International Journa l of Multidisciplinary Research and Develo pment

Volume: 2, Issue: 10, 305-312

Oct 2015 Forensic accounting and financial fraud
www.allsubjectjournal.com
e-ISSN: 2349-4182
p-ISSN: 2349-5979 A. O. Enofe, O. R. Agbonkpolor, O. J. Edebiri
Impact Factor: 5.742
Abstract
A. O. Enofe The objective of the study is to examine the role of forensic accounting in curbing financial crimes in
Department of Accounting, Nigerian banks. The survey research design was employed fir the study with an extensive reliance on primary
University of Benin, Nigeria. data retrieved through the use of well-structured Likert scale questionnaire. The chi-square non-parametric
statistical technique was utilized for the data analysis procedure. The study findings show that; (i) there is a
O. R. Agbonkpolor need for forensic accountants in the Nigerian banking system. (ii) Forensic accounting is an effective tool
Department of Accounting, for addressing financial crimes in the banking system and (iii) there are significant differences between the
roles of forensic accounting and that of conventional accounting in curbing financial crimes. In the light of
University of Benin, Nigeria.
the study findings, the following recommendations are provided; Firstly, there is the need for banks in Nigeria
to engage the services of forensic accountants as forensic accounting now appears as a one of the strategic
O. J. Edebiri
and dynamic tool for the management of all types of financial crimes. Secondly, banks also need to focus on
Department of Accounting, training and up-dating the skills of the internal control and audit staffs especially as a result of the perceived
University of Benin, Nigeria. differences between conventional accounting and auditing skills and forensic accounting.

