Accounting undergraduates’ perspectives on integrating forensic accounting into the curriculum in Sri Lanka

https://doi.org/10.35912/ijfam.v5i3.1611
Published: Dec 18, 2023

Abstract:

Purpose: This study examines the current level of forensic accounting education in Sri Lanka and its level of sufficiency from the viewpoint of accounting undergraduates studying in Sri Lankan government universities.

Research methodology: Data were collected through a self-administered questionnaire targeting third and fourth-year accounting undergraduates of Sri Lankan government universities. To achieve the research objectives, descriptive statistics were used as analytical tools.

Results: The study revealed that existing auditing course modules and stand-alone forensic accounting course units do not adequately cover forensic accounting topics in response to the rising demand for forensic accountants' services in Sri Lanka. Sri Lankan government universities are required to restructure the integration of forensic accounting education with greater coverage. Moreover, as per accounting undergraduates, the precise method of covering forensic accounting within accounting education would be to introduce a separate degree program that covers all forensic accounting discussions.

Limitations: The main limitation of this study is that it focuses only on the perspectives of government university undergraduates. Perceptions of accounting undergraduates in private universities and professional qualification institutions that offer accounting degree programs were not considered.

Contribution: This study provides insights for university administrators on how to integrate forensic accounting into the accounting curriculum. Moreover, the suggested modifications will provide undergraduates with the skills required to practice forensic accounting after graduation.

Keywords:
1. Accounting Education
2. Accounting Undergraduates
3. Forensic Accounting
4. Sri Lanka
Authors:
1 . S M Chaturika Seneviratne
Department of Accounting, University of Sri Jayewardenepura, PhD-Australia & MBA-University of Colombo, Sri Lanka
2 . S. D. Thamali Navangana Dharmasena
MBA-University of Colombo, Sri Lanka
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How to Cite
Seneviratne, S. M. C. ., & Dharmasena, S. D. T. N. (2023). Accounting undergraduates’ perspectives on integrating forensic accounting into the curriculum in Sri Lanka. International Journal of Financial, Accounting, and Management, 5(3), 359–372. https://doi.org/10.35912/ijfam.v5i3.1611
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Issue & Section
Vol. 5 No. 3 (2023): December
Articles
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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author Biography

S. D. Thamali Navangana Dharmasena, MBA-University of Colombo, Sri Lanka

 

 

References

    Abayadeera, N., & Watty, K. (2014). The expectation-performance gap in generic skills in accounting graduates: Evidence from Sri Lanka. Asian Review of Accounting, 22(1), 56-72.

    ACFE. (n.d.). Forensic Accountant. Retrieved from https://www.acfe.com/career/career-paths/career-path-accounting/career-path-detail-forensic-accountant

    Akinbowale, O. E., Klingelhöfer, H. E., & Zerihun, M. F. (2020). An innovative approach in combating economic crime using forensic accounting techniques. Journal of Financial Crime.

    Alshurafat, H., Beattie, C., Jones, G., & Sands, J. (2020). Perceptions of the usefulness of various teaching methods in forensic accounting education. Accounting Education, 29(2), 177-204.

    Bierstaker, J. L., Brody, R. G., & Pacini, C. (2006). Accountants' perceptions regarding fraud detection and prevention methods. Managerial auditing journal, 21(5), 520-535.

    Botes, V., & Saadeh, A. (2018). Exploring evidence to develop a nomenclature for forensic accounting. Pacific Accounting Review, 30(2), 135-154.

    CBSL. (2021). Beware of Online Financial Frauds and Scams. Retrieved from https://www.cbsl.gov.lk/en/news/beware-of-online-financial-frauds-and-scams

    Digabriele, J. A. (2008). An empirical investigation of the relevant skills of forensic accountants. Journal of education for Business, 83(6), 331-338.

    DiGabriele, J. A., & Huber, W. D. (2015). Topics and methods in forensic accounting research. Accounting Research Journal, 28(1), 98-114.

    Ebaid, I. E.-S. (2022). An exploration of accounting students’ attitudes toward integrating forensic accounting in accounting education. International Journal of Law and Management, 64(4), 337-357.

    Gangwani, M. (2020). Suitability of forensic accounting in uncovering bank frauds in India: an opinion survey. Journal of Financial Crime, 28(1), 284-299.

    Howieson, B. (2018). What is the ‘good’forensic accountant? A virtue ethics perspective. Pacific Accounting Review, 30(2), 155-167.

