The Journal of Forensic Accounting Profession
The Journal of Forensic Accounting Profession (JFAP) was launched by The Center for Forensic Accounting of the School of Economics and Business, University of Sarajevo as part of the Project "Building Forensic Accounting Capacity in Bosnia and Herzegovina". JFAP is an open access journal that publishes original scientific and professional papers in the field of forensic accounting, including financial investigations, forensic audits, financial expertise, and other forensic accounting services. Additionally, papers of a multidisciplinary approach in the fields of economics, law, criminology, sociology, and psychology that ultimately contribute to the fight against fraud in societies are welcome for publication.
School of Economics and Business, University of Sarajevo - Center for Forensic Accounting
The Role of Continuous Professional Education in Improving the Quality of Accounting Services
Continuous professional education (CPE) represents one of the key determinants of the quality of accounting services and a fundamental requirement of international education, quality management, and ethical standards governing the accounting profession. The aim of this paper is to examine, based on a theoretical review and empirical results from the pilot project of quality control of the members of the Association of Accountants, Auditors and Financial Employees of the Federation of Bosnia and Herzegovina (FBiH), the role of CPE in enhancing the quality of professional accounting services. The paper provides an overview of the regulatory framework in the Federation of Bosnia and Herzegovina, including the Law on Accounting and Auditing, the Rulebook on Quality Control of the Association’s Members, the Quality Control Methodology, and the International Education Standards (IES), particularly IES 5 and IES 7 (International Federation of Accountants [IFAC], 2019a, 2019b). The empirical part of the paper is based on data derived from forms K-2A, K-2B and K-3A, which include preliminary and final assessments of the quality of work performed by supervised entities. The results indicate a significant relationship between the planning and implementation of continuous professional development programmes and the overall quality ratings achieved. Entities with a higher level of CPE exhibited greater compliance with internal control requirements, higher consistency in the application of procedures, and better adherence to regulations on anti-money laundering and counter-terrorist financing. This paper contributes to a deeper understanding of the importance of CPE in the context of stability and professionalisation of the accounting profession and provides recommendations for further improvement of the quality control system and approaches to professional education. (Previously published on Sciendo: https://reference-global.com/article/10.2478/jfap-2025-0009, under licence CC BY-NC-ND 4.0)
Copyright (c) 2026 The Journal of Forensic Accounting Profession
In the modern digital age, the boundaries between crime, terrorism and hacktivism in cyber space are becoming increasingly blurred. Although the usual elements of violence, political motivation, threat and fear provide a line of continuity that runs through the long and complex history of terrorism, it should also be taken into account that technological innovation has created a new form of terrorism. In recent years, the matter of “cyber” terrorism has become very interesting, as a kind of form of computer crime. Cyber terrorism implies the use of information resources in the form of threats or blackmail in order to achieve a specific terrorist goal. In the focus of attention is the abuse of the Internet as the most important global communication network. The use of the Internet by terrorists can be threefold: as a weapon, as a means of communication between activists and as a medium for addressing the public. Precisely for these reasons, it is necessary to spread the culture of using computer technology, but attention should also be paid to the security culture. After an unsuccessful defense against a cyber attack, Internet forensics allows us to reconstruct the events in order to discover the attackers and their methods of operation. Given that it is an extremely complex matter, in the paper we also looked at the general determinants related to computer crime, computer terrorism and hacktivism. (Previously published on Sciendo: https://reference-global.com/article/10.2478/jfap-2025-0010, under licence CC BY-NC-ND 4.0)
In today’s dynamic and turbulent business environment, forensic accounting plays a key role in identifying tax evasion, particularly from a behavioral perspective — that is, in situations where accountants are exposed to internal organizational pressures. The aim of this research is to forensically identify organizational and individual factors that potentially contribute to the emergence or concealment of tax irregularities. The study was conducted through a survey of accountants employed in various organizations, who assessed their perception of organizational pressure, their own professional independence, and their ability to resist ethical challenges. The study found that financial incentives offered to accountants may increase the risk of concealing tax evasion, thereby complicating forensic detection of irregularities. The survey also revealed that employees are unable to influence the employer’s intention to minimize taxes without compromising their own job security, and that there are currently no effective policies or procedures in place to encourage and protect those who report actual or suspected illegal or unethical behavior. (Previously published on Sciendo: https://reference-global.com/article/10.2478/jfap-2025-0008, pod licencom CC BY-NC-ND 4.0)
