The Role of Forensic Audit on Management Frauds in Nigerian Deposit Money Banks

Olofinlade Samuel Oluwapelumi

doi:doi:10.11648/j.ijafrm.20210603.11

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The Role of Forensic Audit on Management Frauds in Nigerian Deposit Money Banks

Olofinlade Samuel Oluwapelumi

Published in International Journal of Accounting, Finance and Risk Management (Volume 6, Issue 3)

Received: 22 June 2021 Accepted: 8 July 2021 Published: 29 July 2021

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Abstract

This study investigates the role of forensic audit on management frauds in Nigerian deposit money banks’. Specifically, the paper examines the nexus that exists between forensic audit/accounting mechanisms on prevention of management frauds in Nigeria deposit money banks. The data for this paper were obtained from secondary source which were gathered from the audited financial statements as well as accounts of some of the listed deposit money banks in Nigeria. The study is descriptive and highly empirical as it involves the use of panel regression technique as tool of analysis. The result findings from regression analysis reveal from hypothesis one that there exist a meaningful and positive nexus between forensic audit and prevention and curbing of management fraud in Nigeria deposit money banks, also findings outcome from hypothesis two reveal that there is a strong and positive nexus between forensic audit mechanism and faithful representation of financial statements while the third hypothesis establish a strong correlation between financial accounting and understandability of financial statements. This affirms that forensic accounting/audit mechanisms are related tools towards preventing management frauds, faithful representation of financial records and understandability of financial statements. The study therefore recommends that the financial regulators as well as deposit money banks in Nigeria should undergo training and re-training of their strategic level management and staff on the intricacies of forensic accounting/audit so as to maximize shareholders wealth and be fair to other stakeholders.

Published in	International Journal of Accounting, Finance and Risk Management (Volume 6, Issue 3)
DOI	10.11648/j.ijafrm.20210603.11
Page(s)	69-75
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Forensic Audit/Accounting, Management Fraud, Positive Accounting Theory

References

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APA Style

Olofinlade Samuel Oluwapelumi. (2021). The Role of Forensic Audit on Management Frauds in Nigerian Deposit Money Banks. International Journal of Accounting, Finance and Risk Management, 6(3), 69-75. https://doi.org/10.11648/j.ijafrm.20210603.11

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ACS Style

Olofinlade Samuel Oluwapelumi. The Role of Forensic Audit on Management Frauds in Nigerian Deposit Money Banks. Int. J. Account. Finance Risk Manag. 2021, 6(3), 69-75. doi: 10.11648/j.ijafrm.20210603.11

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AMA Style

Olofinlade Samuel Oluwapelumi. The Role of Forensic Audit on Management Frauds in Nigerian Deposit Money Banks. Int J Account Finance Risk Manag. 2021;6(3):69-75. doi: 10.11648/j.ijafrm.20210603.11

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@article{10.11648/j.ijafrm.20210603.11,
  author = {Olofinlade Samuel Oluwapelumi},
  title = {The Role of Forensic Audit on Management Frauds in Nigerian Deposit Money Banks},
  journal = {International Journal of Accounting, Finance and Risk Management},
  volume = {6},
  number = {3},
  pages = {69-75},
  doi = {10.11648/j.ijafrm.20210603.11},
  url = {https://doi.org/10.11648/j.ijafrm.20210603.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijafrm.20210603.11},
  abstract = {This study investigates the role of forensic audit on management frauds in Nigerian deposit money banks’. Specifically, the paper examines the nexus that exists between forensic audit/accounting mechanisms on prevention of management frauds in Nigeria deposit money banks. The data for this paper were obtained from secondary source which were gathered from the audited financial statements as well as accounts of some of the listed deposit money banks in Nigeria. The study is descriptive and highly empirical as it involves the use of panel regression technique as tool of analysis. The result findings from regression analysis reveal from hypothesis one that there exist a meaningful and positive nexus between forensic audit and prevention and curbing of management fraud in Nigeria deposit money banks, also findings outcome from hypothesis two reveal that there is a strong and positive nexus between forensic audit mechanism and faithful representation of financial statements while the third hypothesis establish a strong correlation between financial accounting and understandability of financial statements. This affirms that forensic accounting/audit mechanisms are related tools towards preventing management frauds, faithful representation of financial records and understandability of financial statements. The study therefore recommends that the financial regulators as well as deposit money banks in Nigeria should undergo training and re-training of their strategic level management and staff on the intricacies of forensic accounting/audit so as to maximize shareholders wealth and be fair to other stakeholders.},
 year = {2021}
}

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TY  - JOUR
T1  - The Role of Forensic Audit on Management Frauds in Nigerian Deposit Money Banks
AU  - Olofinlade Samuel Oluwapelumi
Y1  - 2021/07/29
PY  - 2021
N1  - https://doi.org/10.11648/j.ijafrm.20210603.11
DO  - 10.11648/j.ijafrm.20210603.11
T2  - International Journal of Accounting, Finance and Risk Management
JF  - International Journal of Accounting, Finance and Risk Management
JO  - International Journal of Accounting, Finance and Risk Management
SP  - 69
EP  - 75
PB  - Science Publishing Group
SN  - 2578-9376
UR  - https://doi.org/10.11648/j.ijafrm.20210603.11
AB  - This study investigates the role of forensic audit on management frauds in Nigerian deposit money banks’. Specifically, the paper examines the nexus that exists between forensic audit/accounting mechanisms on prevention of management frauds in Nigeria deposit money banks. The data for this paper were obtained from secondary source which were gathered from the audited financial statements as well as accounts of some of the listed deposit money banks in Nigeria. The study is descriptive and highly empirical as it involves the use of panel regression technique as tool of analysis. The result findings from regression analysis reveal from hypothesis one that there exist a meaningful and positive nexus between forensic audit and prevention and curbing of management fraud in Nigeria deposit money banks, also findings outcome from hypothesis two reveal that there is a strong and positive nexus between forensic audit mechanism and faithful representation of financial statements while the third hypothesis establish a strong correlation between financial accounting and understandability of financial statements. This affirms that forensic accounting/audit mechanisms are related tools towards preventing management frauds, faithful representation of financial records and understandability of financial statements. The study therefore recommends that the financial regulators as well as deposit money banks in Nigeria should undergo training and re-training of their strategic level management and staff on the intricacies of forensic accounting/audit so as to maximize shareholders wealth and be fair to other stakeholders.
VL  - 6
IS  - 3
ER  -

