Home»Accountancy» The role of forensic accounting as a tool for fraud detection and prevention in the Nigerian banking sector.

The role of forensic accounting as a tool for fraud detection and prevention in the Nigerian banking sector.

 Department: Accountancy  
 By: usericon muhalhq  

 Project ID: 7186
   Rating:  (3.0) votes: 2
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The study aims to assess forensic accounting's role in detecting and preventing fraud in the Nigerian banking sector, focusing on UBA Bank's Wushishi branch. Objectives include investigating fraud nature, determining its extent, exploring forensic accounting principles, and evaluating its effectiveness in reducing financial losses and fraud risks. Fraudulent practices in Nigerian banks have led to increased losses and the collapse of commercial banks, hence the need to use forensic approach services to detect and prevent such fraudulent activities. The banking industry is a very important institution with many internal controls in order to overcome fraudulent practices. The data collection instrument preferred for the study was a questionnaire. Findings from the study saw that fraud detection and prevention increased when forensic accounting services were employed. A sample size of 40 were used and was chosen among the UBA bank Wushishi branch in Nigeria using Bowley's proportional allocation formula Data were analyzed using table and simple percentage, and hypothesis were tested using chi-square statistics ( x2).  The study findings indicated that the application of forensic approach services by banks led to increased fraud prevention in commercial banks and the highest application was on enhancing the quality of financial reporting. ...
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