Asian Accounting and Auditing Advancement

Impact of COVID-19 on Retail Trade in Rangpur District of Bangladesh

2023-06-20T18:46:27+00:00

COVID-19 has impoverished 2.45 crore Bangladeshis. This new group of poor people makes up 14.75 percent of the nation's population. It has been found that the number of new poor people is higher in urban areas than in rural areas. The world economy and the economy of Bangladesh are all under the threat of COVID-19. The number of hungry people in the world is increasing every day. The number of unemployed people is also growing. The wind is getting heavier with the screams of hungry people. The world is becoming rich with the suffering of unemployed people. The impact of COVID-19 has threatened Bangladesh and the global SME sector. At this time, small traders lost their capital and lost their way. The retail business is a lifeline for a large number of people. So, the lives and livelihoods of many people depend on this business. So, this sector needs more care, and research is required. The study aimed to determine the financial condition of the retail industry in Rangpur district in Bangladesh after COVID-19. The study is empirical. To develop the study, primary, as well as secondary data were collected. There are 19,669 wholesale, retail, and repair motor vehicles and motorcycles in the Rangpur district of Bangladesh. Only the retail trade businesses out of 19,669 establishments are the population of this study. One hundred ten retail trades are selected through a convenience sampling method. The quantitative and qualitative data were collected from the sample through a well-structured questionnaire. The secondary data was also collected from the daily newspaper, economic news, related journals, books, official statistics, published brochures, prospects, and websites. Computer-aided statistics were used to analyze and show the data. The study found a high impact of COVID-19 on retail trade. Data analysis has found that the number of workers in the retail trade has decreased significantly due to the effects of COVID-19. Most companies have laid off workers. Research has revealed that retail traders have lost a lot of capital due to the impact of COVID-19. At the same time, their liabilities and debts increased. During this period, the sales revenue/ income of the retail business decreased drastically. Finally, the study concluded that this sector expects various government and private cooperation. A state can stand by them in multiple ways, including providing low-cost loans and incentives.

The Integration of Artificial Intelligence in Forensic Accounting: A Game-Changer

2023-11-19T03:25:44+00:00

The introduction of AI into forensic accounting changes the investigative landscape. This article examines how machine learning, natural language processing, and predictive analytics have transformed forensic accounting. Forensic accountants use AI to detect and prevent financial crime faster and more accurately than before. Real-time monitoring, anomaly detection, and pattern recognition allow professionals to spot inconsistencies and patterns that may go unnoticed quickly. AI helps trace digital transactions and mitigate cyber threats in cybersecurity and digital forensics as it evolves. The benefits are great, but data privacy and ethical issues require cautious navigation. This article shows how AI integration in forensic accounting can simplify investigations, improve risk management, and change financial analysis. The paper examines future trends and the need for continual education, emphasizing the symbiotic relationship between AI and human expertise in forensic accounting integrity and efficacy.

The Silent Detectives: Forensic Accountants and Their Battle against Financial Crime

2023-11-19T06:13:21+00:00

Modern finance relies on forensic accounting, which this article examines in its origins, techniques, and ethics. Forensic accountants navigate complex transactions and uncover financial dishonesty like silent detectives in a trust-based economic environment. This article shows how forensic accounting evolved into a specialist field at the crossroads of finance and investigation. Forensic accountants use classic financial analysis and cutting-edge digital forensics to solve economic mysteries and track money. Real-world examples demonstrate their use in fraud detection and expert witness testimony. Forensic accountants are integrity- and objectivity-driven, according to the paper. Forensic accountants adapt to the changing digital landscape as technology changes the financial landscape. This investigation shows forensic accounting is essential to financial resiliency and the trust and stability of modern economic systems.

From Cashless Transactions to Cryptocurrencies: Assessing the Impact of Digitalization on Financial Security

2024-03-05T11:58:25+00:00

This study examines how digitalization affects financial security through cashless transactions and cryptocurrency. The report analyzes digitalization's benefits and difficulties, evaluates regulatory frameworks and cybersecurity measures, and identifies policy implications for digital financial security. The study analyzes digital financial services and products using a comprehensive literature evaluation of academic research, industry reports, and regulatory papers. Consumer behavior, cybersecurity, regulatory frameworks, and technological advancements impacting the digital financial ecosystem are revealed via secondary data. Digitalization promotes financial inclusion, economic empowerment, and innovation but poses regulatory uncertainties, cybersecurity risks, and technological constraints. Policy implications for digital financial security include regulatory clarity, risk-based regulation, cybersecurity resilience, and consumer empowerment. To increase economic security and confidence in the digital economic ecosystem, policymakers should prioritize regulatory clarity, risk-based regulation, cybersecurity resilience, and consumer education. By addressing these concerns and enacting evidence-based regulations, stakeholders can create a more inclusive, transparent, and resilient digital financial ecosystem.

Exploring the Dynamic Influence of Board Diversity and Audit Practices on Firm Performance: A Study of Commercial Banks in Bangladesh

2024-04-02T05:08:47+00:00

This study evaluates the connection between corporate financial success, quality audit, and board diversity and draws from agency and stewardship theories. While agency theory suggests managers prioritize personal welfare over shareholder interests, stewardship theory asserts managers are reliable and trustworthy. The study finds mixed implications of board diversity on firm performance. Gender diversity, particularly female board representation, positively impacts financial performance, yet nationality diversity correlates negatively due to cross-cultural communication barriers. Quality audits, indicated by higher audit costs, enhance financial performance through a comprehensive investigation. Thus, diversified boards and quality audits are crucial for market share, management adequacy, and improved financial metrics (ROA and ROE). Recommendations advocate genuine consideration of diversity in board composition and quality audit arrangements across sectors to bolster firm performance.