Abstract
Fraud control in Nigeria has been a very difficult issue in Nigerian public sector and seems to have been institutionalized in the country owing to many years and increasing cases of fraudulent activities by public office holders. The recent wave of the use of forensic accounting/auditing in Nigeria have attracted wide acceptance as possible panacea to the menace of fraud in Nigerian public sector. To this end, the study critically reviewed the application of forensic accounting in fraud detection, investigation and litigation support services. The study adopted descriptive research design with extensive and intensive literature review. It was concluded that the emergence/ introduction of forensic accounting contributes significantly in fraud control however, it seems not to be a complete panacea for fraud issues in Nigeria. The study recommends amongst others that fraud detection should be enshrined as part of auditors work by the policy makers so that non detection of fraud would attract sanctions to the auditor concerned. Also, training and retraining of forensic accountants on court process to avoid loss of good cases to avoidable court technicalities. Keywords: Forensic Accounting, Fraud detection, fraud investigation, litigation support, Public Sector DOI: 10.7176/RJFA/12-10-13 Publication date: May 31 st 2021
Highlights
Accounting is as old as man when God after creation, took account of what He created and saw that it was good
The financial evidences were expected to come from financial experts like the forensic accountants. It is in the light of the above that the study critically evaluated the contributions of forensic accounting towards fraud control in Nigeria especially in the public sector
Forensic auditors were appointed and audited the Nigeria National Petroleum Corporation (NNPC) by Price Water Coopers (PWC) with report of over 46 percent of revenue spent on operational cost and subsidies
Summary
Accounting is as old as man when God after creation, took account of what He created and saw that it was good. The financial evidences were expected to come from financial experts like the forensic accountants It is in the light of the above that the study critically evaluated the contributions of forensic accounting towards fraud control in Nigeria especially in the public sector. Forensic accounting and Litigation Support Services This could be approached through providing evidence and testifying as expert witness in the court for effective prosecution and judgement, as well as, determination of appropriate compensation (remediation) to victims of fraudulent acts. It involves interpretation, organising and presentation of facts systematically and scrupulously for effective adjudication in the court. This value system breeds various forms of corrupt practices like bribery, embezzlement, examination malpractices, fraud etc
Sign-in/Register to view highlights & summary 
Published Version (
Free)
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call