The Purpose Of Forensic Accounting In Detecting Occupational Fraud In Contemporary Corporate Governance

Countries around the world, especially developed economies, are faced with a number of financial irregularities, as well as non-compliance with accounting standards and legal regulations in the form of criminal and fraudulent actions. Based on previous corporate and accounting scandals, the need for new skills in accounting practice has arisen. The main purpose of those skills is detection of different types of occupational fraud. Forensic accounting represents the application of accounting skills in litigation and criminal proceedings. This area mainly applies standards in the field of accounting and auditing, as well as evaluation of internal controls, fraud risk and any other matter involving accounting expertise in the legal system. The aim of this paper is to analyze development of forensic accounting and the need for its implementation, in order to detect and prevent fraud activities.