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FORENSIC ACCOUNTING
AND NIGERIA BUSINESS ENVIRONMENT
ABSTRACT
The focal point of this work is on how
forensic accounting could aid fraud detection and prevention when incorporated
into the mainstream of Nigeria business environment.
Review of relevant
literature were carried out in order to gain deeper insight and understanding
of the subject matter. Questionnaires were administered in order to generate
the necessary primary data and were descriptively analyzed. The various
hypotheses were tested using chi-square statistical analysis. The result of the
hypotheses revealed that corporate fraud reduction is dependent on forensic
accounting. It however revealed that forensic accounting cannot promote
responsible corporate governance. Based on the findings of this research work,
the researcher came to a conclusion that corporate fraud and poor corporate
governance cannot be completely eliminated, it can only be reduced to a barest
minimum. It is recommended that the study of forensic accounting courses should
be introduced into the Nigeria educational curricular. Also, ethics and value
system of the country must not be handled with levity and finally an effective
legal system should be put in place to ensure speedy dispensation of justice.
TABLE OF CONTENTS
Title
Table of
Contents
Abstract
CHAPTER ONE
1.1
Background of the Study
1.2
Statement of the Problem
1.3
Objective of the Study
1.4
Scope of the Study
1.5
Relevance of the Study
1.6
Hypotheses
1.7
Limitation of the Study
CHAPTER TWO: LITERATURE REVIEW
2.0
Historical Background of Forensic
Accounting
2.1
Definitions and Meaning of Forensic Accounting
2.2
Definition and Meaning of Fraud
2.3
Types of Fraud
2.4
Nature and Extent of Financial Crime
2.5
Causes of
Fraud
2.6
Fraud Detection, Prevention and Control
2.7
Roles of Forensic Accounting in Litigation Support
2.8
Skills and Characteristics of a Forensic
Accountant
2.9
Development of Forensic Accounting in the
Accounting
Profession
2.10
Opportunities and Challenges of Providing
Forensic Accounting
Services
2.11
An Overview of Nigeria Business Environment
Roles and Responsibilities of the Traditional
Roles and Responsibilities of the Traditional
Auditor or External
Auditor
2.12
Differences between a Forensic Accounting
and the Traditional
Auditing
2.13
Importance of Forensic Accounting on the
Nigeria Business
Environment
2.14
Financial Statement Fraud in Nigeria Business
Environment and its
Link with Forensic Accounting
2.15
Level of Forensic Accounting in Other Countries
CHAPTER THREE: RESEARCH METHODOLOGY
3.0
Introduction
3.1
Research
Design
3.2
Population
3.3
Sample and Sampling
Technique
3.4
Research Instruments
3.5
Sources of Data
3.6
Problem Identification
3.7
Research and Validation of Hypothesis
3.8
Validation
CHAPTER
FOUR: ANALYSIS AND INTERPRETATION OF DATA
4.0 Introduction
4.1
Questionnaire Administration
4.2
Data Description and Interpretation
4.3
Test of
Hypothesis
CHAPTER
FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1
Introduction
5.2
Summary of Findings
5.3
Conclusion
5.4
Recommendations
Bibliography
Appendix
CHAPTER ONE
1.0
BACKGROUND OF THE STUDY
The recent
multi-billion dollars corporate scandals (Enron, Tyco, World Com, Adelphia and
others) have shaken the business world. The public and governmental reactions
to these events has been enormous. It has triggered congressional action that
resulted in legislation (Sarbanes-Oxley Act, 2002) and auditing standards
(Statement of Accounting Standard No. 99) that require companies and
their auditors to be more aggressive in detecting and preventing fraud, which
in turn, has elevated the importance of the accounting profession in protecting
the integrity of the financial system in order to prevent such scandals.
Additionally, in
today’s society, there is widespread growth in white-collar crimes evidenced by
both fraudulent financial reporting and misappropriation of assets.
