Forensic Accounting A Panacea to Alleviation of Fraudulent Practices in Nigeria

Forensic Accounting A Panacea to Alleviation of Fraudulent Practices in Nigeria

Author by Dr. Andy Okwu

Journal/Publisher: International Journal Or Business Management And Economic Research

Volume/Edition: 4

Language: English

Pages: 787 - 792

Abstract

Fraudulent practices among Nigerians are major challenges facing the development of the country. The federal government has been making several efforts by setting up many anti corruption institutions to reduce cases of fraud and other economic crimes but the efforts seemed not to have been effective. This study attempts to look at the relevance of forensic accounting in the effective reduction in fraudulent practices in Nigeria. The study employed multiple regression technique to analyze the empirical data collected through questionnaire and oral interview and the hypothesis formulated was also tested. The results of the hypotheses tested revealed that fraud reduction is significantly and positively related to fraud investigation and detection through forensic accounting (p=0.01; ?1=0.409). Since p=0.01 is significant at 5%, the hypothesis that said fraud prevention is not significantly related to fraud investigation and detection through the employment of forensic accounting technique was rejected. Since the anticorruption commission did not have a forensic accounting unit at the time of this study, it is therefore recommended that forensic accounting unit be established by the commission and experts should be employed to ensure proper investigation of cases of fraud to assist the courts in effective prosecution of persons accused of fraudulent practices.


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