Forensic Accounting Services as a tool for Fraud Mitigation in Selected Kwara State owned Tertiary Institutions in Nigeria

Abstract

This study examined the impact of forensic accounting services on fraud mitigation in selected tertiary institutions in Kwara State. Specific objectives examined the impact of investigation service and digital forensic service on fraud. The study adopted survey research design. The population for the study comprised of principal officers, bursary, account/audit staff of the six selected tertiary institutions in Kwara State. Stratified Random Sampling was used comprising of 157 staff of the selected institutions. Data were collected using a structured questionnaire. Data collected were analyzed using Partial Least Square and Structural Equation Model (PLS-SEM). With a path coefficient of 0.592and 0747 respectively, findings revealed that investigation service and digital forensic service of forensic accountants have a statistically significant negative impact on fraud. It was concluded that forensic accounting services have a significant impact on fraud in tertiary institutions in Kwara State. The study recommended amongst others that tertiary institutions should adopt a comprehensive anti-fraud strategy that combines fraud prevention, detection and prompt response measures. It was also recommended that tertiary institutions should engage the services of forensic accountants at the early stage of a suspected fraud case. Keywords: Forensic Accounting, Fraud, Fraud Mitigation, Investigation Services, Digital Forensic Services, Kwara State, Tertiary Institutions, Corruption.