Effect of Forensic Accounting Practices on Financial Accountability and Transparency in Nigerian’s Deposit Money Banks
Journal Title: Journal of Economics, Finance and Management Studies - Year 2024, Vol 7, Issue 07
Abstract
This study investigates the impact of forensic accounting practices, with specific focus on fraud investigation, fraud examination, and fraud prevention, on financial accountability and transparency in the banking sub sector in Nigeria. The study employed a field survey research design and data was collected from both secondary and primary sources with a particular emphasis on questionnaire administration to staff in selected banks. The study involved the analysis of 98 copies of filled questionnaire using frequency analysis and regression analysis to draw tentative predictions about the relationship between forensic accounting practices and financial accountability. The findings revealed that fraud investigation practices significantly influence financial accountability and transparency in Nigeria banks, as indicated by a coefficient of 0.324 and a p-value of 0.00 in the regression analysis. Similarly, fraud prevention practices, with a coefficient of 0.770 and a p-value of 0.00, also demonstrate a significant relationship with financial accountability and transparency. Furthermore, fraud examination practices, represented by a coefficient of 0.047 and a p-value of 0.040, significantly impact financial accountability and transparency in the Nigerian banking sector. In conclusion, this study underscores the positive effects of forensic accounting practices on financial accountability and transparency in Nigerian banks. The study recommends that Nigerian banks prioritize and enhance their fraud-related practices, invest in staff training programs, and collaborate with regulatory bodies to create a conducive environment for effective fraud management. Recognizing the vital role of competent professionals and continuous regulatory updates, these recommendations aim to strengthen the banking sector's resilience against financial fraud and promote sustained transparency and accountability.
Authors and Affiliations
Omoniyi Jacob, ENIOLA (PhD) , Adesola Funmi, POPOOLA,
Keywords
Related Articles
- EP ID EP740174
- DOI 10.47191/jefms/v7-i7-24
- Views 34
- Downloads 1
Overcoming Asymmetric Information With A Profitsharing System At Islamic Bank: Acceleration Of Theory And Practice
This study aims to examine the profit-sharing system in Islamic banks in overcoming the adverse selection issue and the practice of implementing the profit-sharing system. In this study, evaluative and descriptive method...
Managing Mental Health at Work during Periods of Uncertainty
The coronavirus (covid-19) pandemic has resulted in a period of uncertainty where social, political, and economic factors have been affected. Employment is one the most essential components of an individual’s life which...
Policies Contribution and Integrated Quality Management to Improve the Quality of Services in Primary and Secondary Education in the Banten of Province 21 St Centuruy The Era of the Revolutionary 4.0
The success of an organization is largely determined by the management model that is applied, sedangkan keberhasilan manajemen ditentukan oleh pemimpinnyaespecially in primary and secondary education which has a central...
The Effect of Inflation, Rupiah Exchange, Interest Rate, Earning Volatility and Cash Holding on Stock Prices of Manufacturing Companies Listed on IDX
Researchers are looking at how inflation, rupiah exchange rates, interest rates, earnings volatility, and cash holdings influence stock prices. This is a quantitative research that utilizes secondary data from the Indone...
Analysis of Risk Components of Building Construction Projects in Construction Companies: Case Study of Projects in Jabodetabek
Risk management is very important for a construction company to carry out all company activities and especially to run a construction project. As is known, the project is carried out through stages in which it is very lo...