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
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- EP ID EP740174
- DOI 10.47191/jefms/v7-i7-24
- Views 94
- Downloads 1
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