Effect of Forensic Accounting and Litigation Support on Fraud Detection of Banks in Nigeria

Bassey, Bassey; Eyo, Bassey; Ahonkhai, Ahonkhai; Ebahi, Ohimai

doi:10.9790/487x-1906055660

Cited by 13 publications

(13 citation statements)

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“…It was therefore recommended that there should be more forensic accountants' involvement in fraud detection in order to reduce the rate of financial crime in Nigeria. Bassey and Ahonkhai (2017) found that forensic accounting and litigation supports do not have significant effect on fraud detection in Nigerian companies (banks).…”

Section: Theoretical Frameworkmentioning

confidence: 96%

“…Furthermore, internal controls alone are not sufficient in preventing / mitigating fraudulent activities in an organization. The corporate culture, attitudes of senior management and all employees, must be such that the company is fraud resistant (Bassey & Ahonkhai, 2017). Unfortunately, many auditors feel that corporate culture is beyond their sphere of influence.…”

Section: Literature Review Conceptual Reviewmentioning

confidence: 99%

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Forensic accounting and fraud mitigation in the manufacturing industry in Nigeria

Osunwole¹

2020

IJIE

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This study examined the influence of forensic accounting practices and reduction of fraud in manufacturing industry in Nigeria. Descriptive survey design was utilized to conduct the study. The target population for this study was all the manufacturing firms listed on the floor of Nigerian Stock Exchange (NSE) market as at 31st December, 2019. Purposive sampling technique was used to select five (5) firms which emerged as the sample of the study. Primary data was used for the study and questionnaires were used as data collection tool. One hundred seventy five (175) copies of structured questionnaires were distributed to forensic accountants and auditors of the selected listed manufacturing companies in which all were retrieved and analyzed. The study results established that forensic accounting had positive and significant effect on financial fraud reduction and improvement of internal control system of manufacturing companies respectively. The study concluded that forensic accounting practices such as; fraud investigation and fraud litigation are very important for the reduction of financial fraud in manufacturing companies. The study recommends that the inclusion of forensic accounting in the code of corporate governance practices will drastically reduce financial fraud in manufacturing industry and that manufacturing companies in Nigeria step up their forensic accounting practices in order to deter fraud. This they can achieve by making forensic auditing of financial records a regular and routine activity.

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Section: Theoretical Frameworkmentioning

confidence: 96%

Section: Literature Review Conceptual Reviewmentioning

confidence: 99%

Forensic accounting and fraud mitigation in the manufacturing industry in Nigeria

Osunwole¹

2020

IJIE

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“…Fraud management refers to a set of strategies, processes, and actions that organizations implement to detect, prevent, respond to, and mitigate fraudulent activities within their operations [14]. The primary goal of fraud management is to safeguard an organization's assets, reputation, and financial well-being by identifying and addressing fraudulent behavior, which can include activities such as theft, embezzlement, bribery, cybercrime, financial statement manipulation, and various forms of deception [15]. Fraud management is crucial in various industries, including finance, healthcare, retail, and government, as it helps organizations protect their assets and maintain the trust of stakeholders, customers, and the public.…”

Section: Fraud Managementmentioning

confidence: 99%

Symbiotic Relationship of Internal and External Auditing in Enhancing Fraud Management: Insights from Nigerian Deposit Money Banks in Bayelsa State

Akinadewo

2023

IJEBM

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Fraud represents a formidable challenge to financial institutions worldwide, imposing not only substantial economic costs but also jeopardizing the trust and integrity upon which these institutions are built. This study, therefore, aimed to investigate the impact of auditing on fraud management in Nigerian deposit money banks in Bayelsa. This study employed a survey research design and data were sourced through the distribution of wellstructured questionnaires administered to the targeted respondents. The population covered the employees of all the Deposit Money Banks in Bayelsa State. The study purposively sampled 50 employees across the selected banks. Data were analysed using descriptive and inferential statistics.The findings showed that internal and external auditing exhibited a statistically significant and positive effect on fraud management among the selected deposit money banks in Nigeria. This study concluded that if the management of banks in Nigeria is in adherence and compliance with all the relevant statutes and regulations, it will drastically reduce fraud occurrence in Nigerian banking Sectors. This study recommends that Nigerian Deposit Money Banks should continue to strengthen their internal auditing practices. This can be achieved by investing in training and development for internal auditors to keep them up-to-date with evolving fraud risks and control techniques.

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“…The Forensic accountant can help legal authorities in the proceedings of a lawsuit or in defending one in addition to giving presentations about economic issues relative to the lawsuit. Forensic accountants may often be asked to provide solutions to legal conflicts before going to court (Bassey et al, 2017). In addition, the forensic accountants can assist in obtaining documents necessary to sustain or disprove allegations, present them determining the loss, and giving a preliminary assessment of the case at hand.…”

Section: Litigation Supportmentioning

confidence: 99%

Impact of Forensic Accounting Domains on Financial Corruption in Lebanon – An Empirical Study

Abou-Zeid¹,

El-Mousawi²,

Younis³

2020

IJEF

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Forensic accounting was developed after the widespread corruption in the world of business today. It is now considered a fundamental branch of accounting since it revolves around disputes and issues in the law that require accounting and legal knowledge and practices to be resolved. This study examines the impact of two forensic accounting domains – the expert witness and litigation support – on financial corruption in Lebanon. The study adopts the analytical descriptive approach utilizing an empirical study. A well-structured five-point Likert style questionnaire was devised as the study tool and was distributed among a sample of 323 of the total population that consists of all certified public accountants (CPAs) in Lebanon, tax controllers, senior tax controllers, and heads of the departments and divisions in the Lebanese Ministry of Finance, and auditors at the Lebanese Audit Bureau. The study reached important findings, mainly that there is an impact of the expert witness, which is one of the forensic Accounting domains, on curbing financial corruption in Lebanon, and that there an impact of the litigation support, which is one of the forensic Accounting domains, on curbing financial corruption in Lebanon.

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Effect of Forensic Accounting and Litigation Support on Fraud Detection of Banks in Nigeria

Cited by 13 publications

References 1 publication

Forensic accounting and fraud mitigation in the manufacturing industry in Nigeria

Forensic accounting and fraud mitigation in the manufacturing industry in Nigeria

Symbiotic Relationship of Internal and External Auditing in Enhancing Fraud Management: Insights from Nigerian Deposit Money Banks in Bayelsa State

Impact of Forensic Accounting Domains on Financial Corruption in Lebanon – An Empirical Study

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