Application of Forensic Accounting in the Detection And Control of Fraud in Deposit Money Banks in Nigeria:- Omulu Joseph C

ABSTRACT

This study examines the application of forensic accounting in the detection and control of fraud in deposit money banks in Nigeria. The main objective of the study was to examine the application of forensic accounting in the detection and control offraud in deposit money banks. However, the specific objectives were to examine the use offorensic accounting skills and techniques in uncovering fraud in deposit money banks, to ascertain the influence offorensic accounting skills and techniques in reducing fraud in deposit money banks and to ascertain ifforensic accounting will curb fraudulent activities in deposit money banks. The study covers 60 employees of 3 different banks; the population was small hence the sample size was the same as the population size. Ordinary Least Square (OLS) regression analysis and correlation coefficient were used in testing various variables in the research hypothesis and relevant questions in the study. In the first hypothesis, the result revealed thatforensic accounting skills and techniques have a significant effect in uncovering fraud in deposit money banks. In the second hypothesis, the study revealed thatforensic accounting skills and techniques have a significant influence in fraud reduction in deposit money banks. The third hypothesis showed thatforensic accounting can be used to curb fraudulent activities in deposit money banks. The findings revealed thatfraud investigation impacts mainly on fraud prevention through probing suspect's financial performance and looking into allegedfraud or illegal activity. It is therefore concluded thatforensic accounting has significant impact on deposit money banks' financial transparency in Nigeria. The study, therefore, recommended that a forensic accountant should always be present to set up the bank's internal control to reduce the chances offraud