FORENSIC ACCOUNTING AND FRAUD DETECTION CONTROL IN NIGERIA
Article Sidebar
Main Article Content
Abstract
The study empirically examined the impact of forensic accounting and fraud detection control in Nigeria. The specific objectives were to; examine the effectiveness of forensic accounting in financial fraud control, the effectiveness of forensic accounting in improving financial reporting quality, and to ascertain the relationship between forensic accounting and internal controls. The study adopted desk survey methods in gathering relevant information which was extracted from textbooks, libraries, published and unpublished journals. Pearson Product Moment Correlation statistical tool was adopted in this study. It was revealed that there was a significant relationship between forensic accounting and financial fraud detection, there was a significant relationship between forensic accounting and financial reporting quality and there was a significant relationship between forensic accounting and internal control. The study recommended that eradication of economic and financial crime through the adoption of forensic accounting in the system will improve the image of Institutions under review. Also, recommended that government and regulatory authorities should ensure the provision of standards and guidelines to regulate forensic activities above all, therefore Nigerians should embrace integrity, objectivity, fairness, and accountability in their day-to-day activities.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
References
Adebisi, J.F., Matthew, O.B. & Emmanuel, Y.V. (2016). The impact of forensic Accounting in fraud detection and prevention: Evidence from Nigerian public sector. International Journal of Business Marketing and Management (IJBMM), 1(5), 34-41.
Agbiboa, D. E. (2012). Between corruption and development: The political economy of state robbery in Nigeria. Journal of Business Ethics, 108(3), 325 - 345.
Akhidime, E. A & Uagbale-Ekatah, R. E. (2014). The growing relevance of forensic accounting as a tool for combating fraud and corruption: Nigeria experience. Research Journal of Finance and Accounting, 5(2), 2222 – 2847.
Akkeren, J. V. & Tarr, J. (2014). Regulation, compliance and the Australian forensic accounting profession. Journal of Forensic & Investigative Accounting, 6(3), 1 - 26.
Al Samara, M. F., AL Afeef, J. H., & Al Ali, O. A. (2017). The auditors’ perception on the effect of forensic accounting to mitigate earnings management in Jordanian companies. British Journal of Economics, Finance and Management Sciences, 14(2), 16-29.
Apostolou, B., Hassel, J.M., & Webber, S.A. (2002). Forensic expert classification of management fraud risk factors. Journal of Forensic Accounting, 1, 181 – 192.
Ayanwu, J.C. (1993). Monetary economics: Theory, Policy and Institution, Onitsha: Hybrid.
Claire, A. C., & Jude, I. O. (2016). Forensic accounting and fraud detection in Nigerian public sector. Igbinedion University Journal of Accounting, 2(5), 148 - 173.
Donald Cressey, R. (2018). The differential association theory and compulsive crimes. The Journal of Criminal Law, Criminology, and Police Science 45(1), 29–40.
Crumbley, D.L. (2001). Forensic accountants: older than you think. Journal of Forensic Accounting, 2(2), 181-202.
Degboro, D. and Olofinsola, J. (2007).Forensic accountants and litigation support engagement. Nigerian Accountant, 40(2), 49-52
Eiya, O. & Otalor, J. I. (2013). Forensic accounting as a tool for fighting financial crime in Nigeria. Research Journal of Finance and Accounting, 4(6), 8-21.
Enofe, A. O., Okpako, P. O. & Atube, E. N. (2013). The impact of forensic accounting on fraud detection. European Journal of Business and Management.
Enyi, E.P. (2009). Detection causes of variances in operational outputs of manufacturing organization; A Forensic Accounting Investigation Approach. Retrieved from http:/ssrn.com/abstract=1144783 [Accessed 24/02/2022].
Grippo, F.J. and Ibex, T. (2003).Introduction to forensic accounting. National Public accounting, 4, 4 – 8
Idris, O. A. (2017). Forensic accounting and financial fraud in Nigeria: problems and prospects. Journal of Accounting and Financial Management,3(1), 23 - 33.
Karwai, S.A. (2002). Bank fraud: can shariah prevent it? Journal of Business Administration, 2(1), 62 – 78
Modugu, K. P., & Anyaduba, J. O. (2013). Forensic accounting and financial fraud in Nigeria: An empirical approach Kennedy Prince. International Journal of Business and Social Science, 4(7), 281–289.
Mukorol, D. O. Ogijo Yamusa, O., & Faboyede, S. O. (2013). The role of forensic accounting in fraud detection and national security. Journal of Management Research, 5(1), 40-47.
Nonye, A. & Okoli, B. E. (2015). Forensic accounting as a veritable tool for efficient management of state-owned public sectors in Ebonyi state: The Accountants Perspective. British Journal of Education, 3(8), 55 -62.
Okafor, M. C. & Agbiogwu A. A. (2016). Forensic accounting and fraud prevention in Nigeria. European Journal of Accounting, Auditing and Finance Research, 4(6), 70-80.
Okafor, M. C. & Agbiogwu A. A. (2016). Forensic accounting and fraud prevention in Nigeria. European Journal of Accounting, Auditing and Finance Research, 4(6), 70-80.
Onodi, B. E., Okafor, T. G. & Onyali, C. I. (2015). The impact of forensic investigative methods on corporate fraud deterrence in banks in Nigeria. European Journal of Accounting, Auditing and Finance, 3(4), 69 – 85.
Owojori, A.A & Asaolu, T.O. (2009). The role of forensic accounting in solving the vexed problem of the corporate world. European Journal of Scientific Research, 29(2), 23-38
Ozuomba C.N., Ofor T.N.and Okoye P.V.C. (2016). Forensic accounting and fraud in the public sector a case of Imo state ministry of finance. Research Journal of Management Science. 1(6), 34-50.
Popoola, O. M. J., Che-Ahmad, A. & Samsudin, R. S. (2014): The role of forensic accounting in fraud detection in the public sector. Journal of Modern Accounting and Auditing. 10(8), 10-24.
Ramaswany, V. (2009): Corporate governance and the forensic accountant. The Certified Public Accountant (CPA) Journal, New York.[Accessed: 27/02/2022].
Sarkar, I. A. (2010). Corporate governance and accounting scandals. Journal of Law and Economics, 2(48),
Suleiman, N. & Othman, Z. (2016). Forensic accounting investigation for fighting public sector corruption in Nigeria: A Conceptual Paper. Proceedings of the 2nd UUM International Qualitative Research Conference 2016 24-26 May 2016. Penang, Malaysia, (194-202). Penang
Umar, I., Samsudin, R. S. & Mohamed, M. (2017). Appraising the effectiveness of the Economic and Financial Crimes Commission (EFCC) in tackling public sector corruption in Nigeria. Journal of Advanced Research in Business and Management Studies, 7 (2), 1-12.
Umar, I., Samsudin, R. S., & Mohamed, M. (2015). The types, costs, prevention and detection of occupational fraud: The ACFE perspective. Proceedings of the International Conference on Accounting Studies (ICAS) 2015 17-20 August 2015, Johor Bahru, Johor, Malaysia (501 - 505). Johor: www.icas.my.
Zachariah, P., Masoyi, A. D., Ernest, E. I. & Gabriel, A. O. (2014). Application of forensic auditing in reducing fraud cases in Nigeria Money Deposit Banks. Global Journal of Management and Business Research: D Accounting and Auditing, 14(2), 13 - 23.