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Financial Fraud Detection in Nigeria: A Study on the Role of Forensic Accounting

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Lagos, Nigeria - In a bid to tackle the menace of financial fraud in Nigeria, researchers at Global Wealth University have conducted a study on the role of forensic accounting in detecting and preventing fraudulent activities. The study, published in the latest issue of Pedagogik: Jurnal Pendidikan, reveals that forensic accounting plays a crucial role in identifying and preventing financial crimes in the public sector.

Study Highlights

  • Forensic accounting is essential for detecting and preventing financial fraud in the public sector.
  • Annual and periodic audits are not enough to prevent financial crimes; regular review of major financial transactions by forensic accountants is recommended.
  • Establishing a separate office for forensic accountants at all government levels in Nigeria can help improve transparency and accountability.

Recommendations

  • Employ forensic accountants’ services regularly to review all major financial transactions.
  • Provide management training on forensic fraud investigation for government agency employees.
  • Adopt a proactive approach to detecting and preventing financial fraud by employing forensic accountants and providing regular training.

Significance of the Study

The study’s findings are significant, as they highlight the need for government agencies to adopt a proactive approach to detecting and preventing financial fraud. By employing forensic accountants’ services and providing management training on forensic fraud investigation, governments can help improve transparency and accountability in public sector transactions.

Financial Fraud in Nigeria

Financial fraud is a significant problem in Nigeria, with billions of naira lost to fraudulent activities each year. Forensic accounting can play a critical role in detecting and preventing financial crimes, which can help improve the country’s economic development.

Conclusion

The study’s authors hope that their findings will contribute to ongoing efforts to combat financial fraud in Nigeria and other countries. The study was published in Pedagogik: Jurnal Pendidikan, a peer-reviewed journal that publishes research on education and related fields.

License: This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.