FRAUD MANAGEMENT AND FORENSIC ACCOUNTING BENEFITS, CHALLENGES AND PROSPECTS (A CASE STUDY OF FIRST BANK OF NIGERIA PLC.OKPARA AVENUE, ENUGU STATE)

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ABSTRACT

With an upsurge in financial accounting fraud in the global economy, forensic accounting has become an emerging topic of great importance for academics and industries. The study was conducted to determine and examine the fraud management and Forensic Accounting: its benefits, challenges and prospects in first bank of Nigeria plc. The objectives of the study are to examine if there is significant agreement on the effectiveness of Forensic Accounting in Financial fraud control, financial reporting quality and internal control. It also examines if there is available opportunity to officials on the detection and management of fraud. To solve the problems in the research, both primary and secondary data were collected. The research instrument used in collecting the data was questionnaires. The respondents were the senior staff of First Bank of Nigeria plc, okpara Avenue, Enugu. In organizing and presenting the data collected, tables and percentages were used. Five hypotheses were tested using T-Distribution method. The populations covered were also tested using T-Distribution method. The population covered was 60, while the sample size was 40. Data presented and analyzed were also treated. It was found that since fraud is an aged threat to the smooth operation of every business especially banks, there is a pivotal need for forensic accountant is every organization. Conclusion were drawn and recommendations was thus given, that the institute of management of Chartered Accountants of Nigeria(ICAN), Association of National Accountants of Nigeria(ANAN), and National Universities commissions(NUC), should encourage the study and specialization of forensic Accounting.

TABLE OF CONTENT

Title Pageii

Approval Pageiii

Dedicationiv

Acknowledgementv

Abstractvi

Table of Contentvii

CHAPTER ONE:

INTRODUCTION

1.1 Background of the study1

1.2 Statement of the problem8

1.3 Objectives of the study9

1.4 Research Hypothesis 10

1.5 Research Questions 11

1.6 Significant of the study12

1.7 Scope of the Study 13

1.8 Limitations of the Study14

1.9Definition of Terms 15

CHAPTER TWO:

LITERATURE REVIEW

2.1Conceptual overview of Forensic Accounting 17

2.2Financial Fraud 20

2.3Fraud Management 23

2.4Fraud Triangle 27

2.5 Forensic Accountant 28

2.6Personal qualities and skills of a forensic Accountant29

2.7Benefits of Forensic Accounting 35

2.8 Challenges of Forensic Accounting 37

2.9 Prospects of Forensic Accounting 41

CHAPTER THREE:

METHODOLOGY

3.1Research Design 43

3.2Area of the study 43

3.3Population of the study 43

3.4Sample 44

3.5Sources of Data 46

3.6Analytical Technique 47

CHAPTER FOUR:

PRESENTATION AND ANALYSIS OF DATA

4.1Data Presentation49

4.2Data Analysis 55

CHAPTER FIVE:

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS.

5.1 Summary of Findings74

5.2 Conclusion75

5.3 Recommendations 75

References

AppendixI

Appendix II

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FRAUD MANAGEMENT AND FORENSIC ACCOUNTING BENEFITS, CHALLENGES AND PROSPECTS (A CASE STUDY OF FIRST BANK OF NIGERIA PLC.OKPARA AVENUE, ENUGU STATE)

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