The high profile corporate frauds reported over the past couple of decades have put the stakeholder’ confidence at bay. Investors have lost their investments entirely or substantially, and the stock market(s) not being immuned from the adverse effects of such frauds have also reacted sharply , at least in the short run, affecting thereby the vibrancy of the capital market in one hand and the economic progress of the country on the other hand. Prevention of corporate frauds has therefore become a necessity of the first order today to ensure that the country’s economic progress is not derailed and the stakeholders’ confidence is regained. And for prevention of corporate frauds, Forensic Accounting holds the key. This paper highlights the concepts and techniques of Forensic Accounting’, based on extensive review of literature, so as to generate interests in the minds of the learners and practitioners to appreciate forensic accounting as an emerging concept and a distinct field of study that can be put to effective use, through a strategic move, in every progressive organization, however profit or nonprofit seeking it may be, to detect as well as prevent frauds.

KEY WORDS: Forensic Accounting, Benford’s Law, Beneish Model, relative size factor, Computer Assisted Auditing Tools, Data mining, Strategy