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Forensic Accounting And Audit As A Panacea For Preventing Corporate Fraud In Nigeria
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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.
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