Effectiveness of the mechanisms of fraud prevention and detection in Nigeria

Efiong, Eme Joel; Inyang, Inyang O.; Joshua, Udeme

doi:10.14738/assrj.33.1894

Cited by 6 publications

(8 citation statements)

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“…The findings revealed that organizational use of forensic accountants was the least often used of any anti-fraud method but had the highest effectiveness rating. A similar finding was obtained by Efiong, Inyang & Joshua [20]. There is therefore the need to discover why an essential service such as this could have a low usage.…”

Section: Background Of the Studysupporting

confidence: 77%

Accountants’ Behavioural Intention to Use Forensic Accounting Techniques for Fraud Prevention and Detection in Nigeria

Efiong¹,

Joel²,

Inyang³

et al. 2016

SJEBM

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Section: Background Of the Studysupporting

confidence: 77%

Accountants’ Behavioural Intention to Use Forensic Accounting Techniques for Fraud Prevention and Detection in Nigeria

Efiong¹,

Joel²,

Inyang³

et al. 2016

SJEBM

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“…Isa (2011) for example, claimed that "the literature on fraud consistently claimed that an effective internal control system (ICS) is the primary means of preventing, detecting, and correcting fraud and errors". In contrast, Efiong, Inyang and Joshua (2016) posited that "forensic accounting techniques appeared to be the most effective and are currently used in most developed countries of the world". Many other studies stated that seem inconsistent with others in the subject of the effectiveness of fraud prevention mechanisms.…”

Section: Discussion: the Potential Outcome Of The Studymentioning

confidence: 99%

Development of Fraud Prevention (FP) Model Using the Theory of Planned Behavior

Rosli

Mohamed

et al. 2020

BER

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Fraud is a global issue overwhelming all aspects of human economic and business activities as it poses potential threat of financial losses. Many detection and prevention mechanisms, such as internal control systems, operational audits, codes of conduct and forensic accounting have been applied in organizations aiming to effectively mitigate internal fraud activities. However, fraud is still occurring. This study is therefore aimed to develop a multidimensional theoretical model which explains factors (categorized under attitude, subjective norms and perceived behavioral controls) that influence Levers of Controls (LOC); how level of LOC could influence fraud prevention framework as well as whether LOC could mediate the relationship between planned behavioral variables and effective fraud prevention framework. Concerning more on the adoption and post-adoption stages regarding drivers of LOC, this study constructs a model in attempt to close the knowledge gaps found in prior studies. From literature review, theories relating with fraud prevention and behavioral controls were examined to identify knowledge gaps within previous measurements of effective fraud prevention framework. A multidimensional Fraud Prevention (FP) model is then developed by innovating the Theory of Planned Behavior (TPB).

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“…There have been a lot of perception studies (ACFE, 2018;Othman et al, 2015;Bierstaker et al, 2006;Otieno, 2018;Mangala & Kumari, 2017;Zamzami, Nusa & Timur, 2016;Omar & Abu Bakar, 2012;Efiong, Inyang & Joshua, 2016;Micheni, 2016;Rahman & Anwar, 2014) conducted to establish the perceived effectiveness of preventive controls. The aforementioned studies observed that preventive controls comprising of enhanced audit commitees, internal audit department , staff rotation, fraud reporting policy, proper due diligence on customers, reference check on employees, code of conduct are very effective in deterring fraud.…”

Section: Literature Reviewmentioning

confidence: 99%

“…With reference to studies (Othman et al, 2015;Bierstaker et al, 2006;Otieno, 2018;Mangala & Kumari, 2017;Hakami & Rahmat, 2019;Zamzami, Nusa & Timur, 2016;Omar & Abu Bakar, 2012;Efiong, Inyang & Joshua, 2016;Micheni, 2016;Rahman & Anwar, 2014) conducted to establish the perceived effectiveness of detective controls. It was established that operational audits, fraud hotlines, forensic accountants, continous auditing, reference check on employees, data mining, fraud hotlines, virus protection, firewalls and filtering software were perceived to be effective in detecting and deterring fraud in Haron et al, (2014) contended that forensic accountants have the advantage of investigating beyond the accounting figures over the traditional auditors or the accountants.…”

Section: Literature Reviewmentioning

confidence: 99%

The Influence of Fraud Risk Management on Fraud Occurrence in Kenyan listed Companies

Mwangi

Ndegwa²

2020

IJFBS

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This study sought to establish the influence of fraud risk management practices in regard to preventive, detective and corrective controls on the level of fraud occurrence on listed firms in Kenya. This is because limited research had been conducted in the context of listed firms in Kenya and limited attention paid on how corrective controls influences fraud occurrence. A causal research design was applied. Data was obtained from a sample of 275 senior managers by using structured questionnaires. The findings revealed that only preventive and corrective controls had a profound negative effect on the degree of fraud occurrence on listed companies in Kenya. Conversely, detective controls did not considerably reduce fraud occurrence on listed companies in Kenya. The key implication of the findings noted by this study is that the proper implication of the most effectual anti-fraud measures can only be realized when the management are committed to do so. Additionally, corrective controls must be seriously looked into as an effective strategy of curbing fraud since they indeed are instrumental in curbing fraud. Future studies should be extended to the public sector in regard to the government ministries and the distinctive partitions of the private sector such as the insurance, real estate, manufacturing, automobile sectors among others respectively. Moreover, future studies can explore how firm size in terms of asset size or employee size moderates the relationship between fraud risk management practices and the level of fraud occurrence.

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Effectiveness of the mechanisms of fraud prevention and detection in Nigeria

Cited by 6 publications

References 0 publications

Accountants’ Behavioural Intention to Use Forensic Accounting Techniques for Fraud Prevention and Detection in Nigeria

Accountants’ Behavioural Intention to Use Forensic Accounting Techniques for Fraud Prevention and Detection in Nigeria

Development of Fraud Prevention (FP) Model Using the Theory of Planned Behavior

The Influence of Fraud Risk Management on Fraud Occurrence in Kenyan listed Companies

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