The implications of marketing forensic auditing services in Malta

Abstract

PURPOSE: The primary purpose of this dissertation is to ascertain whether forensic auditing services should be actively marketed and to assess whether it could result in a lucrative service area for audit firms. The readiness of educational institutions to provide forensic auditing education was also evaluated, together with how the role of forensic auditors could develop in the future. DESIGN: The study’s goals were attained though a survey of worldwide and local literature and twenty-one semi-structured interviews conducted with audit companies, authorities and units, and educational institutions. In the light of the qualitative results, thematic analysis was performed on the responses to the open-ended questions to obtain a comprehensive evaluation of the results. FINDINGS: Results show that even though forensic auditing is still in its infancy stages in Malta, the profession has a great potential for growth in the near future. There appears to be a promising trend for a growing demand in such services given that new risks are emerging. The establishment of a separate full-time course in forensic auditing has received a positive and enthusiastic response from all research participants. CONCLUSIONS: The engagement of forensic auditors would benefit society at large as stakeholders would feel safer investing in businesses when more checks are performed. The introduction of forensic auditing services would ultimately reduce opportunities and capabilities of perpetrators. VALUE: Through this study the author hopes to shed light on the importance of this profession in restoring Malta’s reputation, considering the increase in corruption and fraud cases that Malta has experienced.