The role of external audit in combating digital financial crime - A critical outlook on the professional and global arena-
Keywords:
digital environment, Cybercrime, ISA, Fraud Financial statements
Abstract
Cybercrimes as a technology disease are spreading very speedily in present era. Nothing is secure now and institutions are under a great threat. The cost of fraud continues to be a problem for many organizations in the global economy. This study explores how external audit may offer a way forward for organizations to reduce fraud and advance organizational audit effectiveness for detecting potential fraud areas and cases. the access to evidence is increasingly more complex and in far greater volumes than in previous decades. The research results offer more open-ended questions and opportunities to develop and upgrade this specific area, There needs to be the development of automated and specialist problem-solving auditing software and secondly, the new skills required by auditors to be effective in an intelligent workplace.
References
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- Nida Tariq (2018), Impact of Cyberattacks on Financial Institutions, Journal of Internet Banking and Commerce, Vol 23, n° 02, p 03.
- Les Nunn, Brian L. McGuire, Carrie Whitcomb, Eric Jost (2006), Forensic Accountants: Financial Investigators, Journal of Business & Economics Research, Vol 4, N ° 2, p 06.
- Manoj Kumar Saxena, Nitika Sharma (2021), A Review on Cyber Crime: Some Educational Suggestions to Overcome, Horizons of Holistic Education, Vol 8, n° 02, p 65.
- Oluwatoyin Esther Akinbowale, Heinz Eckart Klingelhöfer, Mulatu Fekadu Zerihun (2021), The Integration of Forensic Accounting and the Management Control System as Tools for Combating Cyberfraud, Academy of Accounting and Financial Studies Journal, Vol 25, n° 2, p 01-14.
- Howard Silverstone, Stephen Pedneault, Michael Sheetz, Frank Rudewicz (2012), Forensic Accounting and Fraud Investigation, 3rd Edition, CPE Edition, p 90.
- Cameron S. D. Brown (2015), Investigating and Prosecuting Cyber Crime: Forensic Dependencies and Barriers to Justice, International Journal of Cyber Criminology, Vol 09, n° 01, p 57.
- Amit Wadhwa, Neerja Arora (2017), A Review on Cyber Crime: Major Threats and Solutions, International Journal of Advanced Research in Computer Science, Vol 08, n° 05, p 2217.
- Luminița IONESCU (2017), Errors and fraud in accounting : the role of external audit in Fighting Corruption, Annals of Spiru Haret University, n° 04, p 04.
- Jack Nicholls, Aditya Kuppa, Nhien-an le-khac (2016), Financial Cybercrime: A Comprehensive Survey of Deep Learning Approaches to Tackle the Evolving Financial Crime Landscape, journal of IEEE ACCESS, Vol 04, p 05.
- Lorenzo Franceschi-Bicchierai, How a hacker allegedly stole millions by hijacking phone numbers, Online Available: https://www.vice.com/en/article/a3q7mz/hacker-allegedly-stole-millions-bitcoin-sim-swapping, date consultation : 26/08/2022, p 01.
- Convicted sim swapper gets 3 years in jail, Online Available: https://krebsonsecurity.com/2020/ 11/convicted-sim-swapper-gets-3-years-in-jail/, date: 20/11/2020, date consultation: 26/08/2022, p 01.
- Abdullah Mohammad Al-Zoubi, Fares Saoud Al-Qadi (2016), The Effect of Electronic Auditing in Reducing the Burden of Electronic Environment Complexity of Accounting Information System on the Auditor, Research Journal of Finance and Accounting, Vol 07, n° 14, p 178.
- Azizul Kholis, Wanda Prayogi (2020), Analysis Acceptance of E-Audit Application on the Financial Audit Board of the Republic of Indonesia in North Sumatera Regional Office, 4th Padang International Conference on Education, Economics, Business and Accounting (PICEEBA-2 2019), Advances in Economics, Business and Management Research, vol 124, p 31.
- Mike Suffield (2020), Auditors of the future – what are the skills needed in a digital age?, Journal of big data & digital audit, n° 01, p 25.
- Gojko Grubor, Nenad Ristić, Nataša Simeunović (2013), Integrated Forensic Accounting Investigative Process Model in Digital Environment, International Journal of Scientific and Research Publications, Vol 03, n° 12, p 03.
- Rasha Kassem and Umut Turksen (2021), Role of Public Auditors in Fraud Detection: A Critical Review, in Contemporary Studies in Economic and Financial Analysis, site: https://www.researchgate.net/ publication/337089583, p 15-17.
- Oyinlola, Ayobami Oluwagbemiga (2010), The role of Auditors in fraus Detection, Prevention and reporting in Nigeria, Library Philosophy and Practice (e-journal), site: https://digitalcommons.unl.edu/libphilprac/517, p 03.
- Gin Chong (2013), Detecting Fraud: What Are Auditors’ Responsibilities?, Article in Journal of Corporate Accounting & Finance, Vol 24, n° 02, site: https://www.researchgate.net/publication/262947270, p 49.
- Dan Ioan TOPOR (2017), The Auditor's Responsibility for Finding Errors and Fraud from Financial Situations: Case Study, International Journal of Academic Research in Accounting, Finance and Management Sciences, Vol 07, n° 01, p 343-344.
- Rasha Kassem, Andrew W. Higson (2016), External Auditors and Corporate Corruption: Implications for External Audit Regulators, Current Issues in Auditing, American Accounting Association, Vol 10, n° 01, p 03-05.
- Report to the nations (2020), Global study on occupational fraud and abuse, URL: https://acfepublic.s3-us-west-2.amazonaws.com/2020-Report-to-the-Nations.pdf, p 07.
- Hysen Ismajli, Edona Perjuci, Vlora Prenaj, Medina Braha (2019),The Importance of External Audit in Detecting Abnormalities and Fraud in the Financial Statements of Public Enterprises in Kosovo, Ekonomika, Vol 98, n° 01, p 26, site: https://doi.org/10.15388/Ekon.2019.1.8.
- Akwasi A. Boateng, Gilbert O. Boateng, Hannah Acquah (2014), A Literature Review of Fraud Risk Management in Micro Finance Institutions in Ghana, Research Journal of Finance and Accounting, Vol 05, n° 11, p 44-45.
- Miklos A. Vasarhelyi, Smart Audit: the digital transformation of audit, Journal of big data & digital audit, n° 01, p 28-29.
Published
2023-06-12
How to Cite
saidani, mohammed S., zergoune, O. farouk, & bekiri, djameleddine. (2023). The role of external audit in combating digital financial crime - A critical outlook on the professional and global arena- . Journal of Excellence for Economics and Management Research, 7(1), 193-210. https://doi.org/10.34118/jeemr.v7i1.3628
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Original Article
