FORENSIC ACCOUNTING AND FRAUD MANAGEMENT AND PREVENTION AMONG MINISTRIES, DEPARTMENTS, AND AGENCIES IN LAGOS STATE, NIGERIA
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Date
2023
Journal Title
Journal ISSN
Volume Title
Publisher
Niger State Journal of Management And Social Science (NIJOMASS), Faculty of Managament and Social Sciences Newgate University Minna, Niger State.
Abstract
In Nigeria, the persistent issues surrounding forensic accounting relate to a dearth of skilled
experts, limited adoption of advanced methodologies, and the complexities tied to managing
electronic forensic accounting records across sectors. This research assessed how forensic
accounting impacts the management and prevention of fraud within Ministries, Departments, and
Agencies (MDAs) in Lagos State. Employing a descriptive research design and a survey approach,
the study delved into the practical role of forensic accounting in fraud prevention, prioritizing real time actions over variable manipulation. The study's focus group encompassed 1000 senior
employees from 27 MDAs in Lagos State as of December 2021, with a sample of 286 and
respondents selected through simple random sampling. Data was collected through structured
questionnaires distributed amongselected staff of the various MDAs. Quantitative data underwent
descriptive and inferential statistical analysis, particularly multiple regression estimation. The
findings revealed a significant correlation between accounting skills, auditing skills, and
investigative skilss in managing and preventing fraud (â = 0.3445, t = 12.8637, p = 0.000); (â =
0.1767, t = 9.2743, p = 0.000); (â = 0.4081, t = 17.1880, p = 0.000). This implies that implementing
comprehensive frameworks and maintaining vigilant monitoring and evaluation efforts can steer
Lagos State MDAs towards enhancing their fraud prevention strategies.The study recommended
the need for the Lagos state government to adequately invest in professional development
programs, training workshops, and continuous education to augment the forensic accounting skills
of those engaged in fraud management and technological applications across MDAs in the state.
Description
This research contributes significantly to understanding the role of forensic accounting in managing and preventing fraud within Ministries, Departments, and Agencies (MDAs) in Lagos State, Nigeria. By employing a descriptive research design and analyzing data from senior employees, the study demonstrates a strong correlation between forensic accounting skills and effective fraud prevention. It highlights the need for comprehensive frameworks and vigilant monitoring to enhance fraud management. The findings advocate for increased investment in professional development, training, and continuous education to improve forensic accounting capabilities, thereby strengthening fraud prevention strategies across MDAs in Lagos State.
Keywords
Citation
Olumoh, Y. A, & Mubaraq, S., Balogun, B. A. (2023). FORENSIC ACCOUNTING AND FRAUD MANAGEMENT AND PREVENTION AMONG MINISTRIES, DEPARTMENTS, AND AGENCIES IN LAGOS STATE, NIGERIA. Niger State Journal of Management And Social Science, 1(1), 1-17. https://www.academia.edu/122161297/FORENSIC_ACCOUNTING_AND_FRAUD_MANAGEMENT_AND_PREVENTION_AMONG_MINISTRIES_DEPARTMENTS_AND_AGENCIES_IN_LAGOS_STATE_NIGERIA_By