Keywords: Forensic accounting, financial fraud, auditing

1. Introduction
The true and fair view opinion on the financial statements by the statutory auditors is designed to
give credibility to such financial reports. This, in turn, is expected to induce confidence in the
users of financial statements that wish to make an investment decision. But going by the growing
spate of corporate scandals and collapse of corporate organizations, one has had to argue the
relevance and the credibility-building clause of the true and fair view opinion of the statutory
auditor. Today, modern organized financial crimes have appeared. Corruption and other financial
and economic crimes are the bane of Nigerian development efforts (EFCC, 2004). With an
upsurge in financial accounting fraud in the current economic scenario experienced, financial
fraud has become an emerging topic of great importance for academic, research and industries
(Sharma and Panigrahi, 2012). Fraud in accounting has been discoursed along two main
dimensions viz fraudulent financial reporting and misappropriation of firm resources. Fraudulent
financial reporting refers to deliberate and calculated activities and attempts to misrepresent
transactions in the financial statement in order to derive or take undue advantage. On the other
hand misappropriation of assets refers to deliberate and calculated activities to take firms
resources without authorization, this includes stealing.
According to the US General Accounting Office (GAO) (1996), there is now a strong emphasis
on fraud prevention and detection during statutory audits. In fact the United States and
international standards setters have increased the responsibility of auditors to consider the risks of
fraud while conducting audits of financial statements. There is even a call for stronger forensic
skills in those who perform these audits. This has been collaborated by Enyi (2009) who submits
that all normal statutory audits should contain some elements of forensic enquiry as the evidence
of fraudulent activities can be easily discovered if a thorough evaluation of the adequacy and
compliance of the internal control mechanism is made.
Dhar and Sarkar (2010) said forensic accounting is the application of accounting concepts and
techniques to legal problems. It demands reporting where fraud, bribery or embezzlement is
established and the report is considered as evidence in the court of law or in administrative
proceedings. It is concerned with the use of accounting discipline to help determine issues of facts
in business litigation (Okunbor and Obaretin, 2010). Forensic accounting has also been defined as
the science of gathering and presenting information in a form that will be accepted by a court of
jurisprudence against perpetrators of economic crime (Stanbury & Paley-Menzies, 2010).Forensic
Correspondence Accounting is the study and practice of rigorous data collection and analysis in the areas of
A. O. Enofe litigation support, consulting, expert witnessing, and fraud examination.
Department of Accounting, It touches almost all disciplines especially, Accounting, Auditing, Investigation, Law and
University of Benin, Nigeria. Psychology (Boleigha, 2011).
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Centre for Forensic Studies (2010) report in Nigeria states that the rules of evidence. As a discipline, it encompasses financial
if well applied, forensic accounting could be used to reverse the expertise, fraud knowledge, and a sound knowledge and
leakages that cause corporate failures. This is because of the understanding of business reality and the working of the legal
fact that forensic accounting is a technique that encapsulates system. Its development has been primarily achieved through
accounting, auditing and investigative skills to address issues on-the-job training as well as experience with investigating
relating to financial fraud. The tripartite arrangement of officers and legal counsel.
accounting, auditing and investigation in forensic accounting In many quarters, forensic accounting is equated to financial
makes it a form of accounting that suitable for legal review and audit but they are miles apart. According to Kranacher et al
offering the highest level of assurance (Apostolou, Hassell, and (2008) Forensic accounting is likely to be similar in many ways
Webber, 2000). to a statutory audit of financial information, in that it will
include a planning stage, a period when evidence is gathered, a
1.2 Statement of the Problem review process, and a report to the client. The difference would
The last decades has been marked by financial instability, be to discover if a fraud had actually taken place, to identify
economic crises, financial scandals and lack of trust in capital those involved, to quantify the monetary amount of the fraud
markets, have lead to an economic downfall and have brought (i.e. the financial loss suffered by the client), and to ultimately
back into light the analysis of the responsible factors. Of these, present findings to the Board of client and potentially to court.
financial fraud is a significant element regarded as a disastrous Forensic accounting is usually described as the integration of
phenomenon difficult to pin under safe touchlines. accounting and auditing skills with investigative techniques
Economically, financial fraud is becoming an increasingly and professional skepticism. Also, Manning (2002) stated that
serious problem. The detection of accounting fraud using forensic accounting is the combination of accounting, auditing
traditional internal audit procedures is a difficult or sometimes and investigative skills to a standard that is required by a court
an impossible task of jurisdiction to address issues in dispute in the context of civil
Forensic accounting is professed to have advanced in reaction and criminal litigation. Forensic accounting can invariably be
to certain emerging fraud connected cases. KPMG’s Fraud defined as the practice of rigorous data collection and analysis
Survey (2003) reveals that more companies are recently in the areas of litigation support consulting, expert witnessing,
experiencing incidents of fraud than in prior years and looking and fraud examination (Rezaee, Crumbly and Elmore, 2003;
for measures to combat fraud. Ojaide (2000) notes that there is 2004). Forensic Accounting is the applications of specialized
an alarming increase in the number of fraud and fraudulent knowledge and specific skills to stumble up on the evidence of
activities in Nigeria, requiring the visibility of forensic economic transactions
accounting services. Consequently, there is a general Simply put, forensic accounting is accounting that is suitable
expectation that forensic accounting may be able to stem the for legal review offering the highest level of assurance and
tide of financial malfeasance (Emeh and Obi, 2013). including the now generally accepted connotation of having
been arrived at in a scientific fashion (Crumbley 2006).
1.3 Objectives of the Study Coenen (2005) stated that forensic accounting involves the
The study objectives are to examine; (i) if there is a need for application of accounting concepts and techniques of legal
forensic accountants in the Nigerian banking system. (ii) to problem. Howard and Sheetz (2006) opined that forensic
what extent is Forensic accounting is an effective tool for accounting is the process of interpreting, summarizing and
addressing financial crimes in the banking system and (iii) if presenting complex financial issues clearly, succinctly and
there are significant differences between the roles of forensic factually often in a court of law as an expert. Mehta and Mathur,
accounting and that of conventional accounting in curbing (2007) posited that forensic accounting involves a financial
financial crimes. detective with a suspicious mind, a financial bloodhound,
someone with a ‘sixth sense’ that enables reconstruction of past
2. Literature review accounting transactions and an individual who looks beyond
2.1 Concept of Forensic Accounting the numbers.
