credit card fraud,
money laundering, securities, and insider trading. “Fraud prevention systems” have not been
enabled in order to provide sufficient security against these types of criminal acts. On the
other hand, “corporate fraud allegations” have affected the global economic conditions and
destroyed the relationship between the company’s stakeholders and the company’s
organizations. Moreover, Hilal et al., (2022), the company's losses have also affected the
company’s merchants due to financial fraud. So, companies need to identify these techniques
and tools in order to prevent financial fraud and save their organizations. This is essentially
stated that the company also needs to develop some strategy that can reduce the level of
financial fraud.

Theme 2: Fraud risk assessment is an effective challenge faced by forensic accountants

that is reduced through internal control fraud awareness training

43
Different types of challenges are faced by forensic accountants to mitigate the financial fraud
of the companies. One of the challenges is addressed as the fraud risk assessment and this is
essential as it may increase the failure of the auditors or the accountants to identify the fraud.
As mentioned by Kleinman (2020), the main negative implication of this challenge is related
to the mitigation of the analysis of the fraud risk and the development of the bias of the
auditors for the mitigation of fraudulent activity identification. It can be stated that the
fraudulent disturbance of organisations is faced by forensic accountants and for this reason,
they cannot develop the litigation and the fraud examination process. Henceforth, the
financial; issues of the organisations are not developed properly. On the other hand, 10% of
occupational and financial fraud cases are developed through the risk assessment challenge
and this is why forensic accountants cannot apply the accounting process in a proper way
(Kleinman, 2020). Henceforth, in the context of UK-based organisations, the amount of
financial fraud is improved by $800000.

In the context of this analysis, the main strategic method to reduce the above-mentioned
challenge by forensic accountants is the implementation of the internal control process. As
suggested by Taufik(2019), this system is free of loopholes and tries to eliminate the
opportunity of financial corruption. On the other hand, the internal control system is applied
by the accountants to maintain the financial management states in a transparent way. It can be
stated by Taufik (2019), that the other current method for developing the role of forensic
accountants to mitigate fraud is the forensic accounting method. This method also helps to
locate the fraud risk assessment through the forensic audit. For this reason, the pressures of
financial crime have been mitigated.

44
CHAPTER 5: DISCUSSION

5.1 RO1: “To thoroughly examine well-known instances of financial fraud in order to
spot trends and techniques that fraudsters often use”

The first objective of this research is associated with the examination of financial fraud
instances to spot the techniques and trends of the fraudsters. Question 5 is trying to meet this
objective as it identifies the financial fraud prevention awareness among the respondents that
is possible after knowing the techniques of fraudsters. 88% of people are aware of the
financial fraud mitigation processes. As per the previous literature, Karpoff (2021), stated
that the awareness of the risks of financial systems is effective in reducing fraud in the
context of the global economic system. Henceforth, it can be stated that the increasing
application of big data tools to mitigate fraud types is also essential to developing the
awareness level (Eltweriet al., 2020). Therefore, this question meets the objective properly.
Question 6 of the survey is associated with the identification of financial transparency
through the stakeholder relationship. 30 respondents among all are agreed with this question.
In the literature section, Bhaskar and Flower (2019), show that the stakeholder relationship
tries to increase the organisational profit statistics and reduce the financial fraud level.
Henceforth, this question also meets the research objectives. In the literature review context,
it can be shown that most of the reputed companies in the UK such as Tesco have been
affected by financial fraud. Question 5 and question 6 have almost met this objective. By this
objective, it has been identified that various financial fraud prevention awareness and
forensic accounts have tried to mitigate these issues on a huge level (Hashim et al., 2020).
Fraudsters have used many advanced technologies for financial crimes and it has affected the
company’s development.

5.2 RO2: “To compare and contrast conventional and technologically advanced
methods for spotting financial fraud, including the function of data analytics in seeing
anomalies and warning signs”

Question 7 is appropriate to meet this specific objective as this identified the significant fraud
detection systems. Most of the respondents (63%) agreed with the real-time data monitoring
and the identity clustering process. The previous literature shows that these technical methods
are trying to provide different opinions of fraud detection and this is why the procedures of

45
the organisations are developed in the financial context. This question identifies the financial
fraud mitigation techniques and this is why it meets the 2nd objective. Question 10 is also
related to the role of financial accountants in investigating fraud. 14 people among 33
respondents are agreed with the responsibility of the financial accountants. As per the view of
Awolowo (2019), the main essentiality of financial accountants is to manage the audit
responsibility of the organisation to reduce fraud. In other words, the literature shows that the
other responsibility of forensic accountants is to create safeguards for large-scale business
organisations (Ijecm.co.uk, 2023). Therefore, this question also meets the above-mentioned
research objective. As question 7 and question 10 have met this objective, it can be stated that
the “real-time data monitoring” system is significant for detecting fraudulent activities. At the
same time, 27% of people have stated that identity clustering is another essential system for
detecting fraudulent activities. As per the ideology of Elmarzouky et al., (2022), forensic
accounts have used these technologies to reduce this fraudulent activity and save financial
organizations. Financial accounts are significant in investigating and determining activity.

