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Financial Advisory Systems as a Tool for Audit Efficiency: A Study on the Comparison of Forensic and Statutory Auditing Techniques for Fraud Detection
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Author(s): Yeashika Goyal (Chandigarh University, India)and Pawan Kumar (Chandigarh University, India)
Copyright: 2024
Pages: 15
Source title:
Robo-Advisors in Management
Source Author(s)/Editor(s): Swati Gupta (Chitkara University, India), Sanjay Taneja (Graphic Era University (Deemed), India), Vijay Kumar (Chaudhary Ranbir Singh University, India), Ercan Ozen (Usak University, Turkey)and Luan Vardari (University "Ukshin Hoti" Prizren, Kosovo)
DOI: 10.4018/979-8-3693-2849-1.ch021
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Abstract
Forensic audits and statutory audits are both used to check the validity of financial statements. In light of this, present research is conducted to study and compare the impact of forensic auditing techniques and statutory auditing techniques' in effectiveness of fraud detection along with the financial advisory system. To meet the research objective, a questionnaire was framed for all three independent variables, that is forensic auditing techniques, statutory audit techniques, and financial advisory system and one dependent variable that is fraud detection. Out of 3, forensic audit techniques was found to be more relevant then statutory auditing techniques and financial advisory system for the purpose of fraud detection. The results of the research have necessary managerial and social implications, which will contribute by providing the road map for developing a concrete mechanism for fraud detection.
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