Title: The Role Of Forensic Accounting In Combating Financial Fraud In Nigeria
Authors: Akpovofene Josiah
Volume: 9
Issue: 2
Pages: 98-102
Publication Date: 2025/02/28
Abstract:
This study examines the role of forensic accounting in identifying and combating financial fraud in Nigeria, a country that has faced a substantial rise in fraudulent activities across its financial and corporate sectors. Objectives include evaluating the techniques used by forensic accountants to detect fraud and assessing the overall effectiveness of forensic accounting practices in Nigerian institutions. A qualitative case study methodology was employed, including interviews with forensic accountants, legal practitioners, and regulators, complemented by document analysis of financial reports and court cases involving fraud. Findings reveal that forensic accounting significantly aids in fraud detection and mitigation through data mining, forensic auditing, and other investigative techniques. However, challenges persist, such as regulatory barriers, limited expertise, and organizational resistance. Based on the findings, it was recommended among others that Nigerian authorities should improve policies that mandate forensic accounting as part of standard audit procedures, with regulatory bodies like the Central Bank and Financial Reporting Council promoting enforcement. Enhanced government support and funding for these bodies can improve compliance and accountability in fraud prevention.