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FORENSIC AUDITING AND FINANCIAL ACCOUNTING IN NIGERIA: AN ASSESSMENT
ABSTRACT
With the upsurge in fraudulent activities in financial accounting in the global economy, forensic auditing has become an emerging disciplineof great importance for academia and real sector. Therefore, determining how efficient and the extent to which forensic auditing is meeting up with the desired goal is a subject of discussion. The paper examined if there is significant agreement amongst stakeholders on the effectiveness of forensic auditing in financial fraud control, financial reporting and internal control quality. Survey design was used in the paperand with a sample size of 143, consisting of accountants, management staffs, practicing auditors among others. Simple random technique was utilized in selecting the sample size, while the binomial test was employed in the data analysis. The findings of the paper showed that there is significant agreement amongst stakeholders on the effectiveness of forensic auditing in fraud control, financial reporting and internal control quality. In line with the above findings, the paper recommended that the Institute of Chartered Accountants of Nigeria, Association of National Accountants of Nigeria and the National Universities Commission should encourage formalization and specialization in the field forensic auditing. In addition, the government should stimulate interest in forensic auditing for monitoring and investigation of suspected fraudulent activities in financial accounting.
Key Words: Forensic Accounting/Auditing, Financial Fraud, Stakeholders, Chartered Accountants