The most primitive recognized evidence of forensic accounting In the view of Damilola and Olofinsola (2007), Forensic
has been traced to an advertisement in a newspaper in Glasgow, accounting is the application of criminalities methods and
Scotland, appearing in 1824. At that time, arbiters, courts, and integration of the accounting investigative activities and law
counsels, used forensic accountants to investigate fraudulent procedures to detect and investigate financial crimes and
activity. However, it was not until the early 1900s in the United related economic misdeeds. To them, Forensic accounting is a
States and England, when articles providing guidance on giving highly technical and specialized area of practice within the
expert testimony appeared (Crumbley, 2003). Although the principles and ethics of accounting profession. They further
coining of the term Forensic Accounting by Peloubet is said to assert that it is not every forensic accounting engagement that
date back to 1946, however, the practice is relatively new in ends up in the court of law. The integration of accounting,
Nigeria (Kasum, 2009). Forensic accounting has been variously auditing and investigative skills results in the special field
defined by several researchers Forensic Accounting is an known as forensic accounting (Crumbley, 2008).
amalgam of forensic science and accounting. Forensic science
according to Crumbley (2003) may be defined as application of 2.2 literature of literature
the laws of nature to the laws of man.” He refers to forensic Modugu and Anyaduba (2013) carried out a study to examine
scientists as examiners and interpreters of evidence and facts in forensic accounting and financial fraud in Nigeria. The study
legal cases that also requires expert opinions regarding their specifically examined if there is significant agreement amongst
findings in court of law. The science in question here is stakeholders on the effectiveness of forensic accounting in
accounting science, meaning that the examination and financial fraud control, financial reporting and internal control
interpretation will be of economic information. Bologna and quality. The survey design was used in the study with a sample
Lindquist (1995) defined forensic and investigative accounting size of 143 consisting of accountants, management staffs,
as the application of financial skills and an investigative practicing auditors and shareholders. The simple random
mentality to unresolved issues, conducted within the context of technique was utilized in selecting the sample size, while the
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binomial test was employed in the data analysis. The findings through the employment of forensic accounting technique was
of the study indicated that there is significant agreement rejected.
amongst stakeholders on the effectiveness of forensic
accounting in fraud control, financial reporting and internal 3. Methodology
control quality. The research design for this study is the exploratory research
Okoye and Gbegi (2013) carried out a study to examine design. The exploratory design advocated by Petty (1991) relies
forensic accounting as a tool for fraud detection and prevention on observing phenomena in their natural setting and deriving
in the public sector organizations with particular reference to theories that fit the analysis of the data. It is employed when the
Kogi State. Both primary and secondary sources of data were researcher is concerned with surveying responses from a
utilized for the purpose of the study. Tables and simple sample of the population without any control on the elements
percentages were used to analyze the data. The statistical tool of the sample and as such it is used extensively to collect
used to test hypotheses was Analysis Of Variance (ANOVA). information on numerous subjects of research (Nachmias and
Among the findings was that the use of Forensic Accounting Nachmias, 2009). The population of the study comprises of
do significantly reduces the occurrence of fraud cases in the Accounting and audit staffs of banks in Nigeria. However,
public sector, and that there is significance difference between resulting from the practical difficulties of accessing the
Professional Forensic Accountants and Traditional External population, a subset regarded as a sample will be utilized. We
Auditors and therefore the use of Forensic Accountants can adopted a sample of 143 respondents. Primary data was used as
help better in detecting and preventing fraud cases in the public the data source while the chi-square statistical technique was
sector organizations. employed as the data estimation technique.
Adegbie and Fakile (2012) carried out a study to evaluate
forensic accounting as antidote to economic and financial crime 4. Data presentation and hypotheses testing
in Nigeria. The population is the government parastatals. The
sample representatives the following key government
institutions: Economic and Financial Crimes Commission
(EFCC), Independent Corrupt Practices Commission (ICPC),
Lagos State Ministry of Finance, Power Holding Company of
Nigeria(PHCN) and Federal Inland Revenue Service(FIRS).
The statistical model applied is Chi-Square and Statistical
Package for Social Statistics (SPSS) was applied to compute
the data. The results show that Forensic Accounting is a
financial strategy to curb and resolve economic and financial
crimes in Nigerian economy
Emeh and Obi (2013) in a study examined the correlations of
Presence of forensic accountant (PFA), Number of accountants Fig 1: Sex Distribution of the respondents
with forensic accounting skills (NAFT) and Extent of forensic
accounting practices with Extent of employee theft (EET), Source: Researchers survey, 2015.
Extent of financial fraud (EFT) and extent of top management
fraud (ETMF). The survey research design was utilized for the From the analysis of the responses retrieved, of the 143 bank
study. The population of the study comprises of management staffs whose responses were used for the analysis, 80 of the
staffs of selected financial institutions. The choice of financial respondents were female which represents 55.9% of the sample
institutions is because the sector amongst others has been while 63 of the respondents were males which represent 45.1%
bedeviled with cases of financial fraud. A sample of one of the sample.
hundred and five (105) respondents was adopted. The sampling
was done using simple random sampling. The data was
generated using well-structured likert scale questionnaire. The 62
study employed the spearman rank correlation as the data 30
28 23
analysis method. Result from the study show that there is
evidence of significant negative correlations between PFA,
NAFT and EFAP with EFR.
Dada, Owolabi and Okwu (2013) carried out a study that
20‐30 31‐40 41‐50 51‐Above
looked at the relevance of forensic accounting in the effective
reduction in fraudulent practices in Nigeria. The study
employed multiple regression technique to analyze the
empirical data collected through questionnaire and oral Fig 2: Age Distribution of the respondents
interview and the hypothesis formulated was also tested. The
study was carried out on the application of forensic accounting Source: Researchers survey, 2015.
in the investigation and detection of cases of fraud in Nigeria,
using all the staff of the selected anti-corruption agent (EFCC) From the analysis of the responses retrieved, of the 143 bank
and three of the major professional accounting firms in Nigeria staffs whose responses were used for the analysis, 28(19.58%)
for the period 1999 to 2010. The results of the hypotheses tested of the respondents were within the age range of 20-30 while
revealed that fraud reduction is significantly and positively 62(43.4%) of the respondents were in the age range of 31-40
related to fraud investigation and detection through forensic years. Furthermore, 30 (20.97%) of the respondents were in the
accounting, the hypothesis that said fraud prevention is not age range of 41-50 while 23(16.08%) were in the range 51-
significantly related to fraud investigation and detection above.

