Forensic Accounting and Corporate Fraud in Deposit Money Banks in Nigeria

Abstract:

This study examined forensic accounting and corporate fraud in Nigerian deposit money banks. The components of the study state that ten employees were randomly selected from ten banks, which represented all of the Deposit Money Banks in Ekiti State, Nigeria. As a result, a purposive sample technique was used to select the Head of Operations, Fund Transfer Officer, Resident Internal Control Officials, and Cash Officials. A self-structured questionnaire used to collect the required data from the respondents underwent a validity and reliability test. Using Cronbach Alpha, the study's dependability coefficient was 0.782, which was considered high. The collected data was examined using multiple regression. In deposit money banks, it was discovered that forensic observation, 0.339 (p=0.041<0.05), 0.530 (p=0.001<0.05), and 0.341 (p=0.013<0.05) respectively, benefited from forensic interview, forensic interrogation, and forensic observation. Furthermore, a positive and significant effect on fraud detection and prevention in deposit money institutions was observed for forensic review, forensic inspection, and forensic documentation, to the tune of 0.291 (p=0.036<0.05), 0.603 (p=0.000<0.05), and 0.611 (p=0.00<0.05), respectively. In terms of fraud detection and prevention, it has been shown that forensic litigation and investigation play a significant role in corporate fraud. Therefore, it was suggested that deposit money institutions use trained forensic accountants who are skilled in implementing the appropriate deterrent measures in order to stop fraud before it starts. This type of research could be expanded to include additional businesses from various industries.