Appraisal Of Public Awareness In Forensic Accounting In Nigeria

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Appraisal Of Public Awareness In Forensic Accounting In Nigeria

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PROJECT TOPIC AND MATERIAL ON APPRAISAL OF PUBLIC AWARENESS IN FORENSIC ACCOUNTING IN NIGERIA

The Project File Details

  • Name: Appraisal Of Public Awareness In Forensic Accounting In Nigeria
  • Type: PDF and MS Word (DOC)
  • Size: [70 KB]
  • Length: [56] Pages

 

 

 

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

In today’s increasing complex business environment, companies face numerous challenges and risks that are difficult for them to deal with. The threats are worsen by globalization and the advent of modern information technology that are combined to replace old business practices and advanced the pace electronically manipulated fraud on corporate financial mismanagement. The problem with the present companies is that they focus more on financial transactions than on the totality of the entities’ operation and often time neglect areas where there have been constant leakages of other original resources that are of financial consequences but which are not easily detected with a normal analysis of the financial statement.

This project is set out to analyze the appraisal of public awareness on forensic accounting in Nigeria. Forensic accounting professional is more of a private investigator with a financial sixth sense than the book keeper with a green eyeshade. Did you know that the first actor to play the world’s most famous detective Sherlock Holmes was on Accountant? It was only a matter of time, then before detective work and accounting came together to form the Super Sleuth Career now known as Forensic Accounting (Florida Atlantic University School of Accounting. February, 2008).

It is a thrill of hunt. Maurice E. Feloubet who coined the term forensic accounting in 1946 said that the Preparation of Financial Statements has some but not all the characteristics of forensic accounting.

Forensic accountant takes a more proactive, skeptical approach in examining the books of accounting. The word “Forensic means relating to the use of science or technology in the investigations and establishment of facts or evidences” (Wikipedia Encyclopedia, July 2011).

According to the Dictionary by Farlex (2011) defined forensic accounting as a branch of accounting that uses investigative skills to determine the accuracy of a company’s financial statements in legal disputes.

(Webopedia, 2010), define accounting as the process of keeping track of users activities while accessing networks, resources including the amount of time spent in the network, the services accessed while there and the amount of data transferred during the session. Accounting data is used for trend analysis, capacity planning, billing, auditing and cost allocation.

Forensic accounting, sometimes referred to as investigative accounting, is a unique career field that combines accounting with information technology. A forensic accountant uses sophisticated computer programs to analyze financial data and find evidence that would be legally valid during a court proceeding. Objectives verification is the primary goal of forensic accounting. For this reason, many forensic accounting professionals are asked to testify in court cases as expert witnesses for either the prosecution or the defense. ( www. wibegeek .com , June, 2011).

A number of studies investigate the efficacy of forensic accounting utilizes accounting, auditing and investigative skills to conduct an examination into a company’s financial statement which is suitable for court. Forensic is sufficiently thorough and complete so that an accountant can deliver his findings in some adverbial legal proceeding or with some judicial or administrative review. The primary methodology employed by forensic accountant is objective verification. (site map/forensic accounting demystified 2010).

Forensic Accounting is the practices of utilizing accounting, auditing and investigative skills to assist in legal matters. It encompasses two main areas: Litigation support, investigation and dispute resolution.

Investigation is the act of determining whether criminal matter such as, employee theft, securities fraud, identity theft and insurance fraud have occurred. As part of the forensic accountants work, he or she may recommend actions that can be taken to minimize future risk of loss. Investigation may also occur in civil matters. For example the forensic accountant may search for hidden assets in divorce cases.

Aderibigbe (2000) sums up that the serious issues rendered by the forensic chartered accountants to include out of court settlement reviewing a large volume of documentation ranging from the more usual accounting records and management information system to memos, communicating complex theoretical ideas in a manner readily understood by the layman valuation of business, qualifying economic losses resulting from motor vehicle accidents etc.

According to Stevenson Smith (2005) “Forensic Accounting is the study and interpretations of accounting evidence.

This research work (Forensic Accounting) is now becoming the chief cornerstone of accounting, Omoniyi (2004), opined that forensic accounting is fastly becoming one of the strongest growth areas in the accounting profession.

According to Anao (2002), Okoye (2000) Ilaboya (2005), Izedonmi (2001) in financial institutions the position of the accountants is very vital such that he stands as the epitome of ethical reference.

Forensic Accounting makes do of indebt knowledge of psychological theories relating to criminal behaviour literally in the use of computers and information technology.

Omoniyi (2004) also sees forensic accounting in the light of interpretation and analysis of complex financial data to give evidence that will be admissible in a court of competent jurisdiction from all that has been said in the above about what this entails, it would be seen that it could help bring about economic growth and development in the Nigeria economy.

Abati (2003) observe that the problem in Nigeria is that the rules are never uniformly applied, some public office holder are just simply above the law. While some can be crucified for stealing a penny forensic accounting does not sleep and let perpetrators of fraud get away. It pierces through the veil of incorporation and brings perpetrators of fraud to justices.

In Nigeria, the demand forensic accounting is now on the rise, the EFCC is doing a good job in the application of the knowledge of forensic accounting in tracking down fraudsters. Money laundering in the Nigeria economy is a phenomenon little known to the ordinary Nigeria.

According to Ribadu (2005) hundred money chases the same goods and services as hard earned income artificially pushing up the prices of goods and services beyond the buying power of the ordinary people.

One area forensic accounting has enjoyed application is the tracking down of politicians and their laundered funds, if the country called Nigeria has to move foreword it has to need forensic accounting.

Forensic accounting reasons and measures the awareness of this integral aspect of accounting amongst Nigerians. This is simply what this research work seeks to achieve.

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