IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 10 NO. 10 2024
DOI: 10.56201/jafm.v10.no10.2024.pg147.175.

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Forensic Accounting Practices and Fraud Management in selected listed Fast Moving Consumer Goods (FMCGs) in Nigeria

ADEBAYO, M. Adeniyi, BOLARINWA, A. Sehilat, and RAHEED, O. Lateef

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Abstract

The study explores the influence of forensic accounting practices on fraud management in selected listed fast moving consumer goods (FMCGs) in Nigeria. Survey research design was used as the method for this study. The sample size was 20 quoted consumer goods companies as at 31st December, 2023 and 15 questionnaires each were allotted to each selected company which gave 300 observations out of which 258 were found useful. The sample size determination adopted was Taro Yemane which gave 20 companies. The Simple random sampling was the method employed for the sample. A structured questionnaire was employed as the data gathering tool. The research tool adopted for descriptive statistics was simple table, mean and standard deviation while the two hypotheses were tested using inferential statistics, analysis of variance (ANOVA), and ordinary least square (OLS). The findings revealed that forensic accounting practices have significant influence on fraud prevention of FMCGs in Nigeria (F= 2.071, p-value =0.000). Also, it was also discovered that forensic accounting practices significantly influence fraud detection in FMCGs (F= 1.698, p-value =0.000) indicating that forensic accounting practices enhance fraud management in FMCGs sector in Nigeria. From the findings of this study, revealed that fraud prevention in Nigerian fast-moving consumer products is significantly correlated with the use of forensic accounting techniques. Also, it was observed that forensic accounting practices significantly detect fraudulent activities easily in Nigerian fast moving consumer goods. According to the report, it is critical to update the organizational structure of the business to better accommodate forensic accounting services. Additionally, the business needed to develop precise guidelines to direct forensic accounting practices in the quickly evolving consumer products industry.

keywords:

Forensic accounting practices, fraud management, fraud prevention, fraud detection

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