Combating financial crimes through forensic accounting in Nigerian public sector

Abstract

Financial crimes are a global issue which remains unresolved. These crimes have plagued every
corner of the world economy. The adverse effect of these crimes is immense in Nigeria. Continuous
research confirmed a strong demand for the forensic accounting of preventing, detecting and arresting
of financial crimes menace in Nigeria and the rest of the world. However, the studies of combating
financial crimes through forensic accounting are very few in literature and not fully explored in Nigerian
public sector. This study therefore, sets to examine the impact of forensic accounting techniques
for combating financial crimes in Nigerian public sector. This study employs a survey research design
and purposive sampling technique to select the sample of eighty six (86) accountants and auditors of
the three selected ministries in Osun State, Nigeria. Both primary and secondary data were collected.
The primary data was collected through a designed structured questionnaire. The data collected was
analyzed using descriptive and inferential statistical tools. It was found that combating of financial
crimes in Nigerian public sector through the application of forensic accounting is possible as the p–
value = 0.00 < 0.01. This study therefore concluded that, government of Nigeria should increase the
interest in and facilitate the growth of forensic accounting by giving legal backing for proper monitory
and investigation of alleged cases of financial crimes. This study recommended that, all government
ministries, agencies and parastatals should establish forensic accounting unit to help strengthen internal
controls and ensure thorough investigation in order to prevent, deter and detect financial crimes
and the University regulatory body as well as the accounting professional bodies should ensure that
forensic accounting courses are included in the curricula to ensure the training and increased awareness
of forensic accounting in Nigeria.