An Exploration of the Viability of Forensic Accounting Techniques in Combating Financial Statement Fraud in Nigerian Organizations

https://doi.org/10.35912/amor.v3i1.1170
Published: Oct 10, 2022

Abstract:

Purpose: This study explored the viability of forensic accounting techniques in combating financial statement fraud in Nigerian organizations. The study specifically examined the relationship between forensic accounting techniques and fraud deterrence; and, the viability of forensic accounting techniques to enforce corporate policies and procedures.

Research methodology: The study adopts the survey research design. The sampling frame comprised accounting lecturers and chartered accountants in two geographical locations of Anambra State. The study utilized non-probability sampling to mitigate non-response bias and to select knowledgeable respondents. The final retrieved questionnaires were fifty. The primary data were analyzed using Pearson correlation analysis.

Results: The Pearson correlation results showed a positive association between forensic accounting techniques (FAT) and fraud deterrence. Secondly, there is a positive association between forensic accounting techniques and the enforcement of corporate policies.

Limitations: The main limitation was the small sample size from the retrieved questionnaires future studies can therefore widen the sampling frame and explore other sectors. The study also spanned one of the South-eastern States limiting generalizability.

Contribution: The study contributes to the literature in the context of developing countries, on the continuing viability of forensic accounting techniques (FAT) in detecting financial statement fraud in its various multifarious forms in such countries with weak institutional environments compared to developed countries. The study also adds to the literature on the viability of forensic accountants in enforcing corporate policies and procedures which is useful in an organizational research context.

Keywords:
1. Fraud
2. Forensic Accounting Techniques
3. Fraud Detection
4. Fraud Prevention
5. Forensic Accounting
Authors:
1 . Patricia Chinyere Oranefo
Nnamdi Azikiwe University, Nigeria
2 . Chinedu Francis Egbunike
Nnamdi Azikiwe University, Nigeria
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How to Cite
Oranefo, P. C., & Egbunike, C. F. (2022). An Exploration of the Viability of Forensic Accounting Techniques in Combating Financial Statement Fraud in Nigerian Organizations. Annals of Management and Organization Research, 3(1), 69–81. https://doi.org/10.35912/amor.v3i1.1170
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Vol. 3 No. 1 (2021): August
Articles
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References

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    Enofe, A., Julius, O., & Ogbeide, O. (2015). The role of forensic accounting in combating financial crimes. Research Journal of finance and accounting, 6(18), 191-199.

    Enyi, E. P. (2008). Detecting Causes of Variances In Operational Outputs of Manufacturing Organizations: A Forensic Accounting Investigation Approach. Available at SSRN 1144783.

    Eton, M., Fabian, M., & Benard, P. O. (2022). Are internal controls important in financial accountability?(Evidence from Lira District Local Government, Uganda).

    Eyisi, A., & Ezuwore, C. (2014). The impact of forensic auditors in corporate governance. Research Journal of finance and accounting, 5(8), 31-39.

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    Grubor, G., Risti?, N., & Simeunovi?, N. (2013). Integrated forensic accounting investigative process model in digital environment. International Journal of Scientific and Research Publications, 3(12), 1-9.

    Hamilton, D., & Gabriel, J. M. O. (2012). Dimensions of fraud in Nigeria quoted firms. American Journal of Social Management Sciences, 3(3), 112-120.

    Hibshi, H., Vidas, T., & Cranor, L. (2011). Usability of forensics tools: a user study. Paper presented at the 2011 Sixth International Conference on IT Security Incident Management and IT Forensics.

    Jaya, I. M. L. M., & Narsa, I. M. (2021). The Importance of Forensic Tax and Accounting Knowledge to Prevent Fraud in New Normal Era. Journal of Hunan University Natural Sciences, 48(2).

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    Okpako, A., & Atube, E. (2013). The impact of forensic accounting on fraud detection. European Journal of Business and Management, 5(26), 61-70.

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    Onuora, J., & Fabian, O. FORENSIC ACCOUNTING AS AN INSTRUMENT OF ACCOUNTABILITY AMONG THE QUOTED FIRMS IN NIGERIA.

    Owolabi, S., Dada, S., & Olaoye, S. (2013). Application of forensic accounting technique in effective investigation and detection of embezzlement to combat corruption in Nigeria. Unique journal of business management research, 1(4), 65-70.

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    Rehman, A., & Hashim, F. (2018). Literature review: preventive role of forensic accounting and corporate governance maturity. Journal of Governance and Integrity (JGI), 1(2), 68-93.

    Rehman, A., & Hashim, F. (2020). Can forensic accounting impact sustainable corporate governance? Corporate Governance: The International Journal of Business in Society.

    Sharifi, S., Vaez, S. A., & Basirat, M. (2022). Designing a Forensic Accounting Model with a Focus on Protecting of Shareholders Rights of Petrochemical Companies: Fuzzy Network Analysis. Petroleum Business Review, 6(1), 23-41.

