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Forensic Accounting Crucial in Combating Bank Fraud in Nigeria

Forensic accounting skills are essential for detecting and preventing bank fraud in Nigeria. A study by Okoye and Mbanugo (2020) found that forensic accounting can be an effective tool for detecting and preventing fraud in public tertiary institutions in South East Nigeria.

Similarly, Oranefo and Egbunike (2021) explored the viability of forensic accounting techniques in combating financial statement fraud in Nigerian organizations. Their findings showed that forensic accounting can be an effective means of detecting and preventing financial fraud.

Other studies have also emphasized the importance of forensic accounting in combating bank fraud in Nigeria. For example, Unuigbokhai and Bagudu (2022) explored the role of forensic accounting and fraud detection control in Nigeria, while Umar et al. (2017) appraised the effectiveness of the Economic and Financial Crimes Commission (EFCC) in tackling public sector corruption in Nigeria.

Forensic Accounting: A Key Tool in Combating Bank Fraud

The studies demonstrate the crucial role that forensic accounting plays in combating bank fraud in Nigeria. The use of forensic accounting skills can help detect and prevent fraudulent activities, thereby reducing financial losses and promoting transparency and accountability.

As emphasized by Power (2021), a robust financial reporting system is essential for preventing financial fraud. Forensic accounting can play a key role in ensuring the integrity of financial reports and detecting fraudulent activities.

Importance of Forensic Accounting

The importance of forensic accounting was also highlighted by Sa’id and Azmi (2020), who explored the challenges of combating fraudulent practices in Nigeria’s public sector. Their findings showed that forensic accounting can be an effective means of detecting and preventing financial fraud.

Overall, the studies emphasize the need for organizations and regulatory bodies to adopt forensic accounting techniques to combat bank fraud in Nigeria. By using forensic accounting skills, organizations can detect and prevent fraudulent activities, thereby promoting transparency and accountability.

References

  • Okoye, K.R.E., Mbanugo, C.I. (2020). Forensic accounting a tool for fraud detection and prevention in the public tertiary institutions in South East Nigeria. European Journal of Education Studies, 7(6), 1-12.
  • Oranefo, P.C., Egbunike, C.F. (2021). An exploration of the viability of forensic accounting techniques in combating financial statement fraud in Nigerian organizations. Annals of Management and Organization Research, 3(1), 69-81.
  • Onodi, B.E., Okafor, T.G., Onyali, C.I. (2015). The impact of forensic investigative methods on corporate fraud deterrence in banks in Nigeria. European Journal of Accounting, Auditing and Finance, 3(4), 69–85.
  • Onah, V.C., Ugwu, J.I., Dada, S.B. (2022). Forensic accounting in predicting the financial performance growth of MTN mobile communication in Nigeria. Journal of Environmental Science and Economics, 67-76.
  • Ozuomba C.N., Ofor T.N., Okoye P.V.C. (2016). Forensic accounting and fraud in the public sector a case of Imo state ministry of finance. Research Journal of Management Science, 1(6), 34-50.
  • Power, M. (2021) The financial reporting system – what is it?, Accounting and Business Research, 51:5, 459-480.
  • Sa’id, S.U., Azmi, K.S. (2020). Challenges of combating fraudulent practices: Evidence from Nigerian public sector. Journal of Financial Crime, 27(2), 141-155.
  • Sule et al. (2019). The effect of forensic accounting investigation in detecting financial fraud in Nigeria. International Journal of Accounting and Finance, 11(1), 1-15.
  • Unuigbokhai and Bagudu (2022). The role of forensic accounting and fraud detection control in Nigeria. Journal of Financial Regulation and Compliance, 30(3), 242-255.
  • Umar et al. (2017). An appraisal of the effectiveness of the Economic and Financial Crimes Commission (EFCC) in tackling public sector corruption in Nigeria. International Journal of Public Sector Management, 30(6), 533-546.