Forensic Accounting as an Instrument for Fraud Detection and Prevention in the Public Sector: Moderating on Ministries, Departments and Agencies in Nigeria

Olaniyan, Niyi Oladipo; Ekundayo, Ayodele Temitope; Oluwadare, Oladimeji Emmanuel; Bamisaye, Theresa Omolade

doi:10.22630/aspe.2021.20.1.5

Cited by 4 publications

(1 citation statement)

References 5 publications

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“…With the expansion of financial knowledge, it will assist forensic investigators in uncovering and perceiving abnormal patterns in accounting information, an exhaustive understanding of fraud schemes, including but not limited to misappropriations of assets, tax evasion, corruption, and the ability to understand corporate internal control systems (Bhasin, 2013). It thus shows that the knowledge of a forensic investigator is important and positively interacts with financial crime detection and prevention (Olaniyan et al, 2021).…”

Section: Knowledge Of Forensic Investigator and Investigation Process...mentioning

confidence: 97%

Causal Factors of Forensic Investigators Professional Traits to Expedite The Investigation Process

Khan¹,

Zulkifli²,

Noruddin³

2022

IJARAFMS

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Financial crimes have become dominant in the contemporary business environment. It is one of the most serious crimes endangering a country's national security and public safety. It is directly associated with legal, social, human rights, political and development issues. This research identifies the causal factors of the professional traits of forensic investigators in investigation process expeditions based on Malaysian evidence. Data for this study is collected through a questionnaire survey. A sample was driven from two enforcement agencies in Malaysia: National Audit Department (NAD) and the Malaysian Anti-Corruption Commission (MACC). A total of 83 questionnaires were distributed, collected and usable. Statistical techniques such as descriptive statistics, correlation, and regression analysis were used to analyze the data. Three hypotheses were developed, and the findings reveal a significant relationship between investigative technique and knowledge of forensic investigators and investigation process expedition. In contrast, the skills of forensic investigators show an insignificant relationship with the investigation process expedition. Issues on process expeditions are significant as the disruption in the process expedition will delay the case solving. Hence, this research provides insights into the forensic investigations process which would be useful for the Malaysian government to incite interest in forensic accounting for monitoring and investigation of suspected financial crime cases.

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Section: Knowledge Of Forensic Investigator and Investigation Process...mentioning

confidence: 97%

Causal Factors of Forensic Investigators Professional Traits to Expedite The Investigation Process

Khan¹,

Zulkifli²,

Noruddin³

2022

IJARAFMS

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Impact of forensic accounting on fraud detection and prevention: a case of firms in Pakistan

Naz,

Khan

2024

JFC

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Purpose This study aims to assess the effectiveness of forensic accounting techniques to prevent and detect fraudulent activities in firms in Pakistan. Design/methodology/approach A descriptive research approach has been adopted in this study. Primary data has been collected through structured questionnaires distributed to professionals from investigating firms, professional bodies and field researchers. The independent variables that were analyzed included fraud investigation, litigation support and dispute resolution, whereas the dependent variables were fraud detection and prevention. The Statistical Package for Social Sciences has been used for data analysis to derive objective results. Findings This research reveals that forensic accounting techniques such as fraud investigation, litigation support and dispute resolution have a positive impact on fraud detection and prevention in Pakistani firms. Practical implications Firms should train staff on forensic accounting techniques, implement fraud risk management and anti-corruption policies, conduct regular financial statement audits and develop a whistleblower protection program to encourage employees to report fraudulent activities. The government should develop regulations and guidelines to promote the use of forensic accounting in firms. Originality/value This study is covering the gap in literature on financial fraud and forensic accounting practices concerning emerging economies such as Pakistan. This study can serve as a valuable resource for firms and policymakers to strengthen their fraud prevention efforts and build a more robust culture of financial integrity.

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Building the Foundation: Towards a Theoretical Framework for Forensic Accounting

Vutumu

2024

IJAFRM

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This study proposed a forensic accounting theory after examining how the impact of certain variables and their interplay on forensic accounting practices can contribute to developing integrated and robust fraud prevention strategies, enhance organizational accountability, and strengthen the overall integrity of financial and internal control systems. In literature, most studies on forensic accounting and fraud prevention have primarily focused on broader aspects such as governance, ethics, and accountability and are largely predicated on theories such as fraud diamond theory and agency theory that seek to understand the causes of fraud, highlighting the importance of forensic accounting in fraud prevention and detection, without suggesting practical forensic accounting frameworks. Also, the forensic accounting theory developed by Peterson Ozil in 2020 examines how the investigator’s attitude or mindset at the time of decision-making influences the outcomes of a forensic investigation. While these studies provide valuable insights into the overall context of fraud prevention, there is a scarcity of research on the specific forensic accounting processes that should be implemented to enhance the effectiveness of fraud prevention measures. This is the significant difference between the current study and previous studies. Therefore, the proposed Vutumu Forensic Accounting Theory serves as the guiding philosophy that underpins the integrated approach of combining control system reliance, litigation support, whistleblower hotlines, sustainable governance systems, ethical philosophy, digital fraud review frequencies, accounting record to reporting quality, and the frequency of system reviews, thereby enabling organizations to establish a proactive framework that addresses various dimensions of fraud prevention and detection. The implementation of the theory emerges as a formidable and comprehensive anti-fraud strategy, seamlessly integrating multiple elements to create a robust defense against fraudulent activities, safeguarding financial integrity, ethical conduct, and accountability within organizations. Furthermore, it is the researcher’s desire that this study serve as a foundation for further research and practical implementation of forensic accounting frameworks in strengthening the ability to detect and prevent fraud.

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Forensic Accounting as an Instrument for Fraud Detection and Prevention in the Public Sector: Moderating on Ministries, Departments and Agencies in Nigeria

Cited by 4 publications

References 5 publications

Causal Factors of Forensic Investigators Professional Traits to Expedite The Investigation Process

Causal Factors of Forensic Investigators Professional Traits to Expedite The Investigation Process

Impact of forensic accounting on fraud detection and prevention: a case of firms in Pakistan

Building the Foundation: Towards a Theoretical Framework for Forensic Accounting

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