Investigating the Efficacy of Forensic Accounting and Fraud Auditing Practices in Chennai-Based Audit Firms

Abstract

This research paper delves into the critical role of forensic accounting and fraud auditing in uncovering financial irregularities in audit firms. The study employs a qualitative approach, utilizing interviews, and literature review to explore the nuances of forensic accounting and fraud auditing in audit firms. It examines the challenges faced by auditors in detecting and preventing fraud, the effectiveness of existing regulatory frameworks, and the implications for stakeholders. Key findings reveal the multifaceted nature of fraud schemes within professional service firms, highlighting the need for enhanced forensic techniques and proactive auditing practices. The research also underscores the importance of ethical leadership, corporate governance, and industry-wide collaboration in mitigating fraud risks. The insights generated from this study contribute to the evolving field of forensic accounting and fraud auditing, offering practical recommendations for improving detection mechanisms, strengthening regulatory oversight, and fostering a culture of transparency and accountability within professional service firms.