Abstract
The study described and explained forensic accounting and the incidence of fraud detection in Nigeria. The objectives of this study were to identify personal skills requirements and, assess the types of investigative techniques used in forensic accounting. A literature review was conducted to set up the conceptual and theoretical framework for the study. A quantitative approach was used by administering a structured questionnaire. A total of 101 investigators from Economic and Financial Crimes Commission (EFCC) were used as sample for the study. We employed Jarque Bera statistics to conduct the analysis using the E views software. There is a significant relationship between forensic accounting personal skills; investigative techniques and fraud detection in Nigeria. The scope of the study was only in Nigeria and all samples were drawn from the Economic and Financial Crimes Commission (EFCC). The study concluded despite all fraudulent activities, forensic accounting is proffering solutions for fraud prevention and detection in Nigeria. It was recommended for practitioners to engage in further training on forensic accounting personal skills and techniques.
Highlights
Forensic accounting is a rapidly growing practice in the accounting profession, forensic accounting investigates incidents of fraud through rigorous data collection and analysis in certain areas
This study aims to carry out an assessment of Forensic Accounting and how it influences fraud detection in Nigeria
Question one dealt with the personal skills required for using forensic accounting to detect fraud with 8 sub statements on 5-point Likert scale listing important forensic accounting skills required in fraud detection like deductive analysis, critical thinking, unstructured problem solving, investigative flexibility, analytical proficiency, oral communication, written communication, and composure
Summary
Forensic accounting is a rapidly growing practice in the accounting profession, forensic accounting investigates incidents of fraud through rigorous data collection and analysis in certain areas. These specific areas are litigation support consulting, expert witnessing, and fraud investigation. The ACFE annual report to the Nations (2018) stated that fraud remains a threat to Organisations of all types and sizes, all over the world. Occupational fraud is committed from within an organisation and against the organisation by its employees, officers, or directors It is perpetrated against the Organisation from within by the employees entrusted to protect and manage assets and resources. Like in most developing economies, the ACFE survey report in 2018 indicated that African sub-Saharan Occupational Fraud has caused a median loss of US$ 90,000 and lasted for a median of 12 months before they were uncovered or detected
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