Forensic Auditing and Money Laundering Prevention: Perceptions and Challenges in Professional Accounting Practice (Polo del Conocimiento)

Summary

• A total of 70 out of 125 contacted professionals in the canton of Loja participated in the quantitative study on forensic auditing.p.3
• A majority of respondents (91%) believe that forensic auditing actively contributes to money laundering prevention.p.3
• Integration into internal control systems and strengthening of forensic auditing were endorsed by 93% of participants.p.3
• Knowledge gaps exist, with 47% of professionals rating their technical knowledge of forensic auditing as low or very low.p.3
• Sufficiency of university training was rated as neutral or unfavorable by 57% of surveyed accounting and auditing professionals.p.3
• Practical experience remains scarce, with 67% of participants having never applied forensic auditing procedures in their professional work.p.3
• General accounting represents the main area of work for 55% of respondents, whereas only 7% work primarily in forensic auditing.p.12

Key insights

1. A vast majority of respondents (98%) agree that forensic auditors play a crucial role in detecting financial fraud.p.13
2. Evidentiary support for judicial proceedings involving economic crimes is recognized as a key forensic audit contribution by 97% of participants.p.13
3. Professional independence is identified as an essential prerequisite for forensic auditing practice by 89% of respondents.p.13
4. Direct professional responsibility in preventing money laundering is accepted by 76% of participants, while 21% remain neutral.p.14
5. Specialized knowledge is viewed by 70% of respondents as significantly impacting the effectiveness of anti-money laundering actions.p.14
6. Local application of forensic auditing in the canton of Loja is perceived as low or nonexistent by 66% of surveyed professionals.p.15
7. Mandatory specialized training in forensic auditing for accounting and auditing professionals is supported by 75% of participants.p.15