Quality Assurance Accreditation Standards and the Forensic Accounting Profession in Nigeria

Adegbola Olubukola Otekunrin () and Damilola Gabriel Fagboro ()

Asian Economic and Financial Review, 2021, vol. 11, issue 7, 534-544

Abstract: This study examined the level of compliance of the forensic accounting profession in Nigeria with the Quality Assurance Accreditation Standards (QAAS), and the present state of the profession in the country, using both primary and secondary data. Descriptive and inferential statistics were used to analyze the data obtained from 161 respondents. A significant difference was found between the current state of the forensic accounting profession in Nigeria and the requirements of the QAAS. This study found that the profession lacks statutory regulatory institutions which enable legal frameworks in Nigeria. It was also found that the contribution of Nigerian universities to the advancement of forensic accounting is not significant due to insufficiently trained university lecturers and lack of facilities. This led to an acute shortage of qualified professionals in practice and a low standard of service delivery in the field. Many of the existing practitioners lack the requisite skills to function effectively. We concluded that the profession in Nigeria has not provided the expected impact on the fight against economic and financial crimes, and without QAAS in place the profession would remain powerless against the economic and financial crimes in the country. We recommend that the Nigerian Federal Government should create forensic regulatory institutions to ensure that the forensic accounting profession in Nigeria is focused on best practices and complies with the QAAS requirements.

Keywords: Quality assurance; Accreditation standards; Forensic accounting; Profession. (search for similar items in EconPapers)
Date: 2021
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