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 Page ii

Approval Page iii

Dedication iv

Acknowledgement v

Abstract vi

Table of Content vii

CHAPTER ONE:

INTRODUCTION

1.1 Background of the study 1

1.2 Statement of the problem 8

1.3 Objectives of the study 9

1.4 Research Hypothesis 10

1.5 Research Questions 11

1.6 Significant of the study 12

1.7 Scope of the Study 13

1.8 Limitations of the Study 14

1.9 Definition of Terms 15

CHAPTER TWO:

LITERATURE REVIEW

2.1 Conceptual overview of Forensic Accounting 17

2.2 Financial Fraud 20

2.3 Fraud Management 23

2.4 Fraud Triangle 27

2.5 Forensic Accountant 28

2.6 Personal qualities and skills of a forensic Accountant29

2.7 Benefits of Forensic Accounting 35

2.8 Challenges of Forensic Accounting 37

2.9 Prospects of Forensic Accounting 41

CHAPTER THREE:

METHODOLOGY

3.1 Research Design 43

3.2 Area of the study 43

3.3 Population of the study 43

3.4 Sample 44

3.5 Sources of Data 46

3.6 Analytical Technique 47

CHAPTER FOUR:

PRESENTATION AND ANALYSIS OF DATA

4.1 Data Presentation 49

4.2 Data Analysis 55

CHAPTER FIVE:

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS.

5.1 Summary of Findings 74

5.2 Conclusion 75

5.3 Recommendations 75

References

Appendix I

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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