Benford’s Law in the Forensic Analysis of Cash Flow Statements of Business Entities in Bosnia and Herzegovina
This paper examines the application of Benford’s Law in the forensic analysis of cash flow statements of business entities in Bosnia and Herzegovina. Through empirical research, the following hypotheses were tested: increasing and decreasing items in cash flow statements follow Benford’s Law, and there is no statistically significant difference in the first-digit distribution between increasing and decreasing items. The results show that decreasing items follow Benford’s Law, while increasing items exhibit statistically significant deviations. Additionally, for most digits, no statistically significant difference was found between increasing and decreasing items, except for the digit 3. The findings indicate the need to educate auditors about the application possibilities of Benford’s Law, as well as its wider use with the aim of reducing audit costs and increasing audit efficiency. (Previously published on Sciendo: https://reference-global.com/article/10.2478/jfap-2025-0007, under licence CC BY-NC-ND 4.0)
The Influence of Personal, Professional, Legal, and Cultural Factors on the Application of the Code of Ethics in the Accounting Profession
This paper examines the factors influencing the ethical conduct of accountants and auditors in Bosnia and Herzegovina (BiH), focusing on four key dimensions: personal interests and motives, work experience and professional competence, legal protection and market factors, and moral attitudes and the cultural environment, including religion and social norms. The research was conducted on a sample of 89 accountants and auditors using a structured questionnaire based on a five-point Likert scale. Respondents expressed their views on various aspects of ethical behaviour within the profession. Parametric statistical methods, the Z-test and Repeated Measures ANOVA, were employed to test the hypotheses. The results suggest that the cultural environment, including national customs and social norms, exerts a stronger influence on the ethical behaviour of accountants and auditors than religious beliefs. The study provides empirical evidence on the relative importance of different factors shaping ethical behaviour in the accounting and auditing profession, with particular emphasis on the role of culture as opposed to religion. (Previously published on Sciendo: https://reference-global.com/article/10.2478/jfap-2025-0006, under licence CC BY-NC-ND 4.0)
Forensic Accounting and Investigations in the Fight Against Money Laundering
In the context of increasing challenges in the fight against financial crime, this paper analyzes the significance of forensic accounting in identifying suspicious transactions within the financial sector, with the aim of strengthening efforts to combat money laundering in Bosnia and Herzegovina (BiH). Money laundering is a complex form of financial crime that can be committed by individuals or large organizations. This form of financial crime is known from individuals to large organizations, and over time, different methodologies for carrying it out have developed. The detection and prevention of money laundering and the financing of terrorist activities in BiH are regulated by the Law on the Prevention of Money Laundering and Financing of Terrorist Activities (“Official Gazette of BiH,” No. 13/24), as well as the Rulebook on the Implementation of the Law on the Prevention of Money Laundering and Financing of Terrorist Activities (“Official Gazette of BiH,” No. 41/15 and 24/23). This paper aims to identify weaknesses in the financial and regulatory oversight systems in BiH. It also explores the level of understanding of forensic accounting techniques and money laundering mechanisms within organizations in the country, and assesses their impact on the overall effectiveness of anti-money laundering efforts. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2025-0005, pod licencom CC BY-NC-ND 4.0)
Copyright (c) 2025 The Journal of Forensic Accounting Profession
This paper analyses tax abuses in the Federation of Bosnia and Herzegovina (FBiH), focusing on the shadow economy and undeclared work. The research aimed to identify the most widespread forms of tax evasion and the sectors in which they are most prevalent, as well as to examine the role of the Code of Ethics in combating these negative phenomena. The research findings show that the construction, hospitality, retail, and service sectors are the most affected by the shadow economy and undeclared work. The lack of consistent application of the Code of Ethics and legal regulations further contributes to the proliferation of these practices and undermines economic development and social stability. Recommended measures to combat tax evasion include strengthening monitoring and control, consistently applying the law, educating and raising public awareness, and promoting formal employment. Through the combined efforts of all relevant stakeholders - authorities, regulators, employers, employees, and civil society - significant progress can be made in reducing the shadow economy and undeclared work, promoting fair business practices, and achieving sustainable economic development. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2025-0004, pod licencom CC BY-NC-ND 4.0)
