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THE IMPACT OF FORENSIC ACCOUNTING IN
AN ORGANIZATION
CHAPTER ONE
INTRODUCTION
BACKGROUND
OF THE STUDY
The growing
demand for forensic accounting is a known characteristic of most companies in
the world. Forensic accounting arises from the effect and cause of fraud and
technical error made by human. Forensic accounting is quite new in Nigeria as
companies have realized that the service of a forensic accountant is needed as
fraud cases have substantially increased in number. Forensic accounting is the
application of financial skills and investigative mentality to unsettled
issues, conducted within the context of the rules of evidence (Arokiasamy and
Cristal, 2009).
Bologna and
Lindquistn (1987) assert that forensic accounting as a discipline encompasses
fraud knowledge, financial expertise, and a sound knowledge and understanding
of business reality and the working of the legal system. Forensic accounting
may be one of the most effective and efficient way to decrease and check
accounting fraud. Presently, forensic accounting is gaining popularity
worldwide. It is been taught as a major course in many educational institutions
in various countries, Howard, and Sheetz, (2006).
It has been
noted that “Government spending has always been a big business, but it has
become so massive today that the public through its legislators is demanding to
know whether the huge outlays of money are being spent wisely or whether they
should be spent at all.” Officials and employees who manage public sector
activities are by virtue of that duty, required to render adequate accounts of
their activities to the public (Ribadu, 2005).
The
incidence of fraud continues to increase across private and public sector
organizations and across nations. Fraud is a universal problem as no nations is
immuned, although developing countries and their various states suffer the most
pain.
Forensic accounting
is said to bring significant improvement in the quality of fraud detection and
prevention. This study meant to help and remind the public sector organization
of Kogi State, in the affected ministries to design an integrated approach to
preventing and controlling fraud and corruption within the workplace through an
establish service of Professional Forensic Accountants.
STATEMENT OF
THE PROBLEM
Recently,
series of fraud have been committed both in the public sector and private
sector of the economy. These in no doubt are perpetrated under the supervision
of the internal auditors of the organization. It suffices to say that the
independent of the internal auditor is not guaranteed because he works as an
employee of the government or organization. Then come the idea of external
auditors, yet frauds are still being committed on a daily basis.
The above
scenario indicated that as more and more development both in the information
Communication Technology (ICT) world and other fields, so fraudsters continue
to groom their own tactics towards fraudulent practices.
It now
become pertinent that forensic accounting be introduced and practices since the
external auditors do not or may not have the required training to be able to
tackle modern frauds like white collar crimes such as security fraud,
embezzlement, bankruptcies, contract disputes and possibly criminal financial
transaction; including money laundering by organized criminals, also is the
ability of the forensic accountant to provide litigation support and
investigative accounting. These areas have become a complex area of concern for
the accounting profession.
OBJECTIVES
OF THE STUDY
The
objective of the study is to find out the following:
To examine
the role of Forensic Accountant in an organization.
To examine
the possibility of reducing the occurrence of fraud cases using Forensic
Accounting.
To find out
whether Forensic Accountant can help in detecting and preventing fraud in the
Public Sector
To examine
if there is significance difference between Forensic Accountants and External
Auditors.
RESEARCH
QUESTIONS
What is the
role of Forensic Accountant play in an organization?
Is there any
possibility of reducing the occurrence of fraud cases using Forensic
Accounting?
Can Forensic
Accountant help in detecting and preventing fraud in the Public Sector?
Is there any
significance difference between Forensic Accountants and External Auditors?
RESEARCH
HYPOTHESES
HYPOTHESIS 1
H0: Forensic Accountant does not play role in an
organization.
H1: Forensic Accountant plays a significant
role in an organization HYPOTHESIS 11
H0: The uses of Forensic Accounting do not
significantly reduce the occurrence of Fraud cases in the public sector.
H1: The uses of Forensic Accounting do
significantly reduce the occurrence of fraud cases in the public sector.
HYPOTHESIS
111
H0: There is no significant difference between
Professional Forensic Accountants and Traditional External Auditor.
H1: There is a significant difference between
Professional Forensic Accountants and Traditional External Auditor.
SIGNIFICANCE
OF THE STUDY
The ultimate
goal of every organization including public and private sectors is to ensure
that preventive measures like forensic accounting should be put in place. This
goal can be achieved in Uyo local government council when they employ the
services of Forensic Accountant.
This study necessary because it would bring
significant improvement in the quality of fraud prevention and protection.
It would also be of immense benefit to public
sector organization in Uyo local government council and Akwa Ibom State at
large, to design an integrated approach to preventing and controlling fraud and
corruption within the workplace through an establish service of Professional
Forensic Accountants.
Finally, it would serve as a
reference source to students or other researchers who might want to carry out
their research on the similar topic.
SCOPE OF THE
STUDY
The study
concerns about forensic accounting as a tool for fraud detection and prevention
in Nigeria with a particular reference to Uyo local government council, Akwa
Ibom State.
LIMITATION
OF THE STUDY
The study
limitation was inability of management to divulge certain information which
they consider sensitive and fear of publication which might be detrimental to
their operation.
Distance and
its attendant cost of travel in order to obtain information which to write this
study was also a major limitation. Another limitation to the study is short
time factor which did not give time for thorough research work, hence gathering
adequate information becomes very difficult.
Finally,
lack of materials on the topic. This is new in the area of forensic accounting
for detection and preventive of fraud in Nigeria. Therefore, the researcher
resolved to seek friendly approach in order to obtain the needed materials or
information from the organization under study through the administration of
questionnaire.
DEFINITION
OF TERMS AND ACRONYMS
FORENSIC
ACCOUNTING: According to Manning (2002) defined forensic accounting as the
application of financial accounting and investigative skills at a standard
acceptable by the courts, to address issues in dispute in the context of civil
and criminal litigation.
ACCOUNTING:
This is defined as the process of identifying, measuring, and communicating
economic information to permit informed judgements and decisions by users of
the information (Frank Wood & A. Sangster, 2005).
ACCOUNTING
FRAUD: Accounting fraud is an act of knowingly falsifying accounting records,
such as sales or cost records, in order to boost the net income or sales
figures; accounting fraud is illegal and subjects the company and the
executives involved to civil lawsuits (Arokiasamy and Cristal, 2009).
FRAUD: fraud
is an act or course of deception, deliberately practiced to gain unlawful or
unfair advantage; such deception directed to the detriment of another (Anyanwu,
1993).
DETECTIVE
CONTROLS: These controls are designed to detect and report the occurrence of an
omission, an error or a malicious act (Adeniji, A. 2004).
PREVENTIVE
CONTROLS: These are controls that predict potentials problems before they occur
and make adjustments (Adeniji, A. 2004).
CORPERATE
FRAUD: These are the activities undertaken by an individual or company that are
done in an dishonest or illegal manner, and are designed to give an advantage
to the perpetrating individual or company (Investopedia, 2015).
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