ENHANCEMENT OF ANTI-GRAFT WAR BY THE NIGERIA GOVERNMENT ANTI-CORRUPTION BODIES VIA THE INSTRUMENTALITY OF FORENSIC AUDIT: THE ACCOUNTANTS’ PERCEPTIONS

Suleiman, Hakeem Babatunde and Abdulai Agbaje Salami

Abstract

Introduction/Purpose: The extent of growth of financial malpractices in Nigeria public sector calls for the introduction of a fraud preventive mechanism. There is therefore the need for forensic auditing services to face the challenges. Forensic auditing is the use of accounting, auditing, investigative and litigative skills to determine the presence of fraud in an organisation. This study examines the public accountants and auditors’ perceptions as regards introduction of forensic audit in the battle against financial frauds. Design/Methodology: The methodology adopted to achieve this objective was the descriptive survey through the administration of questionnaire forms on practicing auditors and accountants in the public sector using the KwaraState audit department as well as the ministry of finance as samples. The normality test (Kolmogorov smirnov) was carried out which subsequently lead to the use of a non-parametric statistical mean (Mann-Witney u test) when the distribution was discovered to be a non-normal one and a Crobatch alpha was used to test its reliability which showed it was reliable. Findings: Although there are other measures that can lead to absolute reduction in public fraud, the study showed to some extent that the concept of forensic accounting would be relevant in enhancing financial crime investigations in the Nigeria public sector. The study recommended that professional forensic auditing institutions should be established to train the prospective auditors in the public sector with forensic accounting techniques. Originality/Value: This study will enable the public to appreciate the impact of forensic audit in the fight against corruptionin the Nigerian public sector.