THE IMPACT OF FORENSIC ACCOUNTING ON INVESTIGATION OF CORPORATE FRAUD IN NIGERIA: STUDY OF EFCC

Abstract

This paper examine the impact of forensic accounting on investigation of corporate fraud in Nigeria. A study of EFCC. Several instances of corporate scandals and failure in resent past have put the professional accounting bodies into a new perception that goes beyond statutory audit and in some ways even the trend of corporate governance, forensic accounting is one of the most, if not the most important tool in the fight against corruption and other criminal wrongdoing, both in private and public sectors. For the study, data were collected from both primary and secondary sources. A total of 60 (sixty's questionnaires were distributed and hypothesis were formulated sample percentages were used in analyzing the questions contained in the questionnaire. Chi-square statistics was used in the test of the hypothesis formulated. Based on the research, the researcher found out that forensic accounting enhances the role in easy detecting of fraudulent scheme. The effectiveness of EFCC of forensic accounting can restrict financial crime in Nigeria, and the prosecution of public office holders by EFCC can reduce the level of fraudulent activities in Nigeria. The researcher recommends for external and internal auditor to be trained on fraud detection procedures including knowing when suspicious activity is detected and then the executive and directors to become fully aware of the threat of fraud and the means of deterring it.