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