Forensic accounting and financial statement fraud in Nigerian deposit money banks

Abstract

The study examined the impact of forensic auditing and financial fraud in Nigerian Deposit Money banks in Nigeria. The study investigated the effect of fraud detection on financial statement fraud in Nigeria deposit banks in Nigeria. The study employed the use of primary data sourced from questionnaires distributed to selected banks in Asaba, Delta state. The study employed the use of descriptive statistics, Cronbach Alpha analysis and ordinary least square (OLS) regression techniques in analyzing the data sourced via the questionnaires. The findings revealed that fraud detection and audit procedures have no significant effect on financial statement fraud in Nigerian banks. On the other hand, audit timeliness had significant effect on financial statement fraud in Nigerian banks. The study recommended that Nigerian deposit banks prioritize improving audit timeliness as a key strategy in reducing financial statement fraud, while also exploring the integration of advanced technologies like machine learning and big data analytics to enhance fraud detection and prevention efforts.

Keywords: Fraud Detection, Audit Timeliness, Financial Statement Fraud.