Effect of Fraud Analytic and Financial Forensics on Fraud Management in Federal Government Ministries in Nigeria
Abstract
Nigeria, with its complex administrative structure and vast public expenditure, has encountered a multitude of fraudulent activities within its federal ministries. Fraudulent schemes range from bribery and corruption to procurement fraud, payroll fraud, and asset misappropriation. This study examined the effect of fraud analytic and financial forensic on fraud management in federal government ministries in Nigeria. The Population for this study consisted of all the 1550 staff of the Office of the Auditor General of the Federation. However, respondents for this study is Five Hundred and Twenty (520) of them are assigned forensic duties. Primary data was collected using 5-point Likert scale structured questionnaire for the study, the study employed the Partial Least Square Structural Equation Modeling (PLS-SEM) to model the regression analysis. The study found that fraud analytic has positive and significant effect on fraud management. Also, it was found that financial forensic has positive and significant effect on fraud management. It is concluded that fraud analytic and financial forensic has positive and significant effect on fraud management in the under study federal government ministries in Nigeria. Based on the study's findings, it is recommended that Federal government ministries in Nigeria should invest in building and enhancing their financial forensic capabilities. It is recommended that the government through the Office of the Auditor for the Federation should invest in advanced fraud analytics tools and technology to enhance fraud management capabilities within federal government ministries and agency.
Keywords
Fraud Analytic
Financial Forensic
Fraud Management
References
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