FORENSIC ACCOUNTING AND NIGERIA BUSINESS ENVIRONMENT

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  • Department: Accounting
  • Project ID: ACC0812
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FORENSIC ACCOUNTING AND NIGERIA BUSINESS ENVIRONMENT
ABSTRACT

The focal point of this work is on how forensic accounting could aid fraud detection and prevention when incorporated into the mainstream of Nigeria business environment. Review of relevant literature were carried out in order to gain deeper insight and understanding of the subject matter. Questionnaires were administered in order to generate the necessary primary data and were descriptively analyzed. The various hypotheses were tested using chi-square statistical analysis. The result of the hypotheses revealed that corporate fraud reduction is dependent on forensic accounting. It however revealed that forensic accounting cannot promote responsible corporate governance. Based on the findings of this research work, the researcher came to a conclusion that corporate fraud and poor corporate governance cannot be completely eliminated, it can only be reduced to a barest minimum. It is recommended that the study of forensic accounting courses should be introduced into the Nigeria educational curricular. Also, ethics and value system of the country must not be handled with levity and finally an effective legal system should be put in place to ensure speedy dispensation of justice.    
 TABLE OF CONTENTS
CHAPTER ONE
Background of the Study                
Statement of the Problem                    
Objective of the Study                    
Scope of the Study                    
Relevance of the Study                    
Hypotheses                            
Methodology                         
Limitation of the Study                    
Definition of Terms                         
CHAPTER TWO: LITERATURE REVIEW
Historical Background of Forensic Accounting            
Definitions and Meaning of Forensic Accounting        
Definition and Meaning of Fraud                
Types of Fraud                            
Nature and Extent of Financial Crime            
Causes of Fraud                        
Fraud Detection, Prevention and Control             
Roles of Forensic Accounting in Litigation Support        
Skills and Characteristics of a Forensic Accountant    
Development of Forensic Accounting in the
Accounting Profession                        
Opportunities and Challenges of Providing
Forensic Accounting Services                    
An Overview of Nigeria Business Environment            
Roles and Responsibilities of the Traditional
    Auditor or External Auditor                    
Differences between a Forensic Accounting
    and the Traditional Auditing                      
Importance of Forensic Accounting on the
    Nigeria Business Environment                     
Financial Statement Fraud in Nigeria Business     
    Environment and its Link with Forensic Accounting         
Level of Forensic Accounting in Other Countries            
CHAPTER THREE: RESEARCH METHODOLOGY
Introduction                            
Research Design                                
Population                                    
Sample and Sampling Technique                    
Research Instruments                             
Sources of Data                                
Data Analysis Method                         
Research and Validation of Hypothesis            
Validation                                 
Problem Identification                         
CHAPTER FOUR:    ANALYSIS AND INTERPRETATION OF DATA
4.0    Introduction                                 
Questionnaire Administration                        
Data Description and Interpretation                
Test of Hypothesis                        
CHAPTER FIVE:    SUMMARY, CONCLUSION AND RECOMMENDATIONS
Introduction                                 
Summary of Findings                        
Conclusion                                     
Recommendations                            
Bibliography                                 
Appendix     
CHAPTER ONE
BACKGROUND OF THE STUDY
The recent multi-billion dollars corporate scandals (Enron, Tyco, World Com, Adelphia and others) have shaken the business world. The public and governmental reaction to these events has been enormous. It has triggered congressional action that resulted in legislation (Sarbanes-Oxley Act, 2002) and auditing standards (Statement of Accounting Standard No. 99) that require  companies and their auditors to be more aggressive in detecting and preventing fraud, which in turn, has elevated the importance of the accounting profession in protecting the integrity of the financial system in order to prevent such scandals.
 In today’s society, there is widespread growth in white-collar crimes evidenced by both fraudulent financial reporting and misappropriation of assets. Racketeering and terrorist groups often rely on money-laundering schemes to conceal and disguise their activities such as identity theft, present new challenges to accountants.
 The impact on the accounting profession has been dramatic. The environment has created many job opportunities in the accounting profession at federal, state and governmental agencies, such as the Securities and Exchange Commission, the revenue service and the office of the inspector general, all have an increased impact on accountants and others with forensic accounting investigation skills.
However, modern organized corporate frauds are sophisticated, and well resourced by manager, entrepreneur and politicians to mention but few. There is the need to respond to this changing criminal threat and the skills of non-traditional investigators like accountant and the legal experts are needed to combat the corporate ill, this has arouse the call for forensic accountant.
 Forensic  accounting has to do with the use of the use accounting discipline to help determine issues of fact in business litigation.
 It involves the application of accounting, business, legal and financial skills in settling commercial or legal disputes (Omoniyi, 2004).