The Impact of Forensic Accounting Techniques in Mitigating Electronic Fraud in Nigeria’s Deposit Money Banks
In this paper, we examined the impact of Forensic Accounting Techniques (Investigative Accounting, Digital Forensics, and Data Analytics) in mitigating Electronic Fraud (e-fraud) in Nigeria’s deposit money banks (DMBs). The study used a positivist deductive approach and was conducted quantitatively through an online survey. A stratified random sampling method was employed to select a sample of 95 respondents, representing eight ‘best-fit’ groups, including staff from operations, Information Technology, and Electronic Channel departments of five participating Deposit Money Banks, as well as accountants, auditors, representatives from bank regulators, professional accounting bodies, and law enforcement agencies in Nigeria. The results showed that only investigative accounting is statistically significant in reducing electronic fraud within banks. In contrast, digital forensics and data analytics did not show statistical significance in mitigating electronic fraud, implying they do not reduce e-fraud severity. It is suggested that if the scope of data analytics were expanded, it could help mitigate e-fraud, as it shows significance at a 10% level. The findings also indicate that a more refined model, possibly a longitudinal study, could provide deeper insights into the effect of forensic accounting techniques in combating electronic fraud within Nigeria’s Deposit Money Banks. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2025-0003, pod licencom CC BY-NC-ND 4.0)
The KDD Process in Big Data Analytics: A Theoretical Approach to Taxpayer Non-Compliance Analysis
In the modern business environment, big data analytics and data mining techniques are increasingly recognized as tools for improving fiscal discipline and more efficient management of public revenues. This paper explores the possibility of applying the knowledge discovery process from databases to detect patterns of financial behavior that may indicate tax non-compliance. A quantitative approach based on the analysis of secondary data from ten joint-stock companies from the Federation of Bosnia and Herzegovina, for which financial statements and tax debt data are available, was used. The relationship between key financial indicators (EPS, financial stability ratio, total asset turnover ratio and debt ratio) and the amount of tax debt was examined using descriptive statistics and regression analysis. The results show that lower profitability and poorer financial stability significantly correlate with higher tax debt, while high operational efficiency and debt have a more complex and statistically marginal impact. The findings confirm the possibility of using publicly available financial data for early identification of risky taxpayers, which opens up space for further development of predictive models in the domain of tax analytics. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2025-0002, pod licencom CC BY-NC-ND 4.0)
Do Big Four Auditors Matter? Evidence from a Comparative Statistical Analysis of Corporate Financial Indicators
This paper examines the role of external auditing in explaining differences in financial indicators as key mechanisms for assessing managerial efficiency and the financial health of companies. The focus is placed on the engagement of external auditors, with particular attention to the Big Four audit firms, and the differences in financial indicators among joint-stock companies in Bosnia and Herzegovina. Based on a sample of 143 companies, we analyzed differences in indicators of profitability (ROA, ROE), liquidity (current ratio), leverage (debt-to-equity), and efficiency (asset turnover). Due to deviations from normal distribution, non-parametric statistical tests (Mann–Whitney and Kruskal–Wallis) were applied to identify group differences. The results indicate a significant difference in profitability between companies that are audited and those that are not, but no such difference exists between firms audited by Big Four and those audited by other audit firms. Statistically significantly lower leverage was found among companies using Big Four services compared to other groups, while differences in liquidity and efficiency were not statistically significant. The findings particularly provide empirical support for signaling and agency cost theories, according to which the presence of a reputable external auditor serves as an indicator of transparency and effective corporate governance. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2025-0001, pod licencom CC BY-NC-ND 4.0)
Does Artificial Intelligence Represent a Threat to the Accounting Profession?