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M.SC 53

B.SC/HND 67

OND 23

Fig 3: Educational Qualification of the respondents

Source: Researchers survey, 2015,

From the analysis of the responses retrieved, of the 143 bank respondents have B.SC/H.ND qualifications while 23(16.08%)
staffs whose responses were used for the analysis, 53(37.06%) of the respondents had the ordinary national diploma (O.N.D)
of the respondents have M.sc qualifications. 67(46.85%) of the

20yrs‐above 12

16‐20yrs 20

11‐15yrs 33

6‐10yrs 43

0‐5yrs 35

Fig 4: Number of years working experience.

Source: Researchers survey, 2015

From the analysis of the responses retrieved, of the 143 bank Furthermore, 33(23.07%) have working experience between
staffs whose responses were used for the analysis, 35(24.48%) 11-15yrs, 20 (13.986%) have working experience between 16-
of the respondents have working experience between 0-5yrs 20yrs and 12 (8.391) have working experience between 20yrs
while 43(30.06%) have working experience between 6-10 yrs. and above.

11% 12% 24%

customer care
operations
30% 23%
marketing
funds transfer
internal audit

Fig 4: Grouping respondents by departments.

Source: Researchers survey, 2015

From the analysis of the responses retrieved, of the 143 bank Hypotheses Testing
staff whose responses were used for the analysis, 43(30%) of 1. HO: There is no need for forensic accountants in the
the respondents are in marketing department 35(24%) are in Nigerian banking system.
customer care department. while 33(23%) are in operations. In H1: There is a need for forensic accountants in the Nigerian
addition, 17 (12%) are in internal audit department while banking system.
15(11%) are in funds transfer.
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In testing the hypothesis, we conduct Analysis of the responses Table 4. Descriptive Statistics
for question 14 which is related to the hypothesis. In conducting
Std.
the analysis, we shall utilize the SPSS statistical package. N Mean Minimum Maximum
Deviation
Question 14: There a need for forensic accountants in the
Statement
Nigerian banking system 143 2.1958 1.35967 1.00 5.00
6
Statement
Table 1: Descriptive Statistics 143 2.6713 1.40310 1.00 5.00
10
Std. Statement
N Mean Minimum Maximum 143 2.3007 1.30024 1.00 5.00
Deviation 12
Q14 143 1.3851 .48828 1.00 2.00 Source: SPSS 20.0
Source: SPSS 20.0
The descriptive statistics above shows that the mean response
The descriptive statistics above shows that the mean response for statement 6 is 2.1958. The standard deviation of 1.35967 is
for the sample is 1.3851 which indicates that the average an indication of the degree of dispersion of the total responses
responses to statement 14 seem to cluster around the strongly from the mean response. The maximum and minimum values
agree. The standard deviation of .48828 is an indication of the are 1 and 5 respectively. The mean response for statement 10 is
degree of dispersion of the total responses from the mean 2.6713 which also indicate that the average responses to
response. The maximum and minimum values are 2 and 1 statement 10. The standard deviation of 1.40310 also indicates
respectively. the degree of dispersion of the total responses from the mean
response. The maximum and minimum values are 1 and 5
respectively. The mean response for statement 12 is 2.3007
Table 2: Contingency table for Statement 14
which also indicate that the average responses to statement 12.
Observed N Expected N Residual The standard deviation of 1.300 is lesser than for that for
Strongly agree 90 74.0 17.0 statement 6 and 10 and is an indication of the degree of
Agree 53 74.0 -17.0 dispersion of the total responses from the mean response. The
Total 143 maximum and minimum values are 1 and 5 respectively.
Source: SPSS 20.0
Table 5: Contingency table for Statement 6

