ABSTRACT
This
is aimed at evaluating the application offorensic accounting on fraud detection
and prevention in Nigeria. The ex-post facto research design and survey
research was adopted and data collectedfrom both primary and secondary sources.
The collected data was analyzed using the ordinary least square technique. The
empirical results ofthe study revealed that the estimated coefficient of the
regression parameters have positive sign and thus conform to our priori
economic expectation. The implication ofthis sign is that the dependent
variable, fraud detection andprevention (FDP) is positively influenced by
ComputerAssistedAuditing Technique (CAAT), Data Mining (DM), Relative Size
Factor (RSF) and Benford Law (BL). The study revealed that Computer Assisted
Auditing Technique (CAAT), Data Mining (DM), Relative Size Factor (RSF) and
Benford Law (BL) have a significant influence onfraud detection andprevention.
In view of the craze for money in Nigeria, misplace value judgment and the
prevailing harsh economic environment, frauds are on the increase and the banks
are loosing amount running into millions ofNaira to fraudsters almost on daily
basis. In most cases when the frauds are detected early, amount already drawn
are usually difficult to recover. The study recommended that auditors are
expected to consider whether the information presented in the financial
statements is relevant, reliable, comparable and understandable when forming an
opinion on whether financial statementsfairlypresents thefinancial position,
results ofoperations and cashflows ofan entity and are required to discuss
theirjudgment about the quality ofan entity’sfinancial statements with the
audit committee. It is recommended that this quality assessment will enhance
the usefulness offinancial informationfor all users and should therefore be
included in the statutory auditor’s report. Also, there should be great
awareness ofthe problem offorensic accounting in Nigeria, as evidenced by
articles in accounting and businessjournals. This poses a major threat to the
accountingprofession, in terms oftheir credibility and standing in the business
community. It also creates major problems of litigation risk for auditors. If
the government and the accounting profession in Nigeria work together then the
concept oftrue andJair view can be a keypart ofthe solution to this problem.
CHUKWU, C (2024). Effect Of Forensic Accounting Techniques On Fraud Detection And Prevention In Nigeria Financial Institution (A Study Of First Bank Plc):- Chukwu Chidera C. Repository.mouau.edu.ng: Retrieved Nov 23, 2024, from https://repository.mouau.edu.ng/work/view/effect-of-forensic-accounting-techniques-on-fraud-detection-and-prevention-in-nigeria-financial-institution-a-study-of-first-bank-plc-chukwu-chidera-c-7-2
CLARA, CHUKWU. "Effect Of Forensic Accounting Techniques On Fraud Detection And Prevention In Nigeria Financial Institution (A Study Of First Bank Plc):- Chukwu Chidera C" Repository.mouau.edu.ng. Repository.mouau.edu.ng, 30 Jul. 2024, https://repository.mouau.edu.ng/work/view/effect-of-forensic-accounting-techniques-on-fraud-detection-and-prevention-in-nigeria-financial-institution-a-study-of-first-bank-plc-chukwu-chidera-c-7-2. Accessed 23 Nov. 2024.
CLARA, CHUKWU. "Effect Of Forensic Accounting Techniques On Fraud Detection And Prevention In Nigeria Financial Institution (A Study Of First Bank Plc):- Chukwu Chidera C". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 30 Jul. 2024. Web. 23 Nov. 2024. < https://repository.mouau.edu.ng/work/view/effect-of-forensic-accounting-techniques-on-fraud-detection-and-prevention-in-nigeria-financial-institution-a-study-of-first-bank-plc-chukwu-chidera-c-7-2 >.
CLARA, CHUKWU. "Effect Of Forensic Accounting Techniques On Fraud Detection And Prevention In Nigeria Financial Institution (A Study Of First Bank Plc):- Chukwu Chidera C" Repository.mouau.edu.ng (2024). Accessed 23 Nov. 2024. https://repository.mouau.edu.ng/work/view/effect-of-forensic-accounting-techniques-on-fraud-detection-and-prevention-in-nigeria-financial-institution-a-study-of-first-bank-plc-chukwu-chidera-c-7-2