Abstract
Economic and financial crime has been a clog in the wheel of progressand a majorproblem be devil economic prosperity and growth modelsof most nations of the world. Due to this government in some quarters have had the reason to set upinstitutions to unravel as well asdispels themenace. Despite this,fewer than much success mayhave been achieved by the respective anti-corruption agencies as a result of not identifying with therole of forensic accounting science in planning, investigating and representing expert witness/testimony on be fore law suit. This paper attempts toappraisethe role of forensic accountant in combating economic and financial crimes in Nigeria. The paper explored relevance components of economic and financial crimes and extensively discussed concepts of crime and criminality, corruption, white collar and cybercrimes. Specifically, the study reviews the historical antidotes of forensic accounting, emphasizes on the role of forensic accounting science in litigation and forensic accountantensuring economic and financial crime immersed. Moreso, the study identifies basis for future research, some potential crimes factors and forensic accounting science expert’s opinion in crime scene as well as reviewed prior studies and gap envisaged. Essentially, the study reviewed theoretical issues using qualitative approach thereby involving a survey of literature to decipher relevant issues. It there fore sought that forensic accounting serves the basis for investigation, expert witness testimonyand opinion of expert in lawsuit so as to unravel crimes, and reach resolution for recovering. However, concludes that there is need to involve and embrace accounting expert science in all facets of crime investigation in order to accelerate detections and ameliorate incidences of failed attempt on crime recovery related to economic and financial crimes. Therefore, propose that public and private sectors should engage, recruit and employservices of and/or stationed forensic accountant to review,strengthen, reappraises records and internal control on routine basis. Also to check incidences of crime perception as well as anti-corruption agencies saddled with the responsibilities of fighting economic and financial crimes to employ and adopt engagement of forensic accountant on regular basis among others for all-inclusiveness works of planning, investigating, detecting,and recovering.
Highlights
Crime is a socially correlated phenomenon. It has been described as a global phenomenon, a scourge to socioeconomic liberalization and prosperity, and a major drawback to socio-justice, political dynamism and economic growth and development.Economic and financial crime has resulted to institutional shock, bankruptcy, failure and fall of potential and great institutions.It has been found in the loss of output, industrial capacity, investment and employment[1] opportunities
The study recommended that forensic accounting evidence and expert witness should be constantly employ by the court of law in other to positively enhance litigation services in Nigeria.[49] attempted to examine the effect of forensic accounting on discovery and mitigate fraud
The role of forensic accountant adopting forensic accounting science has been overwhelmingly welcome in recent past in litigation services and incidences of unraveled investigations and won evidences
Summary
Economic and political conditions and being considered to be the dangerous and destabilizing phenomenon.[43] Considerably, is in public and private sectors which include other crimes such as bribery, embezzlement, infringement on public properties, evasion of public bidding in public contract, nepotism, favourites, ravishment in awaiting public contract, sub-contracting, illicit enrichment, illegal payment, trading in influence, money laundering, false declaration of assets, window dressing of books of account, undue payment, concealment, record padding, aiding and abetting of all kinds of the detriment of another person, parties, communities and/or nation It is a fundamental problem of the third world countries [7,8] said corruption is a form of antisocial behaviour by an individual or a social group which fixate unjust or fraudulent benefits on its perpetuators against established legal norms and agreed moral ethos of the society. There are several other credentials and certifications used in US and UK among others internationally
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