Vol. 2, Issue 10 (2015)
Forensic accounting and financial fraud
Author(s): A. O. Enofe, O. R. Agbonkpolor, O. J. Edebiri
Abstract: The objective of the study is to examine the role of forensic accounting in curbing financial crimes in Nigerian banks. The survey research design was employed fir the study with an extensive reliance on primary data retrieved through the use of well-structured Likert scale questionnaire. The chi-square non-parametric statistical technique was utilized for the data analysis procedure. The study findings show that; (i) there is a need for forensic accountants in the Nigerian banking system. (ii) Forensic accounting is an effective tool for addressing financial crimes in the banking system and (iii) there are significant differences between the roles of forensic accounting and that of conventional accounting in curbing financial crimes. In the light of the study findings, the following recommendations are provided; Firstly, there is the need for banks in Nigeria to engage the services of forensic accountants as forensic accounting now appears as a one of the strategic and dynamic tool for the management of all types of financial crimes. Secondly, banks also need to focus on training and up-dating the skills of the internal control and audit staffs especially as a result of the perceived differences between conventional accounting and auditing skills and forensic accounting.