Implementing Forensic Audit Standards in Nigeria: Challenges and Opportunities

A few challenges the Nigerian economy is struggling with include Fraud and Corruption, Mismanagement, Inflation, and Crimes such as Cybercrimes, Terrorism, Banditry, Kidnapping, and Armed Robbery. The major objective of this study is to ascertain the challenges and opportunities of implementing forensic audit standards in Nigeria. Information was sourced secondarily using descriptive research to describe and document existing practices, and conditions regarding implementing forensic audit standards in Nigeria. The findings are that there is a need for adequate funding and investment in training for professionals. Also, there should be coordination between stakeholders such as regulators, auditors, and law enforcement agencies involved in forensic audit standards implementation. A major challenge is the lack of a legal or regulatory framework for implementing forensic audits in Nigeria. There is a need for developing laws and regulations to support the implementation of forensic audit standards. To encourage people to report fraud and corruption, there is a need for an effective whistleblowing system. Due to the weaknesses in the legal system and resistance from corrupt individuals in organizations and government institutions, there are challenges of non-compliance with forensic audit standards. There is a need for an effective and efficient legal system that can enforce forensic audit standards to sanction offenders.