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FORENSIC ACCOUNTING AND
AUDIT AS A PANACEA FOR PREVENTING CORPORATE FRAUD IN NIGERIA
BACKGROUND OF THE STUDY:
Forensic accounting
integrate accounting, auditing and investigating skills. It is a specially
practice area of accounting that describes engagement that result from actual
or anticipated disputes or litigation. Forensic according to the Webster’s
dictionary means, belonging to, used in, or suitable court of judicature or to
public discussion or deliberate, it therefore means the forensic
accountprovides accounting analysis that is suitable to court of judicature or
to public discussion or debate which will form the basis for dissension, debate
and ultimately dispute resolution.
In the words of filmer
(2003) forensic accounting is seen as a method of investigating financial
transaction and business situations in order to obtain the truth of and develop
an export opinion regarding certain fraudulent activities.
Two areas of expertise
make up the field of forensic accounting; litigation support includes business
valuation revenue analysis, expert witness testimony and failure earning
valuation while instigative accounting is the process of gathering evidence of
criminal conduct and sustaining the content of damages.
Forensic accounting is
hardly a new field, but in recent years, banks, insurance companies and even
law enforcement agencies, the federal Bureau of investigation (FBI) nad
Internal REvenue Services (IRS) have increase the use of these experts. A study
conducted by Kessler international (a forensic
Accounting and investigation) showed that
there is a growing need for experience forensic
Accountants. ABC now.com reports that industry
insiders expect more companies to use forensic
Accountants as preventive measures as the
demand for trustworthy financial statements increase in the wake of the recent
accounting scandals. Todd avery, president of the risk consulting consulting
firm and worldwide says, that may executives are paying greater attention to
controls and fraud. Prevention today, then they were given a few years ago.
Historically, forensic
accountants who work inpublic practices were given often, called, after owners
suspected that fraud has been committed. Now recent major corporate scandal
have prompted business owners to turn forensic accountant to proactive. Fraud checkups.
The frauds these specialists ae looking for are usually two general types
namely: financial statement fraud and theft of assets (these two can co-exist
in the situation in which management has taken assets and misstated financial
statement to cover-up falsification). To uncover financial statement fraud, the
forensic
Accounting often analyses the financial
statement by using ratio analysis and certain data-mining techniques such
asBedford’s a procedure used to determine the likelihood that data have been
altered. Other procedures used include inspection of documents, conduct of
interviews with persons who would have knowledge about any fraud that has
occurred.
The occupational or
corporate fraud committed by employees usually involve, theft of assets.
Embezzlement has been the most committed fraud for the last three (3) years.
Employees may be involved in kick backs schemes, identify theft or conversion
of corporate assets for personal use. The forensic accountants coupled the
observation of the suspected employee with physical examination of assets,
investigation and inspection of documents and interviews of those involved.
Ekechi (1990) was of
the opinion that in order to attain the objective of fraud management, there is
need for compliance with established policies, rules and procedures. Also rules
that employees should be made about of the risk of attempting to defraud and
action expected if caught.
Finally for forensic
accounting and audit to serve as technique or panacea for preventing corporate fraud
in Nigeria banks, the forensic
accountants must possess the required knowledge and skill in advanced
and continued education in appropriate discipline, diversified accounting and
audit experience, communication skills (oral and written) practical business
experience, ability to work in a team environment and people skills and
flexibility (Grippo, 2003) in view of this, this study was narrowed down to
first bank Nigeria Plc. The bank began operation in 1894. it operates as a
universal bank providing wholesales, retail
co-operation, investment and transaction banking services to its
customers in the Nigerian market. The bank divided its operation into three
major divisions:
a) Retail banking
b) Wholesale banking
c) Treasury and capital market and
investment banking services.
1.2 STATEMENT OF THE PROBLEM
The level of
corporation fraud inNigeriatoday has an adverse effect on our nation.
This epidemic has eaten
deep into every aspect of our society and should be given great attention;
fraud comes in many ways ranging from embezzlement, poor management of policy
and procedure and while the list of possible incidences is exhaustive however,
there are certain warning signals which can indicate the occurance of this
crime are:
i) Inadequate regular payment
of staff salaries.
ii) Staff of the organization
staying longer on a particular job.
iii) Lack of proper supervision and
control.
