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Impact of Forensic Accounting on Fraud Management: An Examination of Some Selected Deposit Money Banks in Nigeria

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  • ONYEMA, Chukwuemeka Collins

    (Department of Accounting, Faculty of Management Sciences, Lagos State University, Ojo)

  • OJO-AGBODU Ayodele. A. PhD

    (Department of Accounting, Faculty of Management Sciences, Lagos State University, Ojo)

  • ADEBAYO M. Adeniyi, PhD

    (Department of Accounting, Faculty of Management Sciences, Lagos State University, Ojo)

Abstract

This study examined the impact of forensic accounting on fraud management, a study of selected deposit money banks in Nigeria. The study used a survey research design and a five-point Likert scale to collect data used for the analysis of the research work. Regression Analysis and Analysis of (Variance (ANOVA) were used to analyze the data collected. The results revealed that forensic accounting has positive and significant impact on fraud prevention, fraud detection and fraud reduction in deposits money banks in Nigeria. The study has contributed to knowledge as follows: It would save the bank the heavy losses they experience due to fraud. It will serve as a policy statement to guide regulatory authorities. Researchers would also find the study very useful. The study therefore recommended that regulatory authorities in the financial industry should make it a policy and a requirement for all banks in Nigeria to have a forensic unit or department. The banks should invest in updated technology to curb fraud. Fraudulent bank staff should be prosecuted and forensic experts should be hired to provide litigation support to ensure that they are prosecuted. This would serve asa deterrence to others to desist from fraudulent acts.

Suggested Citation

  • ONYEMA, Chukwuemeka Collins & OJO-AGBODU Ayodele. A. PhD & ADEBAYO M. Adeniyi, PhD, 2024. "Impact of Forensic Accounting on Fraud Management: An Examination of Some Selected Deposit Money Banks in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(4), pages 1648-1661, April.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:4:p:1648-1661
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    References listed on IDEAS

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    1. Zabihollah Rezaee & E. James Burton, 1997. "Forensic accounting education: insights from academicians and certified fraud examiner practitioners," Managerial Auditing Journal, Emerald Group Publishing Limited, vol. 12(9), pages 479-489, December.
    2. Ozili, Peterson K, 2015. "Forensic Accounting and Fraud: A Review of Literature and Policy Implications," MPRA Paper 77236, University Library of Munich, Germany.
    3. M. O. Oladejo & Yinus Oluwaseun, 2015. "Impact of Forensic Accounting on Fraud Reduction in the Nigerian Banking Sector," International Journal of Empirical Finance, Research Academy of Social Sciences, vol. 4(4), pages 250-257.
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