Racketeering and terrorist groups often rely on money-laundering schemes to
conceal and disguise their activities such as identity theft, present new
challenges to accountants. The impact on the accounting profession has been
dramatic. The environment has created many job opportunities in the accounting
profession at federal, state and governmental agencies, such as the Securities
and Exchange Commission, the revenue service and the office of the inspector
general, all have an increased impact on accountants and others with forensic
accounting investigation skills.
However, modern
organized corporate frauds are sophisticated, and well resourced by manager,
entrepreneur and politicians to mention but few. There is the need to respond
to this changing criminal threat and the skills of non-traditional investigators
like accountant and the legal experts are needed to combat the corporate ill,
this has arouse the call for forensic accountant.
In the light of the
foregoing discussion, forensic accounting has to do with the use of the use
accounting discipline to help determine issues of fact in business litigation.
It involves the application of accounting, business, legal and financial skills
in settling commercial or legal disputes (Omoniyi, 2004).
The focal point of
this research work is on how forensic accounting could aid fraud detection and
prevention when incorporated into the mainstream of Nigeria business
environment.
STATEMENT
OF THE PROBLEM
The failure of
statutory audit to prevent and reduce misappropriation of corporate fraud and
an increase in corporate crime in Nigeria business environment has put pressure
on the professional accountant and legal practitioner to find a better way of
exposing crime in the business world. The specific problems which this research
intend to address are as follows:
1.
Can forensic accounting reduce corporate fraud and mismanagement?
2.
Can forensic accounting promote responsible corporate governance?
3.
Is forensic accounting the same as fraud investigation?
4.
Are there any special skills a forensic accountant must possess?
5.
What are the potential red flags of fraud?
6.
Can forensic accounting provide an objective valuation of claims?
7.
Prospects and challenges of forensic accounting profession.
8.
Are employees often the first to notice fraud?
1.1
OBJECTIVE OF THE STUDY
The problem of fraud
in Nigeria business environment need to be seriously addressed. The objectives
of this research work are;
1.
To find out how the knowledge of forensic accounting can reduce corporate fraud
and mismanagement.
2.
To ascertain if forensic accounting can promote responsible corporate
governance.
3.
To determine whether forensic accounting is the same as “fraud investigation”.
4.
To ascertain if employees are often the first to notice fraud.
5.
To examine the relevant or special skills which a forensic accountant should
posses.
6.
To examine the potential red flags of fraud.
7.
To examine the prospects and challenges of forensic accounting profession.
8.
To determine if forensic accounting can provide an objective valuation of
claims.
1.2
SCOPE OF THE STUDY
The focus of this
study is on forensic accounting with special emphasis on corporate fraud
reduction and mismanagement in Nigeria business environment. Data will be
obtained from various stakeholders in the Nigeria business environment.
1.3
RELEVANCE OF THE STUDY
When viewed from the
perspective of forensic accounting in Nigeria business environment, the
significance of this research will be appreciated.
The primary focus of
this research is to enlighten non-forensic accountant on how corporate fraud and
mismanagement can be tackled.
The research is also
aimed at creating understanding of the duties of foreign accountants in
litigation support, the potential for forensic accounting services in the
Nigeria business environment, special skills and characteristics of forensic
accountant.
Future researchers on
this field will find this work as a veritable reference point and will create a
better insight into the relationship between forensic accounting and corporate
fraud.
1.4
HYPOTHESES
Hypotheses shall be
developed and tested to ensure a more effective and result oriented work. The
null hypothesis (Ho) and the alternative hypothesis (H1)
will be used for the purpose of this study.
Hypothesis (1)
Ho:
Corporate fraud reduction is not dependent on forensic accounting.
H1:
Corporate fraud reduction is dependent on forensic accounting.
Hypothesis (2)
Ho:
Forensic accounting cannot promote responsible corporate governance.
H1:
Forensic accounting can promote responsible corporate governance.
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