ABSTRACT
The relevance of' Forensic accounting has been
of growing interest to various stakeholders that include the government,
investors, practitioners and the regulatory bodies, While corporate failures
like the often cited Enron and WorldCom cases have globally brought forensic
accounting to the limelight, the growing relevance of forensic accounting is
largely derived from the ever growing spates of fraud and official corruption
that constitute the greatest threat to the socio-economic development of
Nigeria. This exploratory studs' portrays forensic accounting issues in
accounting and audit practice in Nigeria" will be conducted to focus on
most important pi'ublcms l'ncing a corporate organization. Their views were
obtained through structured intervic'.\ s and evaluated against known research
findings on the practice of forensic accounting in Nigeria. The key findings of
this study are that: there is a significant relationship hct\\ccn frequent
occurrence of fraud and loss of confidence in financial institutions. forensic
audit is a useful method of l'i'aud detection and prevention in financial
institutions, fraud is a general phenomenon. which exist in almost every
organization. the incidence of fraud affects every management and staff worker
of an organization when it occurs. tlicic is a relationship between fraud and
business failures. Most fraudulent acti\ itics that- lend to bank failures arc
done by insiders. That is people within the organization. More thaii 7fto cases
of bank failures are done by fraudulent activities, Most times emplovces of auì
organization. foil to report fraudulent activities when they occur, and
E'ou-iiuuitti hg of fraud in banks accounts to a general decline in
depositors!investors' confidence in the system.The study recommends among
others The internal control system of C\ cr institution must be strengthened so
as to be able to check fraud occurrence. An cxnuiplc of' such internal control
system is the segregation of duties SO that one person does not have total
control over an area of the institution. Employees training should be
encouraged so as to equate ti-ic over-Increasing complexity ii technologies
over tuie \ cars.
NWABUEZE, O (2021). Forensic Accounting Issues In Accountancy And Audit Practice In Nigeria (A Study Of An Audit Firm). Mouau.afribary.org: Retrieved Nov 01, 2024, from https://repository.mouau.edu.ng/work/view/forensic-accounting-issues-in-accountancy-and-audit-practice-in-nigeria-a-study-of-an-audit-firm-7-2
ONYEDIKACHI, NWABUEZE. "Forensic Accounting Issues In Accountancy And Audit Practice In Nigeria (A Study Of An Audit Firm)" Mouau.afribary.org. Mouau.afribary.org, 17 Nov. 2021, https://repository.mouau.edu.ng/work/view/forensic-accounting-issues-in-accountancy-and-audit-practice-in-nigeria-a-study-of-an-audit-firm-7-2. Accessed 01 Nov. 2024.
ONYEDIKACHI, NWABUEZE. "Forensic Accounting Issues In Accountancy And Audit Practice In Nigeria (A Study Of An Audit Firm)". Mouau.afribary.org, Mouau.afribary.org, 17 Nov. 2021. Web. 01 Nov. 2024. < https://repository.mouau.edu.ng/work/view/forensic-accounting-issues-in-accountancy-and-audit-practice-in-nigeria-a-study-of-an-audit-firm-7-2 >.
ONYEDIKACHI, NWABUEZE. "Forensic Accounting Issues In Accountancy And Audit Practice In Nigeria (A Study Of An Audit Firm)" Mouau.afribary.org (2021). Accessed 01 Nov. 2024. https://repository.mouau.edu.ng/work/view/forensic-accounting-issues-in-accountancy-and-audit-practice-in-nigeria-a-study-of-an-audit-firm-7-2