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  9. Agyemang, S. K., Ohalehi, P., Mgbame, O. C., & Alo, K. (2022). Reducing occupational fraud through reforms in public sector audit: evidence from Ghana. Journal of Financial Crime(ahead-of-print).
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  25. Chinyamunjiko, N., Makudza, F., & Mandongwe, L. (2022). The nexus between blockchain distributed ledger technology and financial crimes. International Journal of Financial, Accounting, and Management, 4(1), 17-30.
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  31. Enofe, A., Julius, O., & Ogbeide, O. (2015). The role of forensic accounting in combating financial crimes. Research Journal of finance and accounting, 6(18), 191-199.
  32. Enyi, E. P. (2008). Detecting Causes of Variances In Operational Outputs of Manufacturing Organizations: A Forensic Accounting Investigation Approach. Available at SSRN 1144783.
  33. Eton, M., Fabian, M., & Benard, P. O. (2022). Are internal controls important in financial accountability?(Evidence from Lira District Local Government, Uganda).
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  40. Grubor, G., Risti?, N., & Simeunovi?, N. (2013). Integrated forensic accounting investigative process model in digital environment. International Journal of Scientific and Research Publications, 3(12), 1-9.
  41. Hamilton, D., & Gabriel, J. M. O. (2012). Dimensions of fraud in Nigeria quoted firms. American Journal of Social Management Sciences, 3(3), 112-120.
  42. Hibshi, H., Vidas, T., & Cranor, L. (2011). Usability of forensics tools: a user study. Paper presented at the 2011 Sixth International Conference on IT Security Incident Management and IT Forensics.
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  50. Modugu, K. P., & Anyaduba, J. (2013). Forensic accounting and financial fraud in Nigeria: An empirical approach. International Journal of Business and Social Science, 4(7), 281-289.
  51. Nandini, N., & Ajay, R. (2021). A study on impact of forensic audit towards investigation and prevention of frauds. Asian Journal of Management, 12(2), 186-192.
  52. Navarrete, A. C., & Gallego, A. C. (2022). Forensic accounting tools for fraud deterrence: a qualitative approach. Journal of Financial Crime(ahead-of-print).
  53. Nwaze, D. (2012). Due process and accountability: Advanced fee fraud. Zenith Economic Quarterly, 8(2), 24-28.
  54. Ogutu, G. O., & Ngahu, S. (2016). Application of forensic auditing skills in fraud mitigation: a survey of accounting firms in the county government of Nakuru, Kenya. IOSR Journal of Business and Management, 18(4), 73-79.
  55. Ojaide, F. (2000). Frauds detection and prevention: The case of pension accounts. ICAN NEWS, P8.
  56. Okafor, B. (2004). Strategic approach to reduction of employee, theft fraud and embezzlement. Nigerian Accountant, 37(4), 3-5.
  57. Okoye, E., Adeniyi, S., & Nwankwo, K. (2015). Effect of forensic auditing on financial performance of quoted food and beverage firms in Nigeria. International Journal of Innovative Finance and Economics Research, 7(4), 121-135.
  58. Okpako, A., & Atube, E. (2013). The impact of forensic accounting on fraud detection. European Journal of Business and Management, 5(26), 61-70.
  59. Okunbor, J. A., & Obaretin, O. (2010). Effectiveness of the application of forensic accounting services in Nigerian organisations. Journal of Management Sciences, 1(1), 171-184.
  60. Olayinka, A. A. (2022). Financial statement analysis as a tool for investment decisions and assessment of companies’ performance. International Journal of Financial, Accounting, and Management, 4(1), 49-66.
  61. Onuora, J., & Fabian, O. FORENSIC ACCOUNTING AS AN INSTRUMENT OF ACCOUNTABILITY AMONG THE QUOTED FIRMS IN NIGERIA.
  62. Owolabi, S., Dada, S., & Olaoye, S. (2013). Application of forensic accounting technique in effective investigation and detection of embezzlement to combat corruption in Nigeria. Unique journal of business management research, 1(4), 65-70.
  63. Oyejide, A. (2008). Corruption and development: A Nigerian perspective. Niger. Account, 41(4), 28-42.
  64. Peloubet, M. E. (1946). Forensic Accounting its Place in Today's Economy. Journal of Accountancy, 81(6), 458-462.
  65. Rehman, A., & Hashim, F. (2018). Literature review: preventive role of forensic accounting and corporate governance maturity. Journal of Governance and Integrity (JGI), 1(2), 68-93.
  66. Rehman, A., & Hashim, F. (2020). Can forensic accounting impact sustainable corporate governance? Corporate Governance: The International Journal of Business in Society.
  67. Sharifi, S., Vaez, S. A., & Basirat, M. (2022). Designing a Forensic Accounting Model with a Focus on Protecting of Shareholders Rights of Petrochemical Companies: Fuzzy Network Analysis. Petroleum Business Review, 6(1), 23-41.
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  71. Wahyuni-TD, I. S., Haron, H., & Fernando, Y. (2021). The effects of good governance and fraud prevention on performance of the zakat institutions in Indonesia: a Shar??ah forensic accounting perspective. International Journal of Islamic and Middle Eastern Finance and Management.
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