Introduction
Financial irregularity is a big problem globally and it is of a great concern to the developing
nations. Financial irregularities are so common and serious that fraud and corruptions is gradually
becoming a way of life and almost every individual cannot be free or clean of it. Individuals get
involved in fraud and corrupt practices according to their capacity of office. No money is entirely
free as every cedi and pesewa has its legal use which consequently means that any form of misuse
will negatively have an effect on where it ought to be used. This will have a direct or indirect
influence on businesses or on the country at large. Individuals and businesses adversely impacted
by the fraudulent and unethical act may want to seek redress by using various agencies such as the
police and the court of law. Therefore, whatever an investigator tries to do would not be complete
to the degree to which the businesses involved are not quantified. This and other pecuniary areas
are where for a long time worldwide and very recently in Ghana the work of the specialist “forensic
accountant” is involved.
As a result of the rise in white collar crimes, ‘forensic’ which means facts or material(s) to be used
in court are introduced into accounting and funding (Mazunder, 2011). Mazunder also noticed that
law enforcement officers had been more mindful of white-collar crimes in recent years, but lacking
experience and preparation in the fight against those crimes. As a consequence of some emerging
cases relating to fraud, forensic accounting created. Forensic accounting encapsulates all other
aspects linked to the inquiry in exposing financial misconduct. It is referred to as the tripartite
practice of utilizing auditing, accounting and investigative skill to assist in legal matters, Modugu
& Anyaduba (2013). Forensic accounting is, according to Okoye & Gbegi (2013), a practice
arising from real or expected action or conflict.
It is an investigation accounting form used to assess if a person or a corporation has engaged in
any irregular financial activity. Consequently, forensic accounting can be seen as an accounting
element that is appropriate for judicial examination and providing the highest degree of security,
Apostolous & Weber (2000). Forensic accounting is the application of financial competencies and
forensic mindset to unsettled situations, undertaken within the scope of the law of proof. Cristal &
Arokiasamy (2009). Forensic accounting as a specialty requires experience of deception, analytical
competence, and a clear view of market facts and the workings of the legal system.
Forensic accounting can be one of the most reliable and effective methods of eliminating and
verifying accounting fraud. Forensic accounting is characterized as combining the accounting and
auditing expertise of a person with the forensic skills learned from years of professional
experience. It is the process by which the forensic accountant reviews carefully the orders provided
by a client, usually by a solicitor, investigates closely certain directions and the underlying
circumstances, analyses the financial records and any related contracts and other arrangements,
obtains sufficient documentation, prepares any reasonable estimates, draws a judgment and
publishes the entire in the Customer Forensic accounting consists of two main elements that are
legal services that consider the accountant as an independent analyst and the investigation services
that use the competency of the forensic accountant and include evidence from court room. The of
complexity of financial crimes allows forensic accounting to be applied to the resources used to
get those engaged in illegal activity to successful detection and prosecution. This thesis would
concentrate on investigating the role of forensic accountants in detecting fraud in Ghanaian
businesses.