With the above
examples, one cannot help but state the following problems:
a) The indepth knowledge and
skills on forensic accounting as a tool for preventing corporate fraud
inNigeria
b) The professional qualification
of forensic accountants will help in detecting fraud in an organization.
c) Diversified forensic auditing
experience will service as a panacea for preventing top corporate fraud
inNigeria.
d) Practical business experience
by forensic accountant is a technique for controlling corporate fraud
inNigeria.
1.3 PURPOSE OF THE STUDY
The main purose of this
staudy is to find out how forensic accounting and audit service as panacea for
preventing corporate fraud inNigeria. Other purposes are:
1 To find out if the in-depth
knowledge and skill in accounting and audit help forensic accountant in
preventing corporate fraud in banks.
2 To investigate if the
forensic accounting standard in carrying out their duties and fighting the
growing rate of fraud inNigeria.
3 To determine whether the
forensic accountants deal with the materials weakness of the internal control
system.
4 To find out if forensic
accounting and audit took beyond the figure in preventing and detecting fraud
in banks.
1.4 SIGNIFICNACE OF THE STUDY
Since fraud has give
rise to failure in accounting and accounting restatement of justified earning,
with litigation and prosecutions taking place every day in our society, it is
paramount to highlight the significance of the study which include the
following:
1 To determine the cause of fraud and
misappropriation and recommending ways to counter these corrupt practices.
2 To determine the role in which forensic
accountants and audit plan towards accountability and control of the public
fund.
3 To determine the possible way of
detecting and preventing fraud as a challenge role of the auditor.
1.5 RESEARCH QUESTIONS
The following research questions
guided the study:
1 Does the in-depth knowledge and skills
of forensic accounting and audit a tool for preventing corporate fraud in
banks?
2 Does forensic accountant commonly use
statutory requirement in accounting standard in preventing corporate fraud in
banks?
3 Do you think the forensic accountant is
responsible for any materials weakness of the company’s internal control
system?
4 Do forensic accounting and audit look
beyond numbers in detecting and preventing fraud in banks?
1.6 HYPOTHESIS ONE
The following
hypothesis were formulated for the study:
Ho: The utilization of accounting, audit and
investigative skills posses by the forensic accountant does not help in
detecting fraud in the organization.
Hi: The utilization of accounting, auditing
and investigative skills posses by the forensic accountant help in fraud in the
organization.
Hypothesis Two
Ho: The forensic
accountant does not comply with statutory requirements and accounting standards
in preventing corporate fraud in banks.
Hi: The forensic
accountant comply with statutory requirements and accounting standards in
preventing corporate fraud in banks.
Hypothesis Three
Ho: The forensic accountant and auditors are
not responsible for any material weakness of any company’s internal control
system.
Hi: The forensic accountant and auditors are
responsible for any material weakness of any company’s internal control system.
1.7 SCOPE OF THE STUDY
A research work of
this, is a researcher boundary. The researcher delimits its scope of study to
forensic accounting and audit as a panacea for preventing corporate fraud
inNigeria( a study of first bank)
1.8 DEFINITION OF TEAMS
Some terms associated
with the research are explained to enhance understanding of the research. Hey
are as follows:
1. Forensic investigation: The utilization
of specialized investigation, skills in carrying out an inquiry, conducted in
such a manner that the outcome will have application to a court of law: A
forensic investigation may be ground in accounting, mediocre, engineering or
some other discipline (Aroh N.N. 2010).
2. Forensic Audit: An examination of
evidence regards an assertion to determining its correspondence to establish
criteria carried out in a manner suitable to the court (Aroh M.M. 2010).
3. Internal Audit: An audit performed by an
employee who examine operational evidence to determine whether prescribed operating
procedure have been followed.
4 External Audit: This is where
independent persons are brought inform outside an organization to review the
account prepared by management (study pack accounting technician scheme west
state).
5 Litigation support: It provides
assistant of an auditing nature in a matter involving existing are pending
litigation. It deals primary with issue relate to the qualification of economic
damages.
6 Investigation Accounting: It is often
associated with investigation of criminal matters. An example would be
investigation of employee theft, securities fraud, insurance fraud, kickbacks
and proceed of crime investigation.
7 Fraud: It is a
deliberate or intentional act by a privileged individual or group of
individuals within or out side the organization which results in a mass
representation of financial statement. Journal of forensic accounting auditing
fraud and taxation published B.R.T. Edward.
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