Select Currency
Translate this page

FORENSIC ACCOUNTING AND AUDIT AS A PANACEA FOR PREVENTING CORPORATE FRAUD IN NIGERIA

Format: MS WORD  |  Chapter: 1-5  |  Pages: 67  |  2994 Users found this project useful  |  Price NGN5,000

  DOWNLOAD THE FULL PROJECT

FORENSIC ACCOUNTING AND AUDIT AS A PANACEA FOR PREVENTING CORPORATE FRAUD IN NIGERIA

 

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND TO 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.

  DOWNLOAD THE FULL PROJECT

FORENSIC ACCOUNTING AND AUDIT AS A PANACEA FOR PREVENTING CORPORATE FRAUD IN NIGERIA

Not The Topic You Are Looking For?



For Quick Help Chat with Us Now!

+234 813 292 6373

+233 55 397 8005


HOW TO GET THE COMPLETE PROJECT ON FORENSIC ACCOUNTING AND AUDIT AS A PANACEA FOR PREVENTING CORPORATE FRAUD IN NIGERIA INSTANTLY

  • Click on the Download Button above.
  • Select any option to get the complete project immediately.
  • Chat with Our Instant Help Desk on +234 813 292 6373 for further assistance.
  • All projects on our website are well researched by professionals with high level of professionalism.

Here's what our amazing customers are saying

Dau Mohammed Kabiru
Kaduna State College of Education Gidan Waya
This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.
Very Good
Abubakar Iliyasu Hashim
Federal college of education pankshin affiliated to university of jos
I am highly impressed with your unquantifiable efforts for the leaners, more grace to your elbow.I will inform my colleagues about your website.
Very Good
Stancy M
Abia State University, Uturu
I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much iprojectmaster, infact, I owe my graduating well today to you guys...
Excellent
Samuel From Ajayi Crowther University
You guys just made life easier for students. Thanks alot iprojectmaster.com
Excellent
Abdul Mateen Iddrisu
UDS
At first I taught is a site full of fraudsters until I saw my project in my Gmail after my payment.. THANK YOU IPROJECTMASTER and May God the almighty bless u guys abundantly
Excellent
Emmanuel Essential
Kogi state University
I actually took the risk,you know first time stuff But i was suprised i received as requested. I love you guys 🌟 🌟 🌟 🌟
Very Good
Joseph M. Yohanna
Thanks a lot, am really grateful and will surely tell my friends about your website.
Excellent
Adam Alhassan Yakubu
UDS
Excellent work and delivery , I promise to share my testimonies everyone in need of this kind of work. You're the best
Excellent
Azeez Abiodun
Moshood Abiola polytechnic
I actually googled and saw about iproject master, copied the number and contacted them through WhatsApp to ask for the availability of the material and to my luck they have it. So there was a delay with the project due to the covid19 pandemic. I was really scared before making the payment cause I’ve been scammed twice, they attended so well to me and that made me trust the process and made the payment and provided them with proof, I got my material in less than 10minutes
Very Good
Abdulrahman Jibrin
Nti Abaji
Nice one work prompt delivery tanx
Very Good

FREQUENTLY ASKED QUESTIONS

How do I get this complete project on FORENSIC ACCOUNTING AND AUDIT AS A PANACEA FOR PREVENTING CORPORATE FRAUD IN NIGERIA?

Simply click on the Download button above and follow the procedure stated.

I have a fresh topic that is not on your website. How do I go about it?

How fast can I get this complete project on FORENSIC ACCOUNTING AND AUDIT AS A PANACEA FOR PREVENTING CORPORATE FRAUD IN NIGERIA?

Within 15 minutes if you want this exact project topic without adjustment

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

What if I want to change the case study for FORENSIC ACCOUNTING AND AUDIT AS A PANACEA FOR PREVENTING CORPORATE FRAUD IN NIGERIA, What do i do?

Chat with Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

How will I get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 813 292 6373

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!