ABSTRACT
This study aimed al examining the application
forensic accounting techniques on fraud detection andprevention in Nigeria. The
ex-postfacto research design was adopted and data collectedfrom hath primary
and secondary sources. The collected data was analysed using the ordinary
least- square technique. The empirical results the study revealed that the
estimated coefficient ofthe regression parameters have positive sign and thus
conform to outpriori economic expectation. The implication ofthis sign is that
the dependent variable Fraud Detection & Prevention (FDP) is positively
influenced by Assisted Auditing Technique (CAAT), Data Mining (DM), Relative
Size Factor (RSF) and Benford Law (BL). The study revealed that Assisted
Auditing Technique (CAAT), Data Mining (DM), Relative Size Factor (RSF) and
Benford Law. (BL) have a significant influence onfraud detection &
prevention. In view ofthe craze for money in Nigeria, misplace value judgment
and the prevailing harsh economic environment, frauds are on the increase and
the banks are losing 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 statements fairly present the financial position,
results of operations and cashflows ofan entity and are required to
discusdtheirjudgement about the quality ofan entity'sfinancial statements with
the audit committee. It is recommended that this quality assessment will
enhance the usefulness offinancial information for all users and should
therefore be included in the statutory auditor’s report. Also, there should be
great awareness of the problem offorensic accounting in Nigeria, as evidenced
by articles in accounting andfiusinessjourn'als. This poses a major threat to
the accounting profession, in terms, of their credibility and standing in the
business community. It also creates major problems oflitigation riskfor
auditors. Ifthe government and the accounting profession in Nigeria work
together then the concept oftrue andfair view can be a key part ofthe solution
to this problem.
FAVOUR, A (2024). Application Of Forensic Accounting Techniques On Fraud Detection And Prevention In Nigeria:- Obialor, Favour A. Mouau.afribary.org: Retrieved Oct 30, 2024, from https://repository.mouau.edu.ng/work/view/application-of-forensic-accounting-techniques-on-fraud-detection-and-prevention-in-nigeria-obialor-favour-a-7-2
AMARACHI, FAVOUR. "Application Of Forensic Accounting Techniques On Fraud Detection And Prevention In Nigeria:- Obialor, Favour A" Mouau.afribary.org. Mouau.afribary.org, 09 Jul. 2024, https://repository.mouau.edu.ng/work/view/application-of-forensic-accounting-techniques-on-fraud-detection-and-prevention-in-nigeria-obialor-favour-a-7-2. Accessed 30 Oct. 2024.
AMARACHI, FAVOUR. "Application Of Forensic Accounting Techniques On Fraud Detection And Prevention In Nigeria:- Obialor, Favour A". Mouau.afribary.org, Mouau.afribary.org, 09 Jul. 2024. Web. 30 Oct. 2024. < https://repository.mouau.edu.ng/work/view/application-of-forensic-accounting-techniques-on-fraud-detection-and-prevention-in-nigeria-obialor-favour-a-7-2 >.
AMARACHI, FAVOUR. "Application Of Forensic Accounting Techniques On Fraud Detection And Prevention In Nigeria:- Obialor, Favour A" Mouau.afribary.org (2024). Accessed 30 Oct. 2024. https://repository.mouau.edu.ng/work/view/application-of-forensic-accounting-techniques-on-fraud-detection-and-prevention-in-nigeria-obialor-favour-a-7-2