5.3 RO3: “To evaluate current methods for avoiding financial fraud critically, with an
emphasis on the value of internal controls, risk management, and compliance controls”

Question 8 of the survey identifies the conventional techniques of financial fraud that help to
maintain the role of internal control for the mitigation of financial fraud. Most of the people
among 33 respondents supported the role of internal control. As per the previous literature,
internal control creates a smart system of financial fraud reduction, that enhances the
organisational safeguard (Zhu et al., 2021). In the context of question 11, the methods of
financial accountants are identified properly. As mentioned by Siekelovaet al., (2019), the
Altman Z score is important for the maintenance of managerial accounting. This is why, the
major respondents supported this method. Therefore, these questions meet the research
objectives. From question 8 and question 11, it can be shown that forensic accounts work best
for detecting financial fraud. Again, 39% of people have supported the internal controls for
detecting financial fraud. Forensic accounts have played a vital role in order to reduce fraud
activities and criminal activities. In addition, they have used various technologies and
techniques in order to determine fraudulent activities (Roszkowska, 2021).

46
5.4 RO4: “To look at how forensic accountants are changing their role in spotting
fraud, highlighting their specialized knowledge and methods for carrying out thorough
fraud investigations”

Question 12 is related to the above-mentioned dissertation objective as it addresses the

improvement of the efficiency of forensic accounting. It can be stated that 23 people among
all respondents agreed with this question. In the context of the literature section, the forensic
accounting process also initialises the audit books of organisational accounts (Kranacher and
Riley, 2019). Therefore, this question meets the objective as it also mitigates the proper fraud
through the creation of a fraud detection overview. Question 13 creates the transformation of
forensic accountants’ role. On the other hand, blockchain technology tries to change the role
of forensic accountants (Oladejo and Jack, 2020). Hence, these two questions meet the
present research objective. Around 42% of people have supported that forensic accounts are
required for detecting fraudulent activities. In addition, forensic accounts have used many
techniques in order to make their findings. They have conducted thorough “examinations of
financial records” and collected evidence to create a comprehensive case (Akinbowale et al.,
2020). In the context of the literature section, the “forensic accounting process” also
initialized the many audit books of financial organizational accounts. Therefore, this question
has met the objective as it has mitigated fraud through the creation of a “fraud detection
overview”.

5.5 RO5: “To provide suggestions for improving present procedures for the
identification and prevention of financial fraud while taking into consideration both
technical developments and the moral ramifications of forensic accounting techniques”

Question 9 is the other important question of the survey as it helps to address the fraud
prevention methods followed by the organisations. As per the previous literature, employee
training and education as well as biometrics are effective in maintaining fraud mitigation as
these are helpful in creating the proper detection procedures and for this cause, the financial
maintenance of the companies is created properly (Roszkowska, 2021). Question 14 is also
trying to meet this objective as it helps to identify the recommended strategies for the
reduction of financial fraudulent. These strategies are creating a sceptical model in business
in the context of Industry 4.0 to reduce fraudulent activities (Awolowo, 2019). Therefore,
these activities are trying to meet the objective of the research. From question 9, it can be
stated that employee training and education are mandatory as a fraud protection method. In

47
the context of the literature review, proper training has developed the skills of forensic
working people and they can reduce various fraudulent activities in an effective way. On the
other hand, as per the words stated by Kranacher and Riley (2019), employee training and
proper education have also improved the company’s employees’ organizational culture.

5.6 Establishment of Theoretical Framework

Based on the above-mentioned literature review section and the discussion, the fraud triangle
theory of the financial section has been described. From the previous literature, as suggested
by (Sujeewa et al., (2018), the financial benefit of fraud is reduced through the proper
application of this theory. It has been also stated that the other importance of this theory is to
motivate individuals or companies to decrease the financial fraud level that highlights the
developed economy of the business. On the other hand, the other essentiality of this theory is
related to the application of AI tools to detect financial fraud and the cost efficiency of the
organisations is also developed through this theory (Tyagi et al., 2020). As per the literature
review section, it has been noticed that this theory is suitable for its establishment in the
financial fraud detection context. As suggested by (Christian et al., 2019), this theory allows
one to make individual decisions to mitigate fraud and develop financial opportunities.
Henceforth, the application of this theory is good for the research development.“The fraud
triangle theory” has an expanded main purpose that can encourage a community and
individuals in order to analyze fraudulent activity. It can be observed that fraudulent activity
needs to be prevented by government bodies to maintain economic stability. In addition, this
theory has explained the significance of the method that can identify fraudulent activities.
This is essentially stated that in the literature review section, AI and blockchain technologies
are crucial in order to analyzing financial fraud and identifying it in a time-effective manner
(Sujeewa et al., 2018). Moreover, digital transactions have enhanced the level of fraudulent
activities and forensic accounts need to reduce these criminal activities.

