Financial Integrity Risk Assessment System (FIRAS)

About the Project

The increasing complexity of financial information creates challenges for professionals in identifying potential financial irregularities, tax-related concerns, financial distress, and other risk indicators efficiently. Conventional financial analysis often requires multiple ratios to be calculated and interpreted separately, making the process time-consuming and dependent on individual professional judgement. The Financial Integrity Risk Assessment System (FIRAS) was developed as a digital financial screening and decision-support tool that integrates forensic accounting, financial risk analysis, and tax-compliance screening within a single platform. Using selected financial statement data, FIRAS automatically generates six core indicators: Effective Tax Rate, Return on Assets, Debt-to-Assets, Profit Margin, Asset Turnover, and a financial-distress proxy. A rule-based risk-classification engine subsequently translates these indicators into Low, Moderate, or High risk levels and generates key findings and recommended follow-up actions. Unlike conventional ratio calculators, FIRAS provides an integrated workflow that transforms financial data into indicators, risk signals, and actionable areas for further professional investigation. The system also incorporates data validation, assessment documentation, report generation, and data-export functions. FIRAS has potential applications for auditors, accountants, internal auditors, tax professionals, financial analysts, management, educators, and students. As an early-screening mechanism, FIRAS is intended to complement rather than replace professional judgement. Overall, FIRAS offers a practical and structured approach to strengthening financial risk awareness, supporting preliminary assessment, and transforming financial information into early risk intelligence.