Application of Forensic Auditing and Financial Fraud Detection among Commercial Banks in Port Harcourt

Abstract

The study was the application of forensic auditing and financial fraud detection among commercial banks in Port Harcourt. The study adopted correlational research design aimed at determining the relationship between the application of forensic auditing and financial fraud detection among commercial banks in Port Harcourt. Two research questions and hypotheses guided the study. The population of the study comprised of 630 staff of five major commercial banks in Port Harcourt. The sample size of 315 respondents which is 50% of the entire population was used for this study. Two sets of self-constructed questionnaire titled Application of Forensic Auditing (QAFA) and Fraud Detection among Commercial Banks (QFDCB) were used in eliciting responses from respondents for this study. Out of the 315 copies of the questionnaires distributed only 284 copies were retrieved and used for the study. The research instruments were validated by two Business Educators and a Psychometrician. Pearson’s Product Moment Correlation Coefficient was used to analyse the two sets of data and the reliability index of 0.83 and 0.76 were obtained for Application of forensic auditing Questionnaire and Fraud detection among commercial banks Questionnaire respectively. Data collected were answered with the use of Pearson’s Product Moment Correlation Coefficient for research questions and T-transformation were used in testing the hypotheses at 0.05% level of significance. The findings of the study revealed that there is a positive relationship between collecting information, analyzing the evidence and financial fraud detection among commercial banks in Port Harcourt. It was recommended among others that; Banks should carry out regular appraisals of the financial statements, conducting background checks since it aids financial fraud detection and should

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