EFFECTS OF FORENSIC ACCOUNTING SERVICES ON FINANCIAL FRAUD PREVENTION AND DETECTION: A STUDY OF SELECTED DEPOSIT MONEY BANKS (DMBs) IN NIGERIA

BITRUS GODO, JOSHUA C. DARIYE

Abstract


Fraudulent activities are acts which are detrimental to the success and survival of every organisation as they serve hindrances to growth and development in an organisation. Fraud has been a very worrisome phenomenon and a major source of concern to Nigerian deposit
money banks (DMBs). It leads to misappropriation and mismanagement of both financial and non-financial resources in an organisation. Fraud detection and prevention have become essential to the survival and success of every Nigerian financial institution and other corporate
organisations. The study therefore, is designed to focus on the effects of forensic accounting services on fraud prevention and detection in Nigeria with a particular reference to selected deposit money banks (DMBs). In collecting data for the study, the use of survey (exploratory) and descriptive research design were employed. Under this design, data were generated from both primary and secondary sources through the use of questionnaire, personal interview and extensive review of related literature. Data were elicited from sampled respondents of the
target population which consists of staff of internal audit unit, internal control unit, accounting unit and other key management staff. Secondary data were sourced from libraries and the internet. From the analysis of data, it was revealed that forensic accounting services have significant roles and responsibilities to play in the prevention and detection of fraud in
corporate organisations. It was also found that the application of forensic accounting could detect significantly a higher number of frauds than conventional auditing. Finally, it is posited that forensic accounting practice and services would largely deter fraudulent activities in organisations, particularly, the deposit money banks (DMBs) in Nigeria. The study
recommends among others that corporate organisations in Nigeria should consider incorporating forensic accounting services in their system of operations so as to assist in effective and efficient fraud prevention and detection in the Nigerian financial system.

Keywords


Forensic Accounting, Services, Forensic Audit, Fraud, Prevention and detection

Full Text:

PDF

Refbacks

  • There are currently no refbacks.

Comments on this article

View all comments


International Journal of Management Science Research ISSN ISSN 2536 – 605X(Print)

Copyright: All rights reserved. No parts of this journal may be reproduced in any form; be it electronic, mechanic, photocopying, recording or otherwise without the prior written permission of the publisher.

To make sure that you can receive messages from us, please add the 'ijmsr.net' domain to your e-mail 'safe list'. If you do not receive e-mail in your 'inbox', check your 'bulk mail' or 'junk mail' folders…