ABSTRACT
This study is to examine the Impact ofForensic
Audit on the Detection and Prevention ofFraud in Banks. The specific objectives
are to; determine the impact ofuncheckedfraud on the capital formation ofthe
firm, discover ifforensic audit has been a useful tool in prevention offraud
perpetration in business organization, determine iffrequent fraud increases
business mortality rate which affects economic growth of the nation, determine
the effect offorensic auditors in dependence on elimination offraud, discover
ifcompanies are always keen to reportfraud when there is existence of fraud in
the business organization, give advice or solution to the problems. To achieve
the objectives ofthe study survey research design was adopted and data
collected through the distribution ofquestionnaire among staffs ofthe First
bank, fidelity bank and United Bankfor Africa (UBA). Thefindings revealed that
the impact ofuncheckedfraud has affected the capital formation of many firms,
forensic audit has been an effective tool for prevention offraudperpetration in
the business, high business mortality rate is due to frequent fraud in the
organization, fear to report fraud is a major factor that leads to failure of commercial
banks, partial independence offorensic auditors and high cost offorensic audit
has significant effect with the performance and use offorensic auditors. The
study recommends that measures should be used instead of conventional audit to
reduce cases offraud and restore sanity and sanctity to the banking industry,
forensic audit should be taken to safeguard against future occurrence offraud
to eliminate mortality offirms, people should report fraud when it occurs in
the organization because to hide it, will create room for failures of business
and disinvestment by investor
MICHAEL, U (2024). Impact Of Forensic Audit On The Detection And Prevention Of Fraud In Banks:- Agu Onyekachi S. Repository.mouau.edu.ng: Retrieved Sep 07, 2024, from https://repository.mouau.edu.ng/work/view/impact-of-forensic-audit-on-the-detection-and-prevention-of-fraud-in-banks-agu-onyekachi-s-7-2
UNIVERSITY, MICHAEL. "Impact Of Forensic Audit On The Detection And Prevention Of Fraud In Banks:- Agu Onyekachi S" Repository.mouau.edu.ng. Repository.mouau.edu.ng, 26 Jul. 2024, https://repository.mouau.edu.ng/work/view/impact-of-forensic-audit-on-the-detection-and-prevention-of-fraud-in-banks-agu-onyekachi-s-7-2. Accessed 07 Sep. 2024.
UNIVERSITY, MICHAEL. "Impact Of Forensic Audit On The Detection And Prevention Of Fraud In Banks:- Agu Onyekachi S". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 26 Jul. 2024. Web. 07 Sep. 2024. < https://repository.mouau.edu.ng/work/view/impact-of-forensic-audit-on-the-detection-and-prevention-of-fraud-in-banks-agu-onyekachi-s-7-2 >.
UNIVERSITY, MICHAEL. "Impact Of Forensic Audit On The Detection And Prevention Of Fraud In Banks:- Agu Onyekachi S" Repository.mouau.edu.ng (2024). Accessed 07 Sep. 2024. https://repository.mouau.edu.ng/work/view/impact-of-forensic-audit-on-the-detection-and-prevention-of-fraud-in-banks-agu-onyekachi-s-7-2