FORENSIC ACCOUNTING AS A TOOL FOR EFFECTIVE FRAUD DETECTION AND PREVENTION IN THE NIGERIAN ECONOMY

Abstract

This presentation examined the role of forensic accounting as effective tool in fraud detection and prevention. The major objective is to ascertain the effectiveness of forensic accounting in fraud detection and prevention. A survey research design was adopted and ten (10) organizations from both the private and public sector were randomly selected for the study. A sample size of one hundred (100) respondents was selected using a random selection technique. The data for the study were gathered from primary sources, using a Likert styled structured questionnaire. Descriptive statistics and Analysis of Variance (ANOVA) was used in data analysis. Evident from the paper's findings revealed that following the high spate of corporate fraud around the world including Nigeria, forensic accounting has been proved to be an effective tool in the detection and prevention of fraud within the Nigerian economy. The paper concludes that forensic accounting is very effective tool in the detection and prevention of fraud within the Nigerian economy. It was, therefore, recommended among other things that Nigerians (whether in private or public sector) should hold the character of accountability, integrity, equality, impartiality as a moral duty to eliminate or reduce the altitude of fraud in the Nation's economy.