Conclusion and Recommendations
Financial Fraud is real and has become prevalent in contemporary business environment.
This trend needs to be arrested before it is too late.
Forensic accounting is the new branch of accounting which has the sole aim of unearthing fraudulent activities within and outside an organization so far as the third party’s action is in any way reflective on the activities of that organization.This study found that there is significant agreement amongst stakeholders on the effectiveness of forensic
accounting in fraud control, improving financial reporting and internal control. Accountants should therefore be
alert to potential fraud and other illegal activities while performing their duties. They can also be made to provide
significant assistance in preventing, investigating and resolving such issues. In line with the above findings, we
recommend that the Institute of Chartered Accountants of Nigeria, Association of National Accountants of
Nigeria and the National Universities Commission should encourage formalization and specialization in the field
forensic accounting. In addition, the government should develop interest in forensic accounting for monitoring
and investigation of suspected corruption cases.
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