This paper investigates the impact of artificial intelligence (hereinafter AI) on the accounting profession, emphasizing the need to adapt educational programs and business practices due to the emergence and development of AI technologies. A qualitative method with the help of a semi-structured interview was used to collect primary data. The participants were professionals in the accounting and information technology field who have the relevant knowledge and experience to consider this topic. The research aimed to discover the main problems that may arise when implementing artificial intelligence in the accounting profession, to determine how AI technologies affect the quality of financial reports, and whether education reform in accounting is needed due to the emergence of AI technologies. The results of the conducted research showed that AI technology will find its application in the accounting profession, that the quality of the financial report generated based on AI technology depends on the quality of the entered data, i.e. that the control function of accountants is of crucial importance, and that it is necessary to reform curricula in the context of exploiting the benefits of AI technologies. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2024-0010, pod licencom CC BY-NC-ND 4.0)
Copyright (c) 2024 The Journal of Forensic Accounting Profession
Environmental, Social, and Governance (ESG) criteria have emerged as pivotal benchmarks for assessing corporate sustainability and ethical business practices. This study investigates the transformative role of small and medium-sized enterprises (SMEs) in advancing ESG practices, with a particular emphasis on countries aspiring to European Union membership. Employing a quantitative methodology through a survey questionnaire the research analyzes the challenges and opportunities associated with ESG implementation. Data collected from 51 SMEs across the Balkan region reveal substantial benefits of ESG integration, notably in enhancing operational efficiency and market reputation, with transparency and strategic planning identified as critical drivers. However, SMEs face significant obstacles such as complex regulatory frameworks, limited access to financing, and inadequate training resources. The article proposes targeted strategies to strengthen SME capacity, emphasizing investment in education, technological solutions, and partnerships with key stakeholders. By adopting ESG standards, SMEs not only contribute to sustainable development but also bolster their competitiveness and resilience in a rapidly evolving global market. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2024-0008, pod licencom CC BY-NC-ND 4.0)
Impact of Marketing Research on Business Performance
This study examined the implications of marketing research on the management of business performance. Marketing research is one of the major bases for the formulation of marketing strategy, which aids in better decision making by providing additional information that is relative to a particular marketing problem. Business organizations must therefore be based on fact and not intuition, to put in appropriate strategies to avert such marketing problems. Five marketing firms in Eket metropolis, Akwa Ibom State were chosen for this study, comprising 20 respondents from each of the firms totaling 100 respondents. The major research instruments were questionnaires, relevant textbooks, and journals. The data collected were analyzed using simple percentages and chi-square (x2) statistics to test the hypotheses. The results indicated, among others, that effective marketing research has a significant relationship with the performance and success of the firms under study. To this end, the study recommended among others: frequent conduct of articulate and well-organized marketing research, employment of professional marketing researchers, or training up staff purely on marketing research from time to time and motivating them so as to bridge the gap between the producer and the consumer. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2024-0009, pod licencom CC BY-NC-ND 4.0)
Auditors' Evolving Responsibilities and the Rising Costs of Professional Negligence: A Comprehensive Examination
In recent times, professional negligence has taken centre stage in the news. The inability of auditors to uncover fraud in their clients’ financial records has become a topic of intense debate among industry professionals and regulators, with no clear consensus reached thus far. This paper employs a qualitative research approach to delve into the consequences of professional negligence and why auditors will continue to face the consequences of their failure to detect fraud in their clients’ financial records. Our research findings indicate that auditors will continue to bear the brunt of professional negligence until there is a fundamental shift in their mandate, prompting them to assume a more proactive role in detecting fraud within financial statements. The repercussions of professional negligence extend beyond financial losses, encompassing intangible costs that severely tarnish the reputation of the auditing profession. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2024-0007, pod licencom CC BY-NC-ND 4.0)
The Impact of Various Factors on the Effectiveness of Internal Audit in the Public Sector
