The accuracy and control of accounting information needed by investors (and other users) is a vital necessity in today’s globalized commercial markets. The increasing frequency and sophistication of fraud attempts by increasingly skilled but malicious individuals require the emergence, development and implementation of sophisticated forensic accounting techniques, in which forensic accounting experts can use their extensive practical skills and knowledge in the field. In Romania, this new subdiscipline of accounting will allow the systematic investigation of accounting records, financial transactions and supporting documents in order to obtain and provide relevant evidence for legal proceedings or other official contexts. This work was carried out by surveying accounting and financial professionals from Cluj-Napoca, with extensive experience in the field, in order to outline the red flags detected by them, for the identification of fraudulent activities, embezzlement of funds and other economic and financial crimes. This study also aims to outline the best methods and techniques of forensic accounting that can be applied in the field of fraud analysed, while highlighting the help given by artificial intelligence in detecting and assessing the risks of accounting fraud. The paper is part of a larger study that, in addition to fraudulent operations, also targeted tax evasion, money laundering, and corporate corruption through the perspective of the forensic accounting expert who works alongside forensic investigators.