The Role Of The Forensic Accountant In Fraud Detection In Nigeria

The Role Of The Forensic Accountant In Fraud Detection In Nigeria

Abstract

This exploration work examines the part of the forensic accountant in fraud discovery in Nigeria with relative analysis of public and private sectors. Forensic accountant plays a significant part in the Nigeria associations whereby he investigates with the use of technological outfit in its assignment. The experimenter employs primary data( questionnaire and particular interview) in its data collection. suppositions was anatomized with the use of z- test at 5 position of significance and the result reveal that a good forensic accountant will help in the growth and development of any association in which he carried out his assignment. This work recommend among others that a high degree of collective trust, respect and understanding should live among the lives of the forensic accountant, the public, private sectors and operation in order to achieve the organizational objects.

Chapter One

Preface

Background to the Study

The trend and the volume are adding on a diurnal base and all situations of the society are involved. The rich, the poor, the youthful and the senior, the manly and womanish all are neck deep in fraud and fraud related conditioning that say a lot about our moral and family situations. From the politicians to the bank directors directors, from the legal officers to the law enforcement labor force, from the civil retainers to the academy schoolteacher, from the dealer in the request to the peddlers on the road, the tendency for fraud and fraud related crimes is endless.

The first and most sophisticated way of carrying out the fraudulent conditioning in numerous associations is through the account and fiscal records. It’s a honored fact that the operation of Enron the famed energy company in USA defrauded by her top operation – used creative account to make the company look good and important on paper than it really was using special purposes accessories that have a single purpose and that didn’t need to be included in Enron’s balance distance to hide parlous investment conditioning and fiscal losses. still, forensic account helped latterly to determine that numerous of Enron’s recorded means and gains were inflated, and in some cases, fully fraudulent and absent. Some of the company’s debts and losses were recorded in coastal realities, remaining absent from Enron’s fiscal statements( Folger, 2011).

Statement of Problem

The study seeks to address issues of concern to experimenters that bothers on fraud and corruption which includes

The nonstop increase in crimes, fraud and embezzlement isn’t opposing the presence of law enforcement agencies. The substantiation to prove the guilt of culprits and fraudsters are duly led in the court of law. The law enforcement agencies are suitable to effectively and efficiently make culprits and fraudsters without prejudice.

The arising frugality is suitable to survive and realize its experimental pretensions in a fraudulent terrain. Forensic account services can be used in reducing the rate of fraud, crime and corruption. The government help in guarding shareholders who have suffered from commercial failure due to fraud. The services of forensic accountant help in reducing the rate of fraud, crime and corruption.

Exploration Questions

· What’s the part of forensic account towards the essential weakness of programmes, programs, systems and agencies set up by the government or the institutions?

· How do we insure that fraudster doesn’t escape the arms of the law by the use of forensic ways?

· What’s the main function of forensic account?

· What are the necessary tools that prop frugality to achieve its experimental pretensions?

· What are the services of forensic accountant and forensic account in minimizing commercial crime and fraud?

· How does government help and cover shareholders from the detriment of commercial failure?

ideal of the Study

This study seeks to

· To find out the essential weakness of other programmes, programs, systems and agencies set up by the government or the institutions to help and fight against the commission of fraud, crime and corruption.

· To find out ways in icing that fraudster doesn’t escape the arms of the law by the use of forensic ways.

· To seek out ways in icing that law enforcement agencies carry out their conditioning without prejudice.

· furnishing the necessary tools that will prop an arising frugality to achieve its experimental pretensions irrespective of the grueling fraudulent terrain.

· Using the services of forensic accountant and forensic account as a tool in minimizing commercial crime and fraud.

· To know how government will help and cover shareholders from the detriment of commercial failure through effective and effective policing of the conditioning of commercial directors.

Statement of suppositions

thesis is a conditional statement of relationship between dependent and independent variables. This thesis intends to gather data and test.

The following thesis are tested

thesis One

Ho The conditioning and functions of forensic accountants won’t help to reduce fraud and corruption in an arising frugality.