The paper focuses on analyzing key factors influencing the effectiveness of internal audit in the public sector of Bosnia and Herzegovina (BiH). Through multiple regression analysis (Ordinary Least Squares-OLS), the impact of five independent variables (competence of internal auditors, size of internal audit department, relationship between internal and external auditors, management support for internal audit, and independence of internal auditors), two control variables (organization’s sector and total number of employees in the organization), on the dependent variable (effectiveness of internal audit) was measured. Research results indicate that a significant portion (.2 = 45.00%, Adj .2 = 40.90%) of the variability in the effectiveness of internal audit can be explained by the variability of the five independent variables in the model. The largest positive impact on the effectiveness of internal audit is attributed to the size of the internal audit department and the independence of internal auditors. Conversely, management support for internal audit had the least impact, which contradicts our predictions and the results of previous research. The limited impact of management support on the effectiveness of internal audit in the public sector of BiH may stem from a lack of understanding regarding the role and importance of internal audit, as well as from perceiving it as merely a formal legal requirement without substantial value. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2024-0006, pod licencom CC BY-NC-ND 4.0)
Fınancıal sustaınabılıty and rısk in antı-agıng startups
The anti-aging industry has experienced rapid growth driven by significant advancements in biotechnology, consumer interest in longevity, and substantial investment. This study explores the financial sustainability and risk management practices of anti-aging startups, highlighting key challenges and opportunities. Through case studies, the research examines funding strategies, regulatory hurdles, and market dynamics. Successful startups demonstrate robust financial planning, strategic partnerships, and innovative technological approaches, while unsuccessful ventures reveal the high risks associated with clinical development. The findings underscore the importance of comprehensive risk management and strategic financial planning in achieving long-term sustainability. This research provides valuable insights for entrepreneurs, investors, and policymakers aiming to navigate the complex landscape of the anti-aging market. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2024-0005, pod licencom CC BY-NC-ND 4.0)
The role of IT capabilities and managerial support in advancing digital transformation and internal audit
This literature review focuses on concepts related to the role of information technology (IT) capabilities and managerial support in the context of advancing digital transformation and improving internal audit in the institutional environment. Through the synthesis of relevant academic sources, it is investigated how IT capacities and strategic management support influence the organizational ability to adapt to digital innovations. Special emphasis is placed on the complex dynamics that shape the interactions between these factors and their impact on institutional responsibility and performance. The results of the literature review illustrate the key mechanisms that support the digital transformation process, including the integration of technological systems, the development of digital competencies, and the role of management in providing resources and support. Further, a deeper understanding of the complexity of these interactions serves as a basis for further research in the field of digital transformation management and internal audit in an institutional context. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2024-0004, pod licencom CC BY-NC-ND 4.0)
Impact of size of banks and insurance companies on their profitability in Bosnia and Herzegovina
In this paper, we investigate the determinants of bank profitability by examining endogenous factors used to measure the size of a financial institution. We underscore the significance of bank employees in embodying institutional values and playing a pivotal role in sales channels, as well as the impact of technological integration on customer expectations and workforce dynamics. Utilizing a dataset from regulatory agencies, which includes information from 47 banks and insurance companies in Bosnia and Herzegovina for the year 2021, the study explores the relationship between the independent variables which include the volume of total assets and the number of employees, and the dependent variable for profitability. By calculating Return on Equity (ROE) and employing a multiple linear regression model, the study finds that a statistically significant relation between independent variables and the dependent variable does not exist. Despite this, the research highlights the need for further investigation, particularly considering the differentiation between banks and insurance companies, the potential impact of outliers, and the broader economic context of the year studied. The findings suggest that a more refined model, possibly incorporating panel data, could provide clearer insights into the profitability determinants of financial institutions in Bosnia and Herzegovina. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2024-0003, pod licencom CC BY-NC-ND 4.0)
Innovative approaches in forensic accounting
The integration of data analytics into forensic accounting has revolutionized the detection and prevention of financial fraud. This paper conducts a comprehensive analysis of recent advancements in this field, highlighting the application of machine learning, data mining, and big data techniques in identifying fraudulent activities. By reviewing the latest research and examining case studies, we demonstrate the enhanced accuracy and efficiency these technologies offer over traditional methods. The findings suggest that financial institutions should adopt these advanced tools to mitigate fraud risks and improve overall financial security. The paper also explores future research directions, emphasizing the need for developing hybrid models and real-time detection systems to further enhance fraud detection capabilities.