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Author Information

Olofinlade Samuel Oluwapelumi

Department of Finance, Faculty of Management Science, Ekiti State University, Ado-Ekiti, Nigeria

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APA Style

Olofinlade Samuel Oluwapelumi. (2021). The Role of Forensic Audit on Management Frauds in Nigerian Deposit Money Banks. International Journal of Accounting, Finance and Risk Management, 6(3), 69-75. https://doi.org/10.11648/j.ijafrm.20210603.11

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ACS Style

Olofinlade Samuel Oluwapelumi. The Role of Forensic Audit on Management Frauds in Nigerian Deposit Money Banks. Int. J. Account. Finance Risk Manag. 2021, 6(3), 69-75. doi: 10.11648/j.ijafrm.20210603.11

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AMA Style

Olofinlade Samuel Oluwapelumi. The Role of Forensic Audit on Management Frauds in Nigerian Deposit Money Banks. Int J Account Finance Risk Manag. 2021;6(3):69-75. doi: 10.11648/j.ijafrm.20210603.11

Copy | Download

@article{10.11648/j.ijafrm.20210603.11,
  author = {Olofinlade Samuel Oluwapelumi},
  title = {The Role of Forensic Audit on Management Frauds in Nigerian Deposit Money Banks},
  journal = {International Journal of Accounting, Finance and Risk Management},
  volume = {6},
  number = {3},
  pages = {69-75},
  doi = {10.11648/j.ijafrm.20210603.11},
  url = {https://doi.org/10.11648/j.ijafrm.20210603.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijafrm.20210603.11},
  abstract = {This study investigates the role of forensic audit on management frauds in Nigerian deposit money banks’. Specifically, the paper examines the nexus that exists between forensic audit/accounting mechanisms on prevention of management frauds in Nigeria deposit money banks. The data for this paper were obtained from secondary source which were gathered from the audited financial statements as well as accounts of some of the listed deposit money banks in Nigeria. The study is descriptive and highly empirical as it involves the use of panel regression technique as tool of analysis. The result findings from regression analysis reveal from hypothesis one that there exist a meaningful and positive nexus between forensic audit and prevention and curbing of management fraud in Nigeria deposit money banks, also findings outcome from hypothesis two reveal that there is a strong and positive nexus between forensic audit mechanism and faithful representation of financial statements while the third hypothesis establish a strong correlation between financial accounting and understandability of financial statements. This affirms that forensic accounting/audit mechanisms are related tools towards preventing management frauds, faithful representation of financial records and understandability of financial statements. The study therefore recommends that the financial regulators as well as deposit money banks in Nigeria should undergo training and re-training of their strategic level management and staff on the intricacies of forensic accounting/audit so as to maximize shareholders wealth and be fair to other stakeholders.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - The Role of Forensic Audit on Management Frauds in Nigerian Deposit Money Banks
AU  - Olofinlade Samuel Oluwapelumi
Y1  - 2021/07/29
PY  - 2021
N1  - https://doi.org/10.11648/j.ijafrm.20210603.11
DO  - 10.11648/j.ijafrm.20210603.11
T2  - International Journal of Accounting, Finance and Risk Management
JF  - International Journal of Accounting, Finance and Risk Management
JO  - International Journal of Accounting, Finance and Risk Management
SP  - 69
EP  - 75
PB  - Science Publishing Group
SN  - 2578-9376
UR  - https://doi.org/10.11648/j.ijafrm.20210603.11
AB  - This study investigates the role of forensic audit on management frauds in Nigerian deposit money banks’. Specifically, the paper examines the nexus that exists between forensic audit/accounting mechanisms on prevention of management frauds in Nigeria deposit money banks. The data for this paper were obtained from secondary source which were gathered from the audited financial statements as well as accounts of some of the listed deposit money banks in Nigeria. The study is descriptive and highly empirical as it involves the use of panel regression technique as tool of analysis. The result findings from regression analysis reveal from hypothesis one that there exist a meaningful and positive nexus between forensic audit and prevention and curbing of management fraud in Nigeria deposit money banks, also findings outcome from hypothesis two reveal that there is a strong and positive nexus between forensic audit mechanism and faithful representation of financial statements while the third hypothesis establish a strong correlation between financial accounting and understandability of financial statements. This affirms that forensic accounting/audit mechanisms are related tools towards preventing management frauds, faithful representation of financial records and understandability of financial statements. The study therefore recommends that the financial regulators as well as deposit money banks in Nigeria should undergo training and re-training of their strategic level management and staff on the intricacies of forensic accounting/audit so as to maximize shareholders wealth and be fair to other stakeholders.
VL  - 6
IS  - 3
ER  -

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