Hi The conditioning and functions of forensic accountants help to reduce fraud and corruption in an arising frugality.

thesis Two

Ho That despite the different nonsupervisory agencies established by government, nothing sounded to have been achieved in an attempt to reduce commercial fraud and corruption.

Hi That despite the different nonsupervisory agencies established by government, commodity sounded to have been achieved in an attempt to reduce commercial fraud and corruption.

thesis Three

Ho That forensic account service employed in the private and pubic sector or association and other institution through their expert suggestion won’t help in the growth and development of similar association.

Hi That forensic account service employed in the private and pubic sector or association and other institution through their expert suggestion will help in the growth and development of similar association.

Significance of the Study

· This study will in no small way assists in bringing to bear the knowledge of forensic account in a further familiar way to citizen of Nigeria.

· The suggestion handed, if adequately enforced will obviously minimize if not fully abolish the rate of fraud and corruption in utmost Nigerian associations.

· The study further highlights the applicability of forensic accountant to the legal system in terms of being an expert substantiation.

· This study will be of immense value to other experimenters in the field of academics by proving secondary data for their exploration work.

· It’ll also prop operation’s effectiveness and effectiveness in using forensic ways to reducing fraudulent conditioning in their establishment.

Compass of the Study

This study examines the applicability of the forensic accountant in fraud findings in Nigeria. This study will illustrate the part of the forensic accountant as it impact on organizational timeframe performance in Nigeria between 2008 – 2013.

For the course of this study, the experimenter used a high sample size of 50 for effective check.

Limitations of the Study

The essential constraint militating against this exploration work is the incapability to assess a sizeable number of accountants, counting enterprises, banks and other fiscal institutions given the time constraint for the completion of this work.

Description of Terms

Industrialization Is a process of social and profitable change whereby a mortal society is converted from apre-industrial to an artificial state.

Forensic Industrialization Is an moxie laboratory, combined with the rapid-fire response capacity across logical ways, which can give guests a rapid-fire analysis and understanding of pivotal artificial processes and issues.

Forensic Account Is the identification interpretation and communication of the substantiation of profitable sale and reporting system. It’s the operation of legal and fiscal chops in the conduct of substantiation with respect to undetermined issues in the business communities.

Forensic Is a scientific system in the disquisition of crime. It can also be seen as a system of fraud disquisition which includes the analysis of records to prove or falsify.

Account Is seen as a methodical identification, measuring, recording, classifying, recapitulating, interpreting and communicating of fiscal or profitable information so as to enable the druggies of the information make an informed judgement therefrom.

Fraud Is a legal term that refers to the purposeful misrepresentation of the verity in order to manipulate or deceive a company or existent.

Auditing Is a methodical process of objectively carrying an assessing substantiation regarding assertions about profitable conduct and events to ascertain the degree to correspondence between those assertions and established criteria and communicating the results to interested druggies.

It’s also the independent examination of, and expression of opinion on the fiscal statement of an enterprise by an appointed adjudicator in performance of that appointment and in compliance with any applicable statutory and professional obligation.

fiscal Auditing Is the verification of fiscal statement of a legal reality with a view to express an inspection opinion, which is intended to give reasonable assurance, but not absolute assurance, that the fiscal statement are presented fairly in all material felicitations, and/ or give a true and fair view in agreement with the fiscal reporting frame.

Compensation It’s the given payment to reduce the bad effect of loss, injury, etc. It’s also the plutocrat that someone pays you because they’ve harmed or hurt in some ways.

Fraud Detection This is a suitable aspect in the forensic process whereby crimes are being discovered in the process of logical lacuna’s or misdoubted high five in an organizational statement or assignment.

Fraud forestallment This is a system or fiduciary process of securing the means under control as a pivotal factor in declaring them responsible for the forestallment of fraud and other irregularities in the association.

Control of Fraud It’s a methodical process by the forensic accountant whereby he put all necessary act that will lead to the greatness of the enterprise in which he endog himself safe and all other crime committed at history being canceled with its professional skill and capability of bringing out the stylish in the enterprise.