RPA and Financial Fraud Detection: Enhancing Controls and Compliance in Accounting Practices

Abstract

This research paper explores the integration of Robotic Process Automation (RPA) in financial fraud detection to bolster controls and compliance within accounting practices. Financial fraud remains a pervasive challenge for organizations worldwide, posing significant risks to financial stability and reputation. Traditional methods of fraud detection often fall short due to manual processes and limited scalability. However, RPA offers a promising solution by automating repetitive tasks, enhancing data analysis, and strengthening internal controls. This paper examines the role of RPA in detecting financial fraud, its benefits, challenges, and implementation considerations. Moreover, it discusses the implications of RPA adoption for regulatory compliance and the future outlook of RPA in accounting practices.