    HRW. (2022). Sri Lanka: Economic Crisis Puts Rights in Peril. Retrieved from https://www.hrw.org/news/2022/08/16/sri-lanka-economic-crisis-puts-rights-peril

    Integrity, G. (2020). Sri Lanka risk report. Retrieved from https://ganintegrity.com/country-profiles/sri-lanka/

    International, T. (2021). Corruption Perceptions Index. Retrieved from https://www.transparency.org/en/cpi/2021

    Kaur, B., Sood, K., & Grima, S. (2022). A systematic review on forensic accounting and its contribution towards fraud detection and prevention. Journal of Financial Regulation and Compliance(ahead-of-print).

    Kramer, B., Seda, M., & Bobashev, G. (2017). Current opinions on forensic accounting education. Accounting Research Journal, 30(3), 249-264.

    Mehta, A., & Bhavani, G. (2017). Application of forensic tools to detect fraud: The case of Toshiba. Journal of Forensic and Investigative Accounting, 9(1), 692-710.

    Munasinghe, M. A. T. K. (2022). Forensic Accounting Education: An Exploration Of Accounting Curricula Of State Universities In Sri Lanka. The Journal of Applied Research, 5, 74-86.

    Nunn, L., McGuire, B. L., Whitcomb, C., & Jost, E. (2006). Forensic accountants: financial investigators. Journal of Business & Economics Research (JBER), 4(2).

    Oyerogba, E. O. (2021). Forensic auditing mechanism and fraud detection: the case of Nigerian public sector. Journal of Accounting in Emerging Economies, 11(5), 752-775.

    Prabowo, H. Y. (2013). Better, faster, smarter: developing a blueprint for creating forensic accountants. Journal of Money Laundering Control, 16(4), 353-378.

    Priyangika, L., & Bandara, R. M. S. (2017). Forensic Accounting Education In Sri Lanka: Practice And Perception. CA Journal of Applied Research, 1, 83-94.

    PwC. (n.d.). Forensic services. Retrieved from https://www.pwc.co.nz/services/forensic-services.html

    Rezaee, Z., & Burton, E. J. (1997). Forensic accounting education: insights from academicians and certified fraud examiner practitioners. Managerial auditing journal, 12(9), 479-489.

    Rezaee, Z., Crumbley, D. L., & Elmore, R. C. (2004). Forensic accounting education: A survey of academicians and practitioners. Advances in Accounting Education, Forthcoming.

    Seda, M., & Kramer, B. (2014). An examination of the availability and composition of forensic accounting education in the United States and other countries. Journal of Forensic & Investigative Accounting, 6(1), 1-46.

    Tiwari, R. K., & Debnath, J. (2017). Forensic accounting: a blend of knowledge. Journal of Financial Regulation and Compliance, 25(1), 73-85.

    Van Akkeren, J., Buckby, S., & MacKenzie, K. (2013). A metamorphosis of the traditional accountant: an insight into forensic accounting services in Australia. Pacific Accounting Review, 25(2), 188-216.

    Wickramasinghe, L., & Anthony, C. (2017). Forensic and investigative accounting education in accounting curriculum in Sri Lanka (A survey of course outlines).

    Yusof, N. M., Kadir, D. A., & Nor, M. N. M. (2007). Perception in forensic accounting education in Malaysia: A comparison between accounting undergraduates and practitioners. Indonesian Management and Accounting Research, 6(2), 12-27.

