FORENSIC ACCOUNTING TECHNIQUES AND FRAUD PREVENTION IN LISTED INSURANCE COMPANIES IN NIGERIA

Haruna, Roselyn Afor (), Adefisayo, Awogbade () and Ibrahim, Karimu Moses ()
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Haruna, Roselyn Afor: Department of Accounting, Postal: Nasarawa State University, Keffi,, https://www.afarng.org/jfafi/
Adefisayo, Awogbade: Registrar/Chief Executive, Postal: Chartered Institute of Taxation of Nigeria,, https://www.afarng.org/jfafi/
Ibrahim, Karimu Moses: Department of Accounting, Postal: Veritas University, Bwari, Abuja,, https://www.afarng.org/jfafi/

Journal of Forensic Accounting & Fraud Investigation (JFAFI), 2021, vol. 6, issue 1, 56-82

Abstract: Forensic accounting is the integration of accounting, auditing and investigative skills. It is a specialised area of accounting that explains engagements, which is likely to result in real or anticipated disputes or litigation. The main objective of this study was to assess forensic accounting techniques and fraud prevention in listed insurance companies in Nigeria. The study population comprised of all professional accountants and auditors in listed insurance companies in Nigeria with a sampled population of 257 determined by using Cochran formula cited by Kothari (2013). The study used survey research method with the use of questionnaire, while secondary sources were text books, published materials like journals and internet facilities. The study made use of statistical package for service solution (SPSS V.21) to analyse the data. It was found among others that investigative skill techniques have positive influence on the integrity of financial statements of listed insurance companies in Nigeria., as evidenced from the individual level of significance of 0.005,and 0.022 which was less than the 5% acceptable level of significance and the coefficient of determination of the main model of 0.11 meaning that about 74% variation of the IFS is attributable to IST while the remaining 66% change in the IFS can be attributed to other factors not covered in the model. The key recommendation among others was that listed insurance companies in Nigeria should consider setting up forensic accounting unit as part of the internal control system; this will lend credence to the integrity of financial statement of insurance companies in Nigeria.

Keywords: Fraud; Prevention; Forensic; Accounting; Techniques (search for similar items in EconPapers)
Date: 2021
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Journal of Forensic Accounting & Fraud Investigation (JFAFI) is currently edited by Godwin Emmanuel Oyedokun, Muhammad Akaro Mainoma and Suleiman A. S. Aruwa

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