The introduction of a forensic accounting module within the master in accountancy course

Abstract

PURPOSE: This study identifies the need for forensic accounting education locally and it assesses the perceived importance of forensic accounting by local professionals. The purpose of this study is subsequently to develop a module on Forensic Accounting that could be introduced at the University of Malta. DESIGN: A qualitative methodology approach has been employed to address the objectives of the study. Fifteen semi- structured interviews were conducted with the main stakeholders of forensic accounting, to enable the researcher to obtain their perceptions of the subject area. This was complemented by content analysis of the forensic accounting course syllabi of six universities’, which assisted in the development of the forensic accounting module. FINDINGS: Although forensic accounting is quite a new area in the accountancy profession, all interviewees possessed at least a minimal understanding of what forensic accounting entails. The research findings highlighted the need for the introduction of forensic accounting education in order to improve fraud detection and prevention, and increase the level of scepticism. However, the faculty’s emphasis on traditional accounting education, and the lack of financial resources of the faculty, may be acting as an impediment to the introduction of forensic accounting education. CONCLUSIONS: Incremental importance was attributed to forensic accounting due to the increase in the financial services sector in Malta. In fact, it is believed that there will be an increase in future demand for forensic accounting services. As a result, forensic accounting education locally is considered to be of fundamental importance. Given the existing gap between accountancy practice and education, more awareness should be created and further studies should be conducted locally in order to keep on progressing in this subject area. VALUE: This study raises awareness about the importance of forensic accounting education, with the objective of contributing to the enhancement of accounting education. This study has also been conducted to stimulate interest in this area of study and to encourage and facilitate further development in the area.