The table 2 shows the observed and expected frequencies as Observed N Expected N Residual
well as the residual for the responses. As observed the expected Strongly agree 60 28.6 31.4
frequency is 74.0 while the residual is 17 and -17.0 agree 40 28.6 11.4
respectively. undecided 13 28.6 -15.6
disagree 15 28.6 -13.6
Table 3: Test Statistics strongly disagree 15 28.6 -13.6
Total 143
Q14 Source: SPSS 20.0
Chi-Square 7.811a
Df 1 The table 5 shows the observed and expected frequencies as
Asymp. Sig. .005 well as the residual for the responses. As observed the expected
Source: SPSS 20.0 frequency is 28.6 for all categories of the responses however,
the residual is different for the categories. As observed strongly
Table 3 shows the chi-square test statistics as provided by the agree has a residual value of 31.4, agree has a residual value of
SPSS output. As observed the chi-square test statistic is 7.811 11.4, undecided has a residual value of -15.6, disagree has a
which is significant at 5% as the Asymp. Sig value of .005 is residual value of -13.6 and strongly disagree has a residual
less than 0.05. Therefore we accept the alternative hypothesis value of -13.6.
that there is a need for forensic accountants in the Nigerian
banking system and we reject the null hypothesis. Table 6: Contingency table for Statement 10
Observed N Expected N Residual
2. HO: Forensic accounting is not an effective tool for Strongly agree 35 28.6 6.4
addressing financial crimes in the banking system. Agree 43 28.6 14.4
H1: Forensic accounting is an effective tool for addressing Undecided 22 28.6 -6.6
financial crimes in the banking system. Disagree 20 28.6 -8.6
In testing the hypothesis, we conduct Analysis of the responses strongly disagree 23 28.6 -5.6
for statements 6, 10 and 12 which is related to the hypothesis. Total 143
In conducting the analysis, we shall utilize the SPSS statistical Source: SPSS 20.0
package.
The table 6 shows the observed and expected frequencies as
Statement 6: Forensic accounting can reduce financial fraud well as the residual for the responses. As observed the expected
Statement 10: Forensic accounting can be used to locate frequency is 28.6 for all categories of the responses however,
diverted funds or assets. the residual is different for the categories. As observed strongly
Statement 12: Forensic accounting can Identify agree has a residual value of 6.4, agree has a residual value of
misappropriated assets and identify reversible insider 14.4, undecided has a residual value of -6.6, disagree has a
transactions residual value of -8.6 and strongly disagree has a residual value
of -5.6.

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Table 7: Contingency table for Statement 12 responses to statement 7. The standard deviation of 1.49476 is
Observed N Expected N Residual an indication of the degree of dispersion of the total responses
Strongly agree 45 28.6 16.4 from the mean response. The maximum and minimum values
agree 55 28.6 26.4 are 1 and 5 respectively. The mean response for statement 11 is
undecided 13 28.6 -15.6 2.4336 while the standard deviation of 1.40310 also indicates
disagree 15 28.6 -13.6 the degree of dispersion of the total responses from the mean
strongly disagree 15 28.6 -13.6 response. The maximum and minimum values are 1 and 5
Total 143 respectively.
Source: SPSS 20.0
Table 10: Contingency table for Statement 7
The table 7 shows the observed and expected frequencies as Observed N Expected N Residual
well as the residual for the responses. As observed the expected Strongly agree 41 28.6 12.4
frequency is 28.6 for all categories of the responses however, agree 24 28.6 -4.6
the residual is different for the categories. As observed strongly undecided 25 28.6 -3.6
agree has a residual value of -15.6, agree has a residual value disagree 26 28.6 -2.6
of -13.6, undecided has a residual value of 26.4, disagree has a strongly disagree 27 28.6 -1.6
residual value of -13.6 and strongly disagree has a residual Total 143
value of -13.6.
The table 10 shows the observed and expected frequencies as
Table 8: Test Statistics well as the residual for the responses. As observed the expected
Statement 6 Statement 10 Statement 12 frequency is 28.6 for all categories of the responses however,
Chi-Square 60.462a 13.888a 55.217a the residual is different for the categories. As observed strongly
df 4 4 4 agree has a residual value of -2.6, agree has a residual value of
Asymp. Sig. .000 .000 .000 -4.6, undecided has a residual value of -3.6, disagree has a
residual value of -2.6 and strongly disagree has a residual value
a. 0 cells (0.0%) have expected frequencies less than 5. The minimum
expected cell frequency is 28.6.
of -1.6.

