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Abstract

Fraudulent practices in Uyo local government council have led to increased losses in the LG, hence the need to use forensic accounting services to detect and prevent such fraudulent activities. The council is a very important institution with many internal controls in order to overcome the fraudulent practices. The objective of this study was to examine the impact of forensic accounting services on fraud detection and prevention in an oraganisation, the most prevalent type of fraud and to establish the major areas of application of forensic accounting services. The data collection instrument preferred for the study was a questionnaire. 

Findings from the study saw that fraud detection and prevention increased when forensic accounting services was employed. The study used descriptive research survey design and uses a sample of 47 respondents. The data was analyzed using Statistical package for social sciences (SPSS). The study findings indicated that the application of forensic accounting in organisation led to increased fraud prevention and the highest application was on enhancing quality of financial reporting.

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

The growing demand for forensic accounting is a known characteristic of most companies in the world. Forensic accounting arises from the effect and cause of fraud and technical error made by human. Forensic accounting is quite new in Nigeria as companies have realized that the service of a forensic accountant is needed as fraud cases have substantially increased in number. Forensic accounting is the application of financial skills and investigative mentality to unsettled issues, conducted within the context of the rules of evidence (Arokiasamy and Cristal, 2009).

Bologna and Lindquistn (1987) assert that forensic accounting as a discipline encompasses fraud knowledge, financial expertise, and a sound knowledge and understanding of business reality and the working of the legal system. Forensic accounting may be one of the most effective and efficient way to decrease and check accounting fraud. Presently, forensic accounting is gaining popularity worldwide. It is been taught as a major course in many educational institutions in various countries, Howard, and Sheetz, (2006).

It has been noted that “Government spending has always been a big business, but it has become so massive today that the public through its legislators is demanding to know whether the huge outlays of money are being spent wisely or whether they should be spent at all.” Officials and employees who manage public sector activities are by virtue of that duty, required to render adequate accounts of their activities to the public (Ribadu, 2005).

The incidence of fraud continues to increase across private and public sector organizations and across nations. Fraud is a universal problem as no nations is immuned, although developing countries and their various states suffer the most pain.

Forensic accounting is said to bring significant improvement in the quality of fraud detection and prevention. This study meant to help and remind the public sector organization of Kogi State, in the affected ministries to design an integrated approach to preventing and controlling fraud and corruption within the workplace through an establish service of Professional Forensic Accountants.

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STATEMENT OF THE PROBLEM

Recently, series of fraud have been committed both in the public sector and private sector of the economy. These in no doubt are perpetrated under the supervision of the internal auditors of the organization. It suffices to say that the independent of the internal auditor is not guaranteed because he works as an employee of the government or organization. Then come the idea of external auditors, yet frauds are still being committed on a daily basis.

The above scenario indicated that as more and more development both in the information Communication Technology (ICT) world and other fields, so fraudsters continue to groom their own tactics towards fraudulent practices.

It now become pertinent that forensic accounting be introduced and practices since the external auditors do not or may not have the required training to be able to tackle modern frauds like white collar crimes such as security fraud, embezzlement, bankruptcies, contract disputes and possibly criminal financial transaction; including money laundering by organized criminals, also is the ability of the forensic accountant to provide litigation support and investigative accounting. These areas have become a complex area of concern for the accounting profession.

OBJECTIVES OF THE STUDY

The objective of the study is to find out the following:

To examine the role of Forensic Accountant in an organization.

To examine the possibility of reducing the occurrence of fraud cases using Forensic Accounting.

To find out whether Forensic Accountant can help in detecting and preventing fraud in the Public Sector

To examine if there is significance difference between Forensic Accountants and External Auditors.

RESEARCH QUESTIONS

What is the role of Forensic Accountant play in an organization?

Is there any possibility of reducing the occurrence of fraud cases using Forensic Accounting?

Can Forensic Accountant help in detecting and preventing fraud in the Public Sector?

Is there any significance difference between Forensic Accountants and External Auditors?



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