Internal Audit in the function of preventing corruptive activities in the public sector of the Federation of Bosnia and Herzegovina
The public sector of the Federation of Bosnia and Herzegovina (FBiH) from the aspect of complexity and comprehensiveness, includes all levels of government established within the state government, public companies, and the insurance system including: pension, health and social. The importance of performing duties and obligations in a transparent manner, and the possibility of detecting warning factors for corrupt activity are especially important in the public sector. Corrupt activities at all levels of the state structure of Bosnia and Herzegovina (BiH), as well as fraudulent behaviour and abuses within it, are precisely the consequences of the complexity of the state system, and the impossibility of efficient and rational use of public funds. Adequately organized, in accordance with the law, and accepted as such by employees within a certain public sector organization, internal auditing contributes to more efficient operations and prevention of corrupt practices. The aim of the subject research is to look at the process of functioning of the internal audit in the public sector of FBiH in the field of prevention of corrupt activities. The results of the research indicate the non-functioning and non-establishment of the internal audit in the manner specified by law, as well as the inadequate implementation of its recommendations, degrading and derogating its role, importance and contribution in the prevention of corrupt activities in the public sector of FBiH. (Previously published on Sciendo: hhttps://sciendo.com/article/10.2478/jfap-2024-0002, pod licencom CC BY-NC-ND 4.0)
Position of a forensic accountant in the Federation of Bosnia and Herzegovina finance sector
The paper aims to identify the possibility of positioning the profession of forensic accountant in the financial sector of the Federation of Bosnia and Herzegovina (hereinafter FBiH). To answer the question of how the profession of forensic accountant could be introduced into the financial sector, qualitative research was conducted using the method of interviews with respondents who have many years of experience in the financial sector of FBiH. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2023-0008, pod licencom CC BY-NC-ND 4.0)
Copyright (c) 2023 The Journal of Forensic Accounting Profession
This paper addresses a underlying assumption of financial statements: going concern assumption. The going concern assumption constitutes a foundational premise presuming that the entity will conduct its operations in the forthcoming period (at least 12 months) without significant risk of business interruption. The primary objective of financial reporting is to provide information regarding the entity's financial position and performance to diverse users. Management is obligated to apprise users, and auditors are tasked with scrutinizing the assertion that the entity will continue its operations for a period exceeding 12 months. This paper meticulously examines the regulatory framework grounded in International Financial Reporting Standards and International Standards on Auditing. It particularly scrutinizes the role and significance of auditors in assessing the going concern assumption, encompassing an analysis of factors influencing the auditor's opinion on the going concern assumption and addressing criticisms directed at auditors. Furthermore, the paper explores past experiences in developing models for evaluating going concern assumptions, potentially aiding forensic accountants in uncovering irregularities in financial statements, given the correlation between a heightened bankruptcy risk and fraudulent activities. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2023-0009, pod licencom CC BY-NC-ND 4.0)
In response to recent high-profile accounting scandals, the auditing sector is undergoing a critical review of practices. Despite regulatory changes and technological advancements, doubts persist about auditors' effectiveness in identifying financial statement fraud. This article advocates for a paradigm shift in auditors' skillsets, especially amid challenges posed by remote and hybrid work scenarios. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2023-0010, pod licencom CC BY-NC-ND 4.0)
The Role of Forensic Accountants in Fraud and Corruption Cases and Its Impact on Business Development
The purpose of this study is to investigate the role of forensic accountants in different fraud and corruption cases and its impact on business development. Drawing on the Fraud Triangle Theory by Cressey (1953) and the theoretical concept of capability by Wolfe and Harmanson (2004) this study focuses on the significance of ‘opportunity’, ‘pressure’, ‘rationalization’ and ‘capability’ for forensic accountants in addressing fraud and corruption issues and evaluates the influence of their findings on business development. The study relied on a mixed method design to conduct the research. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2023-0007, pod licencom CC BY-NC-ND 4.0)
Qualitative insight into the internet frauds within` the context of consumers in Bosnia and Herzegovina
Online shopping helps consumers search for information about products and services, makes it easier to compare prices and product features, and enables a quick and easy exchange of positive and negative experiences. However, through numerous positive advantages, there is inevitably a constant increase in the negative consequences of online shopping, especially from the consumer's perspective. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2023-0006, pod licencom CC BY-NC-ND 4.0)
