IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 8 NO. 7 2022
DOI: https://doi.org/10.56201/jafm.v8.no7.2022.pg180.191

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Influence of Forensic Accounting Services on Fraud Reduction in Nigerian Public Sector Organization

Onuora, J. K. J. Ph.D, Ezejelue Georgina, N

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Abstract

This study on forensic accounting services and fraud prevention in the Nigerian public sector was empirically investigated. The study is vital as it portrays the extent to which the application of forensic accounting services reduces the incidence of fraud in the government sector of Nigeria. Three hypotheses were formulated to guide the investigation and the statistical test of parameter estimates was conducted using Kendall’s Coefficient of Concordance. The study anchored on the White Collar Crime Theory adopted a Survey Design Approach. Hence, data were collected using questionnaire survey administered to the relevant accounting sections of federal government ministries, departments, agencies and parastatals in Awka metropolis. The empirical analysis of the study indicates that the application of forensic accounting service has reduced the incidence of frauds and has also led to fraud prevention at 1% significant level. Thus, the study concludes that the application of forensic accounting services prevents fraud in the in Nigerian public sector organizations. In lieu of this, the study recommended that government should establish a Public Recovery Fund (PRF), where funds collected through forensic accounting should be held and properly used to improve the performance of Nigerian public sector. Also, forensic accounting services are recommended in the Nigerian public sector as it brings fraud and other fraudulent practices to its lowest level.

keywords:

Forensic Accounting Services, Fraud, Fraud Reduction, Nigerian Public Sector

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