  1. Abayadeera, N., & Watty, K. (2014). The expectation-performance gap in generic skills in accounting graduates: Evidence from Sri Lanka. Asian Review of Accounting, 22(1), 56-72.
  2. ACFE. (n.d.). Forensic Accountant. Retrieved from https://www.acfe.com/career/career-paths/career-path-accounting/career-path-detail-forensic-accountant
  3. Akinbowale, O. E., Klingelhöfer, H. E., & Zerihun, M. F. (2020). An innovative approach in combating economic crime using forensic accounting techniques. Journal of Financial Crime.
  4. Alshurafat, H., Beattie, C., Jones, G., & Sands, J. (2020). Perceptions of the usefulness of various teaching methods in forensic accounting education. Accounting Education, 29(2), 177-204.
  5. Bierstaker, J. L., Brody, R. G., & Pacini, C. (2006). Accountants' perceptions regarding fraud detection and prevention methods. Managerial auditing journal, 21(5), 520-535.
  6. Botes, V., & Saadeh, A. (2018). Exploring evidence to develop a nomenclature for forensic accounting. Pacific Accounting Review, 30(2), 135-154.
  7. CBSL. (2021). Beware of Online Financial Frauds and Scams. Retrieved from https://www.cbsl.gov.lk/en/news/beware-of-online-financial-frauds-and-scams
  8. Digabriele, J. A. (2008). An empirical investigation of the relevant skills of forensic accountants. Journal of education for Business, 83(6), 331-338.
  9. DiGabriele, J. A., & Huber, W. D. (2015). Topics and methods in forensic accounting research. Accounting Research Journal, 28(1), 98-114.
  10. Ebaid, I. E.-S. (2022). An exploration of accounting students’ attitudes toward integrating forensic accounting in accounting education. International Journal of Law and Management, 64(4), 337-357.
  11. Gangwani, M. (2020). Suitability of forensic accounting in uncovering bank frauds in India: an opinion survey. Journal of Financial Crime, 28(1), 284-299.
  12. Howieson, B. (2018). What is the ‘good’forensic accountant? A virtue ethics perspective. Pacific Accounting Review, 30(2), 155-167.
  13. HRW. (2022). Sri Lanka: Economic Crisis Puts Rights in Peril. Retrieved from https://www.hrw.org/news/2022/08/16/sri-lanka-economic-crisis-puts-rights-peril
  14. Integrity, G. (2020). Sri Lanka risk report. Retrieved from https://ganintegrity.com/country-profiles/sri-lanka/
  15. International, T. (2021). Corruption Perceptions Index. Retrieved from https://www.transparency.org/en/cpi/2021
  16. Kaur, B., Sood, K., & Grima, S. (2022). A systematic review on forensic accounting and its contribution towards fraud detection and prevention. Journal of Financial Regulation and Compliance(ahead-of-print).
  17. Kramer, B., Seda, M., & Bobashev, G. (2017). Current opinions on forensic accounting education. Accounting Research Journal, 30(3), 249-264.
  18. Mehta, A., & Bhavani, G. (2017). Application of forensic tools to detect fraud: The case of Toshiba. Journal of Forensic and Investigative Accounting, 9(1), 692-710.
  19. Munasinghe, M. A. T. K. (2022). Forensic Accounting Education: An Exploration Of Accounting Curricula Of State Universities In Sri Lanka. The Journal of Applied Research, 5, 74-86.
  20. Nunn, L., McGuire, B. L., Whitcomb, C., & Jost, E. (2006). Forensic accountants: financial investigators. Journal of Business & Economics Research (JBER), 4(2).
  21. Oyerogba, E. O. (2021). Forensic auditing mechanism and fraud detection: the case of Nigerian public sector. Journal of Accounting in Emerging Economies, 11(5), 752-775.
  22. Prabowo, H. Y. (2013). Better, faster, smarter: developing a blueprint for creating forensic accountants. Journal of Money Laundering Control, 16(4), 353-378.
  23. Priyangika, L., & Bandara, R. M. S. (2017). Forensic Accounting Education In Sri Lanka: Practice And Perception. CA Journal of Applied Research, 1, 83-94.
  24. PwC. (n.d.). Forensic services. Retrieved from https://www.pwc.co.nz/services/forensic-services.html
  25. Rezaee, Z., & Burton, E. J. (1997). Forensic accounting education: insights from academicians and certified fraud examiner practitioners. Managerial auditing journal, 12(9), 479-489.
  26. Rezaee, Z., Crumbley, D. L., & Elmore, R. C. (2004). Forensic accounting education: A survey of academicians and practitioners. Advances in Accounting Education, Forthcoming.
  27. Seda, M., & Kramer, B. (2014). An examination of the availability and composition of forensic accounting education in the United States and other countries. Journal of Forensic & Investigative Accounting, 6(1), 1-46.
  28. Tiwari, R. K., & Debnath, J. (2017). Forensic accounting: a blend of knowledge. Journal of Financial Regulation and Compliance, 25(1), 73-85.
  29. Van Akkeren, J., Buckby, S., & MacKenzie, K. (2013). A metamorphosis of the traditional accountant: an insight into forensic accounting services in Australia. Pacific Accounting Review, 25(2), 188-216.
  30. Wickramasinghe, L., & Anthony, C. (2017). Forensic and investigative accounting education in accounting curriculum in Sri Lanka (A survey of course outlines).
  31. Yusof, N. M., Kadir, D. A., & Nor, M. N. M. (2007). Perception in forensic accounting education in Malaysia: A comparison between accounting undergraduates and practitioners. Indonesian Management and Accounting Research, 6(2), 12-27.