In today’s increasingly connected and digitized business environment, brands face numerous challenges that can significantly affect their reputation and value, and one of the key challenges that many organizations across the world face is brand risk. Due to its role in many aspects of business, the main purpose of this paper is to revitalize this phenomenon by exploring it through bibliometric indicators, publishing trends and analyzing it through the current literature. In this sense, the paper adresses two research questions, both related to revealing the scope and nature of brand risk as the construct of a great relevance in many scientific fields, whereas a special attention has been given to the analysis of the most cited papers on this matter. The findings show that the construct although presented two decades ago is still in infancy phase, and quite neglected in the current body of knowledge. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2023-0005, pod licencom CC BY-NC-ND 4.0)
Analysis of special credit risk in the function of real financial reporting
Banks and banking business are exposed to the influence of numerous risks, of which the importance of credit risk management stands out, because credit risk is the only risk that banks are obliged to measure, record in accounting and report. Banks monitor credit risk through the segmentation of the credit portfolio according to the level of risk. This paper is focused on research related to the management of the riskiest category of the credit portfolio, for which we will use the term special credit risk (SCR) in this paper. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2023-0004, pod licencom CC BY-NC-ND 4.0)
Role of Digital Forensics in Combating Financial Crimes in the Computer Era
Information and communication technologies (ICT) have changed every area of our lives. Cyberspace-related areas have reflected these shifts. Cyberspace has an undeniable positive impact on information, trade, industry, and communication. On the other hand, cybercrime is a dark side of the Internet that degrades its peaceful use. Any illegal activity carried out by or via cyberspace and its electronic environment is characterized as cybercrime. Unlike traditional crimes, cybercrimes present a real dilemma because the identities of criminals may be hidden in the virtual domain. Digital forensics has emerged to formulate possible ways for cybercrime investigation and analysis process. In this paper, we deplore the idea of digital forensics in the context of cybercrimes. An investigation of the positive impact of digital forensics in combating cybercrimes is discussed. In today’s world of computers, any information can be made available within a few clicks for different endeavors. The information may be tampered with by changing the statistical properties and can be further used for criminal activities. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2023-0003, pod licencom CC BY-NC-ND 4.0)
Forensic accountants need to respond to the ever-growing global threat of financial crime and the continuing need for expertise within the area of financial dispute work. The global development of forensic accounting as a discipline has been ad hoc, and this paper will focus on the two most developed nations regarding the expansion of forensic accounting i.e., the USA and the UK. From this study two major themes have emerged: that of the status of the regulation and education of forensic accountants within the USA and the UK and we ultimately call for radical reform in both areas. Currently there is no recognised regulatory body which encompasses all aspects of a forensic accountant’s role, thus there is no standard code of ethics which practicing forensic accountants are obliged to follow. In addition, the absence of a recognised educational route to becoming a forensic accountant has resulted in a lack of awareness of the role as a potential career path and makes succession planning within forensic accounting firms problematic. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2023-0002, pod licencom CC BY-NC-ND 4.0)
Exploring the Current State of Forensic Accounting in Saudi Arabia and Possible Ways of Elevating It to Assist the Government Fighting Corruption
Corruption occurs when there is a misuse of current resources to maximize personal benefits at the expense of other parties, causing financial problems and preventing the development of emerging economies. Forensic accounting services utilize financial data to solve legal disputes. Saudi Arabia’s government does not tolerate obstacles that impede the realization of its ambitious Vision 2030, a long-term plan for transforming society and reforming the economy. The war on corruption has been observed in Saudi Arabian domestic policy. Whether the forensic accounting profession and the readiness of accountants qualified to conduct forensic inquiries and investigations are effectively accompanied by the government’s fight is probed. This study explores the current state of forensic accounting in Saudi Arabia. Potential means of employing such status to make Saudi Vision 2030 a reality to combat corruption and the ability of forensic accounting to ease the government’s fight are also investigated. A questionnaire was conducted on 181 participants comprising accountants, auditors, judges, accountancy academics, Oversight and Anti-Corruption Authority employees, and any supervisory body in Saudi Arabia. The results show that 46% of the surveyed participants were unaware of forensic accounting, implying that despite its significance and demand for its services, forensic accounting is undersupplied in Saudi Arabia. Thus, it is inferred that the current state of forensic accounting is below the required level. To address this issue, forensic accounting should be incorporated into accounting curricula, accountants should join specialized scholarship programs and seek to be certified forensic accountants. Policy-makers must develop charter institutions and related forensic accounting standards. (Previously published on Sciendo: https://sciendo.com/article/10.2478/jfap-2023-0001, pod licencom CC BY-NC-ND 4.0)