Simply put, forensic accounting is accounting that is suitable for legal review, offering the highest level of assurance, and including the now generally accepted connotation of having been arrived at in scientific fashion, that is forensic accounting is sufficiently, thorough and complete so that an accountant, be deliver in finding as to accounts, inventories, or the presentation thereof that is of such quality that it would be sustainable in some adversarial legal proceeding, or within some judicial or administrative review.
 The focal point of this research work is on how forensic accounting could aid fraud detection and prevention when incorporated into the mainstream of Nigeria business environment.
1.2    STATEMENT OF THE PROBLEM
    The failure of statutory auditor to prevent and reduce misappropriation of corporate fraud and an increase in corporate crime in Nigeria business environment has put pressure on the professional accountants and legal practitioners to find a better way of exposing crime in the business world.
    The specific problem which this research intend to address are as follow:
 Can forensic accounting reduce corporate fraud and mismanagement?
 Is forensic accounting the same as fraud investigation?
OBJECTIVE OF THE STUDY
The problem of fraud in Nigeria business environment need to be seriously addressed. The objectives of this research work are;
Is to find out if corporate fraud reduction will depend on the forensic accountant
Forensic accounting can promote responsible corporate governance.
  SCOPE OF THE STUDY
The purpose  of this study we are to concentrate on forensic accounting with special emphasis on corporate fraud reduction and mismanagement in Nigeria business environment. Data will be obtained from various stakeholders in the Nigeria business environment (specifically Edo State).
 RELEVANCE OF THE STUDY
When viewed from the perspective of forensic accounting in Nigeria business environment, the significance of this research will be appreciated.
The primary focus of this research is to enlighten non-forensic accountant on how corporate fraud and mismanagement can be tackled.
The research is also aimed at creating understanding of the duties of foreign accountants in litigation support, the potential for forensic accounting services in the Nigeria business environment, special skills and characteristics of forensic accountant.
Future researchers on this field will find this work as a veritable reference point and will create a better insight into the relationship between corporate fraud and forensic accounting.
    HYPOTHESES
Hypotheses shall be developed and tested to ensure a more effective and result oriented work. The null hypothesis (Ho) and the alternative hypothesis (H1) will be used for the purpose of this study.
Hypothesis (1)
Ho:    Corporate fraud reduction is not dependent on forensic accounting.
H1:    Corporate fraud reduction is dependent on forensic accounting.  
Hypothesis (2)
Ho:    Forensic accounting cannot promote responsible corporate governance.
H1:    Forensic accounting can promote responsible corporate governance.
METHODOLOGY
This methodology help us to examine the different method employ in the collection of data and other method of presentation and analysis of such data.
The research design that will be use for the purpose of this study also came under methodology. For the purpose of this work the survey design will be employed.
The population and the research instrument and the method of sourcing data and collection will be analyzed to help business owner and future forensic accountant.
LIMITATION OF THE STUDY
No study is perfect. Although most business researchers strive to employ scientific tools and method. Some of the constraints problem encountered by the researchers in the course of the research are:
Insufficient Research Materials: The researcher encountered some constraints in the collection of information, very limited materials were obtained from the library.
Time Constraint: Limited time available also posed some challenges to the researcher.
Financial constraints: The unavailability of funds was also a barrier to this research work.
DEFINITION OF TERMS
Corporate fraud:=This is deliberate dishonesty to deceive the public, investor or lending companies, usually result in financial gain to the criminal or organization .
Fraud:= Is an abuse of position, or false representation or prejudicing someone’s right for personal gain.
Litigation support:= Is the process of providing consultation and support services to the attorney in regard to current and pending cases.
Forensic Accounting:= Is accounting that is suitable for legal review, offering the highest level of assurance, and connotation of have been arrived at in a scientific fashion.
Racketeering:= Is the operation of an illegal business by a group closely connected to organized crime.
Mismanagement:= This means a careless or inefficient once energies or abilities.
 REFERENCES
Agbonifoh,B.A and Yomere, G.O(1999) Research methodology in the Social sciences and Education uniben.
IFAA (2008) International Forensic Accounting Association, http://www.forensicaccountingassociation.com
La Rosa, L. (2009), “An Overview of Fraud and Forensic Accounting”, http://www.lasalle.ed/school.
Omoniyi, S. O. (2004), “The Emergence of Forensic Accounting”, The Nigerian Accountant, April/June, pp. 43 – 46.
Owojori, A. A. and Asaolu, T. O. (2009), “The Role of Forensic Accounting in Solving the Vexed Problem of Corporate World”, European Journal of Scientific Research, ISSN 1450 – 216X, Vol. 29, No. 2, pp. 183 – 187.
Sarbanes-Oxley Act (2002),
Statement of Auditing Standard, No. 99.

FORENSIC ACCOUNTING AND NIGERIA BUSINESS ENVIRONMENT
For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

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  • Type: Project
  • Department: Accounting
  • Project ID: ACC0812
  • Access Fee: ₦5,000 ($14)
  • Chapters: 5 Chapters
  • Pages: 102 Pages
  • Methodology: Chi Square
  • Reference: YES
  • Format: Microsoft Word
  • Views: 1.3K
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    Details

    Type Project
    Department Accounting
    Project ID ACC0812
    Fee ₦5,000 ($14)
    Chapters 5 Chapters
    No of Pages 102 Pages
    Methodology Chi Square
    Reference YES
    Format Microsoft Word

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