48
CHAPTER 6: CONCLUSION AND RECOMMENDATION

6.1 Conclusion

From the above discussion, it has been concluded that the main purpose of this study is to
analyze various cases of financial fraud and identify effective methods for prevention and
detection. The challenges of “financial fraud” have created global issues within
organizations. Financial fraud has hampered the working growth of an organization and it can
decrease the company’s profitability and market growth to a huge level. At the same time,
forensic accounts have played a vital role in decreasing organizational growth. It can be
stated that financial fraud happens when any people take financial assets or money through
criminal activity. This financial fraud has affected the UK organizations and market
profitability has been reduced in the company. On the other hand, the company's market
reputation has also been hampered by financial fraud. Forensic accounts implement data
analytics tools and other machine learning processes to prevent financial fraud activities.
Fraudsters have used various technologies in order to rescue these types of criminal activities.
Researchers have used the “fraud triangle theory” in order to conduct fraudulent activity.
However, the researcher has used a mixed method to analyze the research topic. For
conducting the “secondary data collection prices”, the researcher has taken a total of 4
articles and made two themes which are based on the research objective.

For the primary data collection process, researchers have created 14 questions, and all
questions are based on the research topic. On the other hand, the researcher has also used
both “qualitative and quantitative methods”. Thematic data analysis has helped to explore
collected data and it is appropriate for “in-depth analysis”. Moreover, most female people
have responded to this survey and forensic accountants have enhanced through the motivation
of the gender discrimination process. 88% of participants are aware of financial fraud or
prevention and financial fraud is necessary for an organization. The company needs to
maintain all financial transparency for printing financial fraud and it has impacted the
economic condition. It can be stated that machine learning techniques are vital to detecting
financial fraud and its various functions. Each objective has been analysed within the context
of the literature review and findings section in the discussion chapter, it has provided
significant insights which are effective for this research study.

6.2 Linking with Objectives

49
6.2.1 Linking with Objective 1: “To thoroughly examine well-known instances of financial
fraud in order to spot trends and techniques that fraudsters often use”

This objective is linked to the literature review and some portion of the discussion. In
addition, many fraudsters have used various technologies to hamper the financial situation of
an organization. At the same time, awareness to prevent financial fraud is essential for
organizations. As a result, this objective is linked throughout this study.

6.2.2 Linking with Objective 2: “To compare and contrast conventional and
technologically advanced methods for spotting financial fraud, including the function of
data analytics in seeing anomalies and warning signs”

This objective has also been linked with the findings and discussion chapter. The Technical
methods have provided various options of fraud detection in organizations. This objective is
fully linked with this study.

6.2.3 Linking with Objective 3: “To evaluate current methods for avoiding financial fraud
critically, with an emphasis on the value of internal controls, risk management, and
compliance controls”

Objective 3 has been linked with the literature review section and discussion chapter. In the
discussion chapter, it can be shown that internal control has created a “smart system of the
financial fraud reduction system”.

6.2.4 Linking with Objective 4: “To look at how forensic accountants are changing their
role in spotting fraud, highlighting their specialized knowledge and methods for carrying
out thorough fraud investigations”

Objective 4 has been linked with the findings and discussion chapter and it can be shown that
forensic accounts have played a vital role in the reduction of fraudulent activities. This object
has been linked throughout this whole study.

6.2.5 Linking with Objective 5: “To provide suggestions for improving present procedures
for the identification and prevention of financial fraud while taking into consideration
both technical developments and the moral ramifications of forensic accounting
techniques”

50
This last objective has also been linked with the literature review and discussion section. An
organization should implement a sceptical model in business and take extra care for cyber-
attacks.

6.3 Future Scope

This study is significant and it sheds light on various financial frauds with an analysis of
various methods that can be used in order to detect various fraudulent activities. However,
this study has analysed various procedures of the forensic departments to reduce financial
activities in future. This topic is necessary for future organizations and they will be able to
secure their company from financial fraudsters.

6.4 Recommendation

Recommendation 1: Use “advanced data analytics for fraud detection”

Every financial organization should implement “advanced data analytics” in order to protect
financial data. They need to use machine learning to monitor the financial transactions of an
organization and these tools have identified anomalies and unusual patterns.

Recommendation 2: Implementing cybersecurity measures for fraud prevention

Financial organizations need to use “behavioral analytics tools” to observe user activities.
They should use “multi-factor authentication” and encryption in order to identify various
abnormal patterns. At the same time, forensic accounts should investigate various
cybersecurity incidents in order to determine financial data and need to collaborate with
cybersecurity experts to analyze attacks.

6.5 Research Limitation

The researcher has used both methods “primary and secondary” for the research study. If the
researcher had used only the “secondary data collection method”, this study would be more
effective. Because the “primary data collection method” is too time-consuming and more
expensive than the “secondary data collection method”. If secondary data were collected in
this study, researchers would have more time to analyze the research study. On the other
hand, secondary data can provide authentic data which are collected from various sources
such as journals, books, articles, and so on.

51
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