Abstract
This study first investigates the availability of fraud and forensic accounting (FFA) education in Nigeria. The paper then analyses the perceptions of academics and practitioners on the demand for, relevance and integration of, FFA in Nigeria. The data obtained through a questionnaire survey was analysed using descriptive statistics, Kruskal-Wallis (K-W) and Chi-Square tests. The results (i) indicate an increasing market demand for fraud examiners and forensic accountants; and (ii) suggest that FFA be given adequate coverage in the accounting curriculum in response to market demand. On the benefits of FFA education and training, there is virtual unanimity that it will: (i) widen the employment horizon and opportunities for graduates; (ii) help to combat fraud, corruption and financial crimes, (iii) strengthen the credibility of financial reporting, and (iv) help to rebuild investors’ confidence and trust in financial reports. The findings also support integration at both the undergraduate and postgraduate levels. The policy implication draws attention to regulatory importance and expediency of integrating FFA education into the accounting curriculum. This calls for regulatory initiative in developing the Benchmark Minimum Academic Standards (BMAS) for FFA programmes at the undergraduate and postgraduate levels.
Highlights
The high profile financial scandals that rocked the world in the 1990s and the increasing reported cases of corruption, occupational fraud and money laundering eroded investor confidence and public trust in corporate financial reports, and raised global consciousness on the need to tighten the reins on corporate governance
Respondents were asked their perceptions on the demand for and interest in, and benefits of, fraud and forensic accounting (FFA) education and practice in Nigeria
The results suggest that the major impediment to FFA education in Nigeria are institutional in nature, and not because of perceived lack of demand by employers, administrative support and funding
Summary
The high profile financial scandals that rocked the world in the 1990s and the increasing reported cases of corruption, occupational fraud and money laundering eroded investor confidence and public trust in corporate financial reports, and raised global consciousness on the need to tighten the reins on corporate governance. Apart from the eight banks of 2009 (Note 1), Nigeria has acquired a notoriety for '419' (Note 2), internet-related fraud and a range of economic and financial crimes Those entrusted with public funds for provision of citizen welfare, security and public services and those assigned the responsibility of ensuring public oversight, transparency and accountability in governance, have all reportedly been implicated in state-wide 'palace' corruption, fraud and economic crimes. Even the judiciary presumed to be the 'last hope of the common man' is being increasingly compromised and implicated in the opportunistic benefits of corruption and fraud For both nation states and the business community, there is a growing public demand for increased accountability, transparency and vigilance in corporate governance. The corporate failures became scandalous because of the characteristics of the companies (size, age and their reported past successes) that collapsed and their multiplier effect on national and ijbm.ccsenet.org
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