Forensic Audit and Mitigation of Financial Crimes in Nigeria-Reference-Cited by-同舟云学术

Forensic Audit and Mitigation of Financial Crimes in Nigeria

Published:2023-02-22 Issue:1 Volume:6 Page:37-62
ISSN:2682-6690
Container-title:African Journal of Accounting and Financial Research
language:en
Short-container-title:African Journal of Accounting and Financial Research

Author:

E. Appah,C.E. Awuji

Abstract

This study investigated the relationship between forensic audit and mitigation of financial crimes in Rivers and Bayelsa States of Nigeria. The study employed primary and secondary sources of data collection. The primary data were collected with a well-structured questionnaire with an average reliability of 0.87. The data collected were analyzed with statistical packages for social sciences using univariate, bivariate and multivariate analysis. The multivariate analysis revealed a positive and insignificant relationship between investigative review and safeguarding of assets misappropriation in MDAs in Nigeria; a positive and insignificant relationship between investigative review and control of occupational fraud in MDAs in Nigeria; a positive and insignificant relationship between investigative review and control of payroll fraud in MDAs in Nigeria; a positive and insignificant relationship between litigation support services and safeguarding of assets misappropriation in MDAs in Nigeria; a positive and insignificant relationship between litigation support services and control of occupational fraud in MDAs in Nigeria; and a positive and insignificant relationship between litigation support services and control of payroll fraud in MDAs in Nigeria. The study concluded that forensic audit mitigates financial fraud in Nigeria. On the basis of the conclusion, the following recommendations were made: Ministries, department and agencies should formulate others means of investigating financial crimes rather than proactive forensic audit because this study’s finding indicated proactive forensic audit has negative and insignificant relationship with the measures of financial crimes; forensic audit practitioners in Nigeria should be aware that investigative review as technique of forensic audit has positive association with the measures of financial crimes. Hence, they should employ more investigative review when carrying out the forensic auditing process; forensic auditors should also apply litigation support services as a method of forensic audit in carrying out financial crimes investigation in government establishments because the results showed that litigation support has positive influence in mitigating financial crime amongst others.

Publisher

African - British Journals

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