Table 11: Contingency table for Statement 11

Table 8 presents the results for the chi-square test statistics. As
observed, all the statements are all significant at 5% level as the Observed N Expected N Residual
asymptotic value of 0.00. Specifically, statement 6 has a chi- Strongly agree 54 28.6 25.4
square and asymptotic value of 60.462 and .00 respectively. agree 35 28.6 6.4
Statement 10 has a chi-square and asymptotic value of 13.888 undecided 21 28.6 -7.6
and 0.00 respectively. Statement 12 has a chi-square and disagree 4 28.6 -24.6
asymptotic value of 55.217. and 0.00 respectively. All the strongly disagree 29 28.6 .4
Total 143
asymptotic values are less than the alpha value of 0.05 at 5%
significance level.
In the light of the above, we reject the hypothesis that Forensic The table 11 shows the observed and expected frequencies as
accounting is not an effective tool for addressing financial well as the residual for the responses. As observed the expected
crimes in the banking system and we accept the alternative frequency is 28.6 for all categories of the responses however,
hypothesis that forensic accounting is an effective tool for the residual is different for the categories. As observed strongly
addressing financial crimes in the banking system. agree has a residual value of 25.4, agree has a residual value of
6.4, undecided has a residual value of -7.6, disagree has a
3. HO: There are no significant differences between the roles residual value of -24.6 and strongly disagree has a residual
of forensic accounting and that of conventional accounting value of 4.
in curbing financial crimes.
Table 12: Test Statistics
H1: There are significant differences between the roles of
forensic accounting and that of conventional accounting in Statement 7 Statement 11
curbing financial crimes. Chi-Square 36.895a 47.175a
In testing the hypothesis, we conduct Analysis of the responses Df 4 4
for statements 7 and 11 which is related to the hypothesis. In Asymp. Sig. .0.00 .000
conducting the analysis, we shall utilize the SPSS 20.0 a. 0 cells (0.0%) have expected frequencies less than 5. The
statistical package. minimum expected cell frequency is 28.6.
Statement 7: Forensic accounting is significantly different from
conventional accounting and auditing. Table 12 presents the results for the chi-square test statistics.
Statement 11: Forensic accounting is more effective than As observed, all the statements are all significant at 5% level as
conventional accounting in detecting fraud. the asymptotic value of 0.00. Specifically, statement 7 has a
chi-square and asymptotic value of 36.895 and 0.00
Table 9: Descriptive statistics respectively. Statement 11 has a chi-square and asymptotic
value of 47.175 and 0.00 respectively. All the asymptotic
Std.
N Mean
Deviation
Minimum Maximum values are less than the alpha value of 0.05 at 5% significance
Q7 143 2.8182 1.49476 1.00 5.00 level.
Q11 143 2.4336 1.51313 1.00 5.00 In the light of the above, we reject the null hypothesis that there
are no significant differences between the roles of forensic
The descriptive statistics above shows that the mean response accounting and that of conventional accounting in curbing
for statement 7 is 2.8182 which indicate that the average financial crimes and we accept the alternative hypothesis that
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there are significant differences between the roles of forensic 13 Dhar, P. & Sarkar, A. (2010). Forensic accounting: An
accounting and that of conventional accounting in curbing accountant’s vision. Vidyasagar University Journal of
financial crimes. Commerce, 15(3), 93-104.
14 EFCC (2004). Obstacles to Effective Prosecution of
5. Conclusion Corrupt Practices and Financial Crime Cases in Nigeria.
Forensic accounting is seen as encapsulating all the other areas Paper Presented at the 1st Stakeholders Summit on Corrupt
in the use of accounting for investigative purposes. The Practices and Financial Crimes in Nigeria Organized by
increasing sophistication of certain crimes requires that House of Representatives Committee on Anti-Corruption,
forensic accounting be added to the tools necessary to bring National Ethics and Values at the International Conference
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4 Boleigha, P. (2011). Meaning of Forensic Accounting: A Curriculum for Education in Fraud and Forensic
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