Submit your papersSubmit Now
For Enquiries: [email protected]
IIARD LogoIIARD

Forensic Accounting and Fraud Prevention of Federal Government Agencies in Rivers State, Nigeria

Eneisik Gogo Erasmus, Ayasa, Juanah Fred

Abstract

The study empirically investigated the relationship between forensic accounting and fraud prevention of federal government agencies in Rivers State, Nigeria. The population of the study comprises of 450 management staff of 90 federal government agencies in Rivers State, Nigeria. The study adopted Taro Yamane sampling techniques to determine the sample size of 212. The study adopted the use of primary data obtained through five point likert scale questionnaire to elicit responses from respondents. A total of 212 questionnaires were distributed to the respondents while 210 were used for the analysis. The study adopted Pearson product moment correlation coefficient to analyze the formulated hypotheses with the aid of statistical package for social sciences version 22. The findings show that investigative accounting, litigation support services significantly influenced whistleblowing policy and fraud risk assessment of federal government agencies in Rivers State, Nigeria. The study concludes that there is a significant relationship between forensic accounting and fraud prevention of federal government agencies in Rivers State, Nigeria. The study recommends among others that federal government agencies should introduce automated internal control systems, implement whistleblower mechanisms, develop and enforce anti-fraud policies, established specialized fraud units, and promote awareness and ethics. Introduce data mining tools to regularly analyze vast amounts of transaction data to spot patterns, anomalies, or suspicious transactions. Conduct periodic fraud risk assessments to identify vulnerable points in their financial systems.

