FORENSIC ACCOUNTING PRACTICES AND INFLUENCING FACTORS: EVIDENCE FROM PROFESSIONAL ACCOUNTANTS IN LAGOS
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Date
2024
Journal Title
Journal ISSN
Volume Title
Publisher
Faculty of Management and Social Sciences
Abstract
This study investigates the impact of forensic accounting practices, professional regulation,
and institutional factors on the effectiveness of forensic accounting among professional
accountants in Lagos, Nigeria. With increasing financial crimes and fraud across various
sectors, forensic accounting has emerged as a critical tool for detecting and preventing these
issues. However, the effectiveness of forensic accounting practices can be influenced by the
regulatory environment and institutional factors. Using a quantitative research approach, data
was collected from 200 professional accountants through structured questionnaires. The findings reveal that forensic accounting practices significantly
enhance financial accountability and fraud detection, with a strong positive relationship (β =
0.58, p < 0.01). Professional regulation also plays a crucial role, positively impacting forensic
accounting outcomes (β = 0.42, p = 0.007), although to a slightly lesser degree. Institutional
factors showed a positive but marginally significant effect (β = 0.35, p = 0.055), indicating the
need for stronger institutional support to further enhance forensic accounting practices. The
study highlights the importance of a robust regulatory framework and institutional
infrastructure in improving forensic accounting practices. The results have important
implications for policymakers, regulators, and professional bodies, emphasizing the need to
strengthen professional regulations and institutional frameworks to maximize the effectiveness
of forensic accounting in fraud prevention and financial accountability in Nigeria. Future
research should explore additional contextual factors that may influence forensic accounting
practices in other regions
Description
This study examines how forensic accounting practices, professional regulation, and institutional factors affect the effectiveness of forensic accounting in Lagos, Nigeria. Using survey data from professional accountants, it finds that forensic accounting significantly improves fraud detection and financial accountability. Professional regulation also strengthens these outcomes, though to a slightly lesser extent. Institutional factors show a weaker impact, suggesting gaps in support systems and infrastructure. The study concludes that stronger regulations and institutional frameworks are essential to enhance forensic accounting effectiveness and combat financial crimes.
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Citation
Abdullahi, A. T., Mustapha, A., SALAUDEEN, I., SHUAIB, A.-H., Olumoh, Y. A., & Subair, M. L. (2024). FORENSIC ACCOUNTING PRACTICES AND INFLUENCING FACTORS: EVIDENCE FROM PROFESSIONAL ACCOUNTANTS IN LAGOS. 1st International Conference of Management and Social Sciences (ICOMSS), 1(1), 102–117. https://doi.org/10.5281/zenodo.17497571