The Role of Accountants in Detecting Fraud
Sumesh Krishna, Partner
Accounting is not just about numbers; it’s much more than that. The field of accounting has undergone a significant transfiguration in the last decade, which is mainly due to the technology involved in it.
Accounting service plays a significant role in decision-making as accountants come up with novel strategies for the enhancement of the organisation. To add to all these, the profession also contributes immensely in detecting and reducing corruption. Accountancy is about transparency, trust, integrity and accountability, and these characteristics help in identifying and preventing fraud.
Fraud can happen anywhere, in any sector and different layers of designation disregarding the director or stores attendant. An accountant ensures that the systems of control are in the right place, which in turn lessens the chances of corruption. They help identify fraud in procurement, distribution, accounts and finance and inventory management. Here are some of how accountants help an enterprise in detecting and preventing corruption;
- Identify & investigate about duplicate payments
- Detect fraud through financial statements
- Validate the transparency of the transactions
- Spotting gaps in process flows
- Analyse irregularities in real-time
In an era where financial crimes are on the rise, there is no other person than an accountant who can defend their company from such mishaps and support the stakeholders. Their expertise in the finance and accounting bestow them the prowess to detect fraud at the initial stage itself. Incidents of accountants detecting fraud and saving their organisation from loss of money and reputation are many.
The chances of corruption in workforce lessen with the increasing number of accountants. Accountants can help organisations deter fraud and perform better.
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