Keywords

Forensic AccountingFraud PreventionNigeria

References

Adebisi, J., & Gbegi, D. (2015). Fraud and the Nigerian public sector performance. The need for forensic accounting. Internal Journal of Business, Humanities and Technology, 5(5), 67-78 Adebisi, J. F., Matthew, O. B., & Emmanuel, Y. V. (2016). The impact of forensic accounting in fraud detection and prevention: Evidence from Nigerian public sector. International Journal of Business Marketing and Management 1(5), 34-41 Ahadiat, N. (2010). Skills Necessary for a Successful Career in Accounting. Journal of the Department of Accounting, 1(2), 1-20. Akinbowale, O. E., Klingelhöfer, H.E., & Zerihun, M.F (2020). An innovative approach in combating economic crime using forensic accounting techniques. European Scientific Journal, 4(2), 1-20 Akinleye, G. T. (2021). Forensic accounting as a tool for mitigating corporate failure. Journal of Accounting and Financial Management, 7(2), 1-12. Akkeren, J. V., & Tarr, J. (2014). Regulation, compliance and the Australian forensic accounting profession. Journal of Forensic & Investigative Accounting, 6(3), 1 - 26. Albrecht, W. S., Albrecht, C. O., Albrecht, C. C., & Zimbelman, M. F. (2012). Fraud examination (fourth). South-Western,: Cengage Learning Albrecht, W. S., Albrecht, C. O., Albrecht, C. C., & Zimbelman, M. F. (2018). Fraud examination. Cengage Learning. Alshurafat, H., Beattie, C., Jones, G., & Sands, J. (2019). Forensic accounting core and interdisciplinary curricula components in Australian Universities: Analysis of Websites. Journal of Forensic and Investigative Accounting, 11(2), 353-365 Amadiebube, R. M. (2008). Money laundering: The role of a forensic accountant as an expert witness: CAMS. American Institute of Certified Public Accountants (2020). Forensic and valuation services. AICPA. Appah, E., & Inini, W.J. (2021). Forensic investigation and mitigation of occupational fraud in the Nigerian public sector. Brody, R. G., Mulig, E., & Kimball, V. (2017). Investigating digital crime. John Wiley & Sons. Bingilar, P. F., & Light, O. B. (2021). Forensic audit: A tool for fraud detection and prevention in Nigerian banks. IOSR Journal of Economics and Finance, 12(5), 06-14. Carnes, K.C., & Gierlasinski, N.J. (2001). Forensic accounting for the fraud examiner. The CPA Journal, 71(9), 14-15. Carrier, B. (2006). File system forensic analysis. Addison-Wesley. Center for Forensic Studies (2010). Roundtable on the role of forensic and investigative accounting: Challenges for Banking Industry. Lagos, Nigeria: Nigeria Institute of Legal Studies. Claire, A. C., & Jude, I. O. (2016). Forensic accounting and fraud detection in Nigerian public sector. Igbinedion University Journal of Accounting, 2(5), 148 - 173 Coenen, T. (2018). Forensic accounting for dummies. John Wiley & Sons. Cohen, J., Ding, Y., Lesage, C., & Stolowy, H. (2018). Corporate Fraud and Internal Control: A Framework for Prevention. John Wiley & Sons. Committee of Sponsoring Organizations of the Tradeway Commission (2013). Internal control Integrated framework. Committee of Sponsoring Organizations of the Treadway Commission. Committee of Sponsoring Organizations of the Treadway Commission (2013). Internal control – integrated framework: Executive summary. Cressey, D. R. (1953). Other people’s money: A study in the social psychology of embezzlement. Glencoe: Free Press. Crumbley, D. L. (2013). Forensic and investigative accounting. CCH Publishing Crumbley, D. L., Heitger, L. E., & Smith, G. S. (2015). Forensic and investigative accounting. CCH Incorporated. Crumbley, D. L., & Appostolou, O. (2005). Qualifying as an expert witness. Expert Witnessing in Forensic Accounting, 45. Dada, E. E., & Jimoh, O. O. K. (2020). Forensic accounting and fraud management: Evidence from Nigeria. Igbinedion University Journal of Accounting, 2(6), 245-307. Dandago, K. I., & Rufai, A. S. (2013). The role of auditors in fraud detection, prevention and reporting in Nigeria. Kuwait Chapter of Arabian Journal of Business and Management Review, 2(6), 10-25. Davia, H.R. (2017). Forensic accounting: What it is and why it will work here. International Journal of Business and Social Science, 8(2), 66–78. Davis, C., Farrell, R., & Ogilby, S. (2010). Characteristics and skills of the forensic accountant. American Institute of Certified Public Accountants. Dada, S.O., & Okwu, A.T. (2013). Forensic accounting: A panacea to alleviation of fraudulent practices in Nigeria. International Journal of Business & Management Economics Research, 4(5), 1-20. Degboro, D., & Olofinsola, J. (2007). Forensic accountants and litigation support engagement. Nigeria Accountant, 40(2), 49–52 Dhar, P., & Sarkar, A. (2010). Forensic accounting: An accountant's guide to fraud detection and control. Global Business and Economics Anthology, 2(4), 1-20 Dorminey, J., Fleming, A. S., Kranacher, M. J., & Riley, R. A. (2012). The evolution of fraud theory. Issues in Accounting Education, 27(2), 555-579. Dworkin, T. M., & Baucus, M. S. (1998). Internal vs. external whistleblowers: A comparison of whistleblowering processes. Journal of Business Ethics, 17(12), 1281-1298. Efiong, E. J. (2012). Forensic accounting education: An exploration of level of awareness in developing economies - Nigeria as a case study. International Journal of Business and Management, 7(4), 26-34. Ejoh, N. O. (2017). Forensic accounting, internal controls and fraudulent practices in Nigeria. Scholars Journal of Economics, Business and Management, 4(8), 555, 562 Enyi, V. (2012). The audit expectation gap problem in Nigeria the perception of some selected stake- Holder Group. Esoimeme, E. (2018). Effectiveness of forensic accounting as a panacea to the challenge of financial fraud. International Journal of Accounting, Finance and Risk Management, 3(4), 64-72. Evans, O. N. D., & Ocansey, P. (2017). Forensic accounting and the combating of economic and financial crimes in Ghana. European Scientific Journal, 1(3), 1-12 Ewa, U. E. (2022). Forensic accounting and fraud management in Nigeria. Journal of Accounting, Business and Finance Research, 14(1), 19-29. DOI:10.55217/102.v14i1.505 Ezejiofor, R. A., Duru, A. N., & Olise, R. O. (2014). An Appraisal of the Use of Forensic Accounting Services in Nigerian Companies. International Journal of Managerial Studies and Research, 2(9), 110-123. Financial Reporting Council (2018). Guidance on risk management, internal control and related financial and business reporting. Financial Reporting Council. Firas, H. (2021). The role of forensic accounting techniques in reducing cloud based accounting risks in the Jordanian five stars hotels. WSEAS Transactions on Business and Economics, 18(44), 434-443. Fyneface, N. A., & Oseiweh, O. S. (2017). Forensic accounting and fraudulent practices in the Nigerian public sector. International Journal of Arts and Humanities, 2(1), 171- 181 Gbegi, D. O., & Okoye, E. I. (2013). Application of forensic accounting techniques in the detection and prevention of fraud in Nigeria. Research Journal of Finance and Accounting, 4(1), 1-10. Gilbert, S. R., Raschke, R. L., & Malone, G. S. (2018). Emerging trends in expert witness testimony and the role of the CPA expert. In Advances in Accounting Behavioral Research (pp. 1-20). Emerald Publishing Limited. Godwin, O. E., Enyi, E. P., & Dada, S. O. (2018). Forensic accounting techniques and integrity of financial statements: an investigative approach. Journal of African Interdisciplinary Studies, 2(3), 1-20. Green, S. (2018). Fraud 101: Techniques and strategies for detection. Hoboken, NJ: Wiley. Grippo, F., & Ibex, J. (2003). Forensic accounting for divorce engagements: A practical guide. American Institute of Certified Public Accountants. Hegazy, S., Sangster, A., & Kotb, A. (2017). Mapping forensic accou

More Articles from JOURNAL OF ACCOUNTING AND FINANCIAL MANAGEMENT

Cashflow Management and the Performance of Commercial Banks in Nigeria

Author: Jeffrey Ayas Iyakonbogha, Clement E. Ozele

The Nigerian Code of Corporate Governance and Financial Performance of Deposit Money Banks in Nigeria

Author: i, Eneaniofu Daniel Mmaduakonam, ii, Azolike Nkiru Nkechi, iii, Emeter Patrick Okechukwu, iv, Okwor Emmanuel Ejimnkonye