Combating Financial Crimes through Forensic Audit: Evidence from Nigeria

Abstract:

Curbing the menace of financial crimes through forensic audit is imperative due to the global failure of statutory audit. This study therefore examined curbing Financial Crimes through Forensic Audit: Evidence from Nigeria. This study employed a survey research method and obtained primary data sources collated through the questionnaire. The data collected was analyzed using regression models. The research discovered that P-value = 0.00<0.05 level of significance and the regression line is CFCs = 0.335 + 0.746β1 + 0.042β2-0.078β3+ut. The study also found that data based collection and data mining are effective enough and capable of curbing financial crimes in Nigeria, although ratio analysis is weak in doing that. The research concluded that forensic audit techniques are effective in combating financial crimes in Nigerian private sector. This study recommended that forensic audit courses should be given more spaces in the academic curricula of Universities to increase its awareness in Nigeria.