Effects of Forensic Audit on Fraud Detection in the Nigerian Banking Sector
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Abstract
This study assessed the effects of forensic audit on fraud detection in the Nigerian banking sector. The objective of the study is to assess whether forensic audit affects fraud detection. Field survey was adopted as a research design for this study. Data was sourced from both primary sources (questionnaire and interview) and secondary sources (textbooks, journals & internet). A sample of 10 respondents from 10 banks in Yola totaling 100 was taken from the population. Regression was used in testing the hypothesis through the use of Statistical Package for Social Sciences (SPSS). Findings from the study revealed that forensic audit has a significant effect on fraud detection by virtue of the analysis showing an R square value of 0.795(i.e 79.5% approx.). The study recommends that the managements of deposit money banks should undertake regular forensic audits of their operations in order to effectively detect fraud that is currently bedeviling the Nigerian financial sector.
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