ABSTRACT

This study aimed at examiningforensic accounting techniques onfraud detection andprevention in Nigeria. The ex-postfacto research design was adopted and data collectedfrom both 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 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 & Prevention (FDP) is positively influenced by AssistedAuditing Technique (CAAT),'Data Mining (DM), Relative Sice Factor (RSF) and Benford Law (BL). The study revealed that AssistedAuditing Technique (CAAT), Data Mining (DM), Relative Sice Factor (RSF) and Benford Law (BL) have a significant influence onfraud detection & prevention. 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 losing amount running into millions of naira 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 whetherfinancialstatementsfairlypresent thefinancialposition, results ofoperations and offinancial informationfor all users andshouldtherefore be included in the statutory auditor'sreport. Also, there should be great awareness ofthe problem offorensic accounting in Nigeria, as evidenced by articlesin accounting and businessjournals. This poses a major threat to the accounting profession, 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 togetherthen the concept oftrue andfair view can be a key part ofthe solution to this problem.