XBRL Recommended as Key Skill for Forensic Accountants
Research published in the British Journal of Research looks at how best to utilise the expertise of forensic accountancy to improve corporate governance in India.
Recent accountancy scandals have rocked confidence in India’s financial reporting practice and the effectiveness of corporate governance. Well trained forensic accounting professionals, by helping companies detect and prevent fraud and acting as a vigilant corporate watchdog, could be a valuable resource for improving corporate governance and achieving a cohesive policy of ethical behaviour
The research surveyed academics and fraud and forensic professionals to identify which skills are deemed inherently important in forensic accounting. The findings show that critical thinking, unstructured problem-solving, investigative flexibility, analytical proficiency, and legal knowledge as essential skills for these professionals.
The research also recognized that in the modern, technological era, there is an increased rate of computer-based financial crime, and a move towards digital corporate filing. The report recommends that university Forensic Accounting curricula be expanded to include software and hardware skills, including integrating XBRL across the curriculum.
Read the report in full here.
