Impact of Forensic Accounting on Fraud Management: An Examination of Some Selected Deposit Money Banks in Nigeria

Abstract

This study examined the impact of forensic accounting on fraud management, a study of selected deposit money banks in Nigeria. The study used a survey research design and a five-point Likert scale to collect data used for the analysis of the research work. Regression Analysis and Analysis of (Variance (ANOVA) were used to analyze the data collected. The results revealed that forensic accounting has positive and significant impact on fraud prevention, fraud detection and fraud reduction in deposits money banks in Nigeria. The study has contributed to knowledge as follows: It would save the bank the heavy losses they experience due to fraud. It will serve as a policy statement to guide regulatory authorities. Researchers would also find the study very useful. The study therefore recommended that regulatory authorities in the financial industry should make it a policy and a requirement for all banks in Nigeria to have a forensic unit or department. The banks should invest in updated technology to curb fraud. Fraudulent bank staff should be prosecuted and forensic experts should be hired to provide litigation support to ensure that they are prosecuted. This would serve asa deterrence to others to desist from fraudulent acts.