IMPACT OF FORENSIC ACCOUNTING ON FRAUD DETECTION AND PREVENTION IN THE NIGERIAN DEPOSIT MONEY BANKS
Abstract
In Nigeria's banking industry especially, forensic accounting is becoming more and more acknowledged as an essential instrument in the fight against financial crime. This paper examines, with an emphasis on Ebonyi State, how forensic accounting affects fraud prevention in Nigerian banks. Employees of banks were surveyed quantitatively using pre-designed questions. The data was analysed and the connection between fraud prevention and forensic accounting methods (forensic investigation, expert consulting, and legal support) was assessed using regression analyses. The results show that, in the chosen institutions, fraud prevention and forensic investigation, as well as forensic litigation, have a strong negative correlation. Expert consultation did not, however, reveal a statistically meaningful relationship with fraud prevention. These findings show how critical forensic accounting is to reducing financial crime in Nigerian institutions and emphasise the necessity of raising stakeholder knowledge and providing training in forensic accounting procedures. Among the recommendations are more support for the use of forensic accounting services, better chances for forensic accounting specialists to get training, and attempts to lower the price of forensic consulting services to fund banking sector anti-fraud measures.
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