The Study of the Effects of Forensic Accounting and Fraud Detection/Prevention for Financial Management Performance in Public Sector in Nigeria: A way forward
- Country : India
- Subject : Accounting and Finance
This paper analyses the effects of forensic accounting and fraud detection/prevention for financial management performance in public sector in Nigeria. Any organization either public or private needs to put in place an efficient and effective fraud management process because it is a complete procedure that needs to be incorporated in the organizational system for financial management performance. The paper highlighted the concepts of forensic accounting, concepts of Fraud in Organization, methods of conducting forensic accounting investigation namely direct method or transaction method and indirect method and also explained some forensic accounting investigation techniques such as interview techniques, data mining with computers and document review strategies. The paper stated some causes of fraud in organization, which could be either internal or external factors or both and it all depends on the situation and benefits of fraud management because the whole fraud management process requires highly effective data mining techniques in order to prevent fraud in organization. The paper concludes that an effective performance of forensic accounting duty in Public Sector requires a sound knowledge and understanding of accounting and auditing, good communication skills and suitable information technology knowledge is necessarily needed and also digital analysis makes the identification of fraud symptoms easier in complex transactions than in simple transactions. Prevention is better than cure, in other word, preventing fraud is far preferable to detecting it because after detection you can now think of recovery of lost of materials.