The Rise of Fraud Examination and Forensic Accounting in Africa: The Nigerian Experience

Abstract

This paper documents the rise of fraud examination and forensic accounting education and research in Africa, using Nigeria to mirror the development. With attendant fraud and corrupt practices in Nigeria there are muted discussions on strategic ways to build capacity in the drive to curtail these unwholesome practices. The paper concludes, inter alia, that: (i) fraud examination and forensic accounting (FEFA) education has become an indispensable subject area in the light of the challenge of fraud and corruption in Nigeria's (and Africa's) economy; (ii) there is currently no formal structure for FEFA education in Nigerian tertiary education system even though there is some evidence of integration of forensic accounting education at the undergraduate and postgraduate levels; and (iii) due to the skill set required, FEFA education cannot be conveniently subsumed under traditional accounting programmes. The study recommends the articulation of a clear framework for FEFA education, coordinated by tertiary education regulators and inclusion of routine forensic audits as part of the corporate governance architecture of public and private sector organizations in Nigeria.

Fraud and Forensic Accounting Education: Prospects and Challenges in Nigeria

“…The empirical evidence of this study supports the theoretical conclusions reached by Herbert et al (2017) The present study's conclusions lend to the following recommendations. First, an urgent review of the role of BMAS in autonomous development of academic programmes in the Nigerian University System is expedient.…”

“…Specifically, the objectives are to assess: (i) the demand for, and interest in, FFA education; (ii) the beneficial effects of FFA education, and (iii) the integration process of FFA education into academic curriculum at the tertiary level. A detailed theoretical review of FFA has been undertaken by Herbert, Tsegba, Ene & Onyilo (2017), as part of a larger study. The focus of the present paper is on empirical assessment of FFA education.…”

“…Most corruption, fraud and financial crimes leave financial trails which, for the most part, may not easily be discerned or unravelled absent idiosyncratic accounting knowledge base and skills. There is a presumption that the prosecutorial failure or delay of many EFCC and ICPC cases is attributable to inchoate, hasty or want of diligent prosecution by law enforcement agents who eagerly publicize corruption allegations in the media even before commencing diligent investigations (Herbert et al, 2017). According to the authors, the leading reasons for want of diligent investigation and prosecution are rooted in corruption and opportunistic proclivities of government officials, judges and lawyers, on the one hand and the deliberate exclusion of experts, like fraud examiners and forensic accountants on the other, in investigations and prosecutions.…”

Application of Technical and Soft Skills in the First Job Experience by Accountancy Graduates in the Philippines: Implications for Accounting Curriculum Development

“…Essential job skills for accounting professionals encompass more than the ability to crunch numbers, complete expense sheets and depreciate fixed assets. Aside from traditional accounting knowledge, there are a handful of other soft skills that every accounting professional needs (Herbert et al, 2017). The roles of accounting and finance professionals are expanding.…”

Forensic Accounting and Incidence of Fraud Detection

“…Effective forensic accounting helps to eliminate, and at least minimise fraud in the conduct of business transactions, corporate bankruptcy/insolvency and also restore business confidence in the economic development of any nation. As a multi-disciplinary approach that needs support from other professionals, financial fraud or finance-related crimes require appropriate techniques like financial investigation and financial data analysis (Herbert, et al, 2017). Forensic accounting through Accountants or Non-Accountants resolves complex fraud activities that fraud examiners find more difficult or challenging to handle.…”