Croatia’s Bankruptcy Law System Under Scrutiny: A Review of the Liability Framework

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Croatia’s bankruptcy law system has come under scrutiny due to the need for a more robust liability framework to prevent and detect financial fraud. A comprehensive review of the system has highlighted this issue, emphasizing the importance of a qualification that trains experts in forensic accounting.

The Master of Forensics in Finance and Accounting Qualification

The University of Split has launched a Master of Forensics in Finance and Accounting qualification, which includes modules such as:

• Crime Scene Investigation
• Forensic Chemistry and Molecular Biology
• Forensics in Finance and Accounting

This qualification aims to train experts who can perform tasks in the field of forensic accounting. The standard for this qualification ensures that graduates have the necessary knowledge and skills to investigate and analyze financial data.

Growing Demand for Forensic Accountants

The demand for forensic accountants is growing globally, driven by corporate scandals such as Enron and WorldCom. In Croatia, the establishment of a local branch of the Association of Certified Fraud Examiners (ACFE) is expected to contribute to the development of forensic accounting and further affirmation of experts who are specially trained to prevent and detect fraud.

Current State of Forensic Accounting Education in Croatia

Despite the growing demand for forensic accountants, there is currently no complete qualification in forensic sciences available outside of the University Department of Forensic Sciences at the University of Split. Integration of forensic accounting courses within accounting programs at other higher education institutions may not provide students with a comprehensive understanding of the field.

Experts’ Warning

Experts warn that unfavorable economic conditions and declining economic activities can lead to an increase in demand for forensic accountants. In light of the current COVID-19 pandemic, which has caused market disruptions and economic uncertainty, there is an increased need for professionals who have specialized knowledge to prevent and detect fraud.

The Importance of Education in Forensic Accounting

The American Institute of Certified Public Accountants (AICPA) emphasizes the growing demand for forensic experts in finance and accounting and highlights the need for appropriate education in this area. The AICPA provides guidelines for the development and inclusion of topics in forensic accounting in accounting curricula and programs.

Conclusion

In conclusion, Croatia’s bankruptcy law system is in dire need of a more robust liability framework to prevent and detect financial fraud. The Master of Forensics in Finance and Accounting qualification is poised to play a crucial role in addressing this issue. As the demand for forensic accountants continues to grow, it is essential that education programs keep pace with the changing needs of the industry.

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