Commerce and Management

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A Study on Fraud Prevention and Detection Methods in Sri Lanka
(Faculty of Commerce and Management Studies, University of Kelaniya., 2021) Peiris, G. K. H.; Aruppala, W. D. N.
Forensic accounting is emerging area in countries like Sri Lanka even though it came up many years ago. Corporate frauds have been increasing worldwide, emphasizing the needfulness of forensic accounting and it has become a great opportunity for accountants and other professionals to think beyond the traditional framework. This study examines the perception of accounting professionals regarding the occupational fraud prevention and detection methods and software used in Sri Lanka. The survey was conducted using hundred accounting professionals of Sri Lanka. The results reveal that password protection, external audits, bank reconciliations and internal control review are quite common in use while bank reconciliation, cash review and password protection are also highly employed methods to detect occupational frauds. However, fraud hotline, forensic auditing and forensic accountants are identified as the least used methods. Further, filtering software, virus protection and firewalls could be identified as the commonly used fraud prevention and detection software used in Sri Lankan context. Implementation of effective fraud preventing and detecting methods, software is highly recommended on preventing and detecting corporate frauds in Sri Lanka.
The Forensic Accounting in Sri Lanka “Perception of Professional Accountants”
(Faculty of Commerce and Management Studies, University of Kelaniya., 2017) Rathnasiri, U. A. H. A.; Bandara, R. M. S.
The forensic accounting has been molded and shaped by many aspects including the economy, society, legislation and corporate failures arose all over the world time to time. Over the last few years, investigations on financial crimes and corruptions were given an immense attention in Sri Lanka. The current study investigates the perceived opinions of accounting professionals on important skills need to be developed by a forensic accountant, factors that help to develop forensic accounting practice and understanding the different roles of auditor and forensic accountant. Structured questionnaire was used to gather data from 30 professional accountants representing 20 in public practice and 10 in business and descriptive statistics were used to analyze the findings. The study revealed that the professional accountants are on the view that possess with multidisciplinary skills is paramount importance to perform as a forensic accountant. Further it was noted that the awareness on the different roles of auditor and forensic accountant is at the average level among the professionals and they are on the opinion that the government should play a vital role by providing statutory empowerment to uplift the discipline of forensic accounting in Sri Lanka.
Aptitude of internal control systems to prevent and detect financial statement frauds in Sri Lanka
(Faculty of Commerce and Management Studies, University of Kelaniya, 2015) Bandara, R.M.S.; Sujeewa, G.M.M.; Rathnasiri, U.A.H.A.
The emerging discipline of Forensic Accounting is a relatively new profession in Sri Lanka even though it was developed with many ideas and techniques centuries ago. The profession has been molded and shaped by many aspects of the shifting the world including the economy, society, and legislation and it has become one of key arenas for government, practitioners, investors, general public and regulatory bodies. Corporate failures all over the world time to time has enlighten the necessity of forensic accounting profession giving more attention to financial statement frauds. The small and medium organizations tend to suffer excessively large losses due to financial statement frauds and it will increase the importance of forensic accounting practices in Sri Lanka because more organizations are in small and medium scale in nature. Process affected by organization’s structure, work and authority flows, people and management information systems designed to help the organization accomplice specific goals or objectives as the internal control systems of an entity playing a vital role in detecting and preventing financial statement frauds. The current exploratory study examines the capability of internal control systems in preventing and detecting the financial statement frauds. Structured interviews, questionnaires and empirical research findings on the practice of forensic accounting were used to analyze capability of internal control systems for preventing and detecting the financial statement frauds in Sri Lankan companies. Purposive sampling method was used to select the sample and 25 senior managers and 10 auditors were participated as respondents for the research representing 24 private and companies. The study identified control environment and monitoring as the independent variables and number of frauds and its value as the dependent variables. The study identifies that the management integrity and the soundness of internal control systems can help to reduce the probability of occurring financial statement frauds. Further it is revealed that 68% of business entities’ internal control systems have not been facilitated for detection of frauds. Moreover the study recommends that effective and efficient internal control policies and procedures put in place should be monitored to prevent and detect financial statement frauds in Sri Lankan companies.

Commerce and Management

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