CHAPTER FOUR

RESULTS PRESENTATION AND DISCUSSION

4.1 Introduction

This chapter deals with the presentation, analysis and interpretation of data obtained from field
survey. The purpose of the study was to investigate the effectiveness of forensic accounting as a
tool for detecting fraud and preventing corruption in Nigeria public sector. This chapter also
discusses the research questions that had earlier been postulated in this work. Hypotheses which
were formulated in the study will also be tested in this study.

4.2 Presentation of Data

The source of data used in the study is questionnaire which was administered to ministries and
federal agencies in Ondo state which are Nigerian National Petroleum Corporation (NNPC),
Nigerian Electricity Regulatory Commission (NERC) and Nigerian Customs Service (NCS). Out
of One Hundred and Nine (109) questionnaires administered, Eighty-one (81) was successfully
retrieved which represents 74.3% while the remaining 28 questionnaires which represent 25.6%
were not retrieved due to time and unwillingness of respondents. The table below gives the
details.

Table 4.1 Analysis of questionnaires administered

S/No Questionnaire Frequency % Distribution

1 Questionnaire retrieved and used 81 74.3

2 Questionnaire not Retrieved 28 25.6

Total 109 100

Table 4.2 Analyses of Personality Data

S/No Gender Frequency % Distribution

 1 Male 47 58.0

2 Female 34 41.9

Total 81 100

Source: Field Survey 2023

Table 4.3 Analyses of respondents based on Academic Qualification

S/No Academic Qualification Frequency % Distribution

1 SSCE/OND 11 13.6

2 BSC 43 53.0

3. MSc/MBA/MA/MPhil 22 27.1

4. Ph.D 5 6.2

Total 81 100

Source: Field Survey, 2023

From the analysis in figure 4.3, 11 respondents out of the 81 have SSCE/OND as academic
qualification, this represents 13.6 percent of the total distributed questionnaire, 43 respondents
have BSC as academic qualification, this represents 53.0 percent of the total distributed
questionnaire, 22 respondents have MSc/MBA/MA/MPhil as academic qualification, this
represents 27.1 percent of the total distributed questionnaire while 5 respondents have Ph.D as
academic qualification, this represents 6.2 percent of the total distributed questionnaire.

4.2.1 Analysis of Research Questions

Table 4.2.1: Research Question 1: Is forensic accounting methods used in detecting

and preventing fraud in your organization?
 S/No Respondents Frequency % Distribution

1 Strongly Agree 38 46.9

2 Agree 18 22.2

3. Undecided 6 7.4

4. Strongly Disagree 9 11.1

5. Disagree 10 12.3

Total 81 100

Source: Author’s Research 2023

The objective of research question one was to investigate the usage of forensic accounting
principle and techniques in detecting and preventing fraud in Nigeria. From the responses, 38
respondents strongly agree that the usage of forensic accounting principle and techniques can be
effectively used in preventing and detecting fraud in Nigeria, this represents 46.9 percent of the
total respondents, 18 respondents which represents 22.2 percent agree, 6 respondents does not
have any decision on the subject matter this represents 7.4 percent, 9 respondents strongly
disagree which is 11.1 percent of the total respondents while 10 respondents disagree, which
represents 12.3 percent of the total respondents. From the above, we inductively agree that the
use of forensic accounting have great extent to which it affects in detecting and preventing fraud
in Nigeria.

Table 4.2.2: Research Question 2: Do public corporations use forensic accounting in

preventing fraud in Nigeria?

S/No Respondents Frequency % Distribution

1 Strongly Agree 48 59.3

2 Agree 28 34.6

3. Undecided 0 0
 4. Strongly Disagree 0 0

5. Disagree 5 6.2

Total 81 100

Source: Author’s Research 2023

The objective of research question two was to investigate whether public corporations use
forensic accounting in preventing fraud in Nigeria. From the responses, 48 respondents strongly
agree that public corporations use forensic accounting in preventing fraud in Nigeria, this
represents 59.3 percent of the total respondents, 28 respondents which represents 34.6 percent
agree, 0 respondents does not have any decision on the subject matter this represents 0 percent, 0
respondents strongly disagree which is 0 percent of the total respondents while 5 respondents
disagree, which represents 6.2 percent of the total respondents. From the above, we inductively
agree that public corporations use forensic accounting in preventing fraud in Nigeria.

Table 4.2.3: Research Question 3: Is forensic accounting effective in detecting fraud

in public corporations?

S/No Respondents Frequency % Distribution

1 Strongly Agree 20 24.7

2 Agree 25 30.9

3. Undecided 15 18.5

4. Strongly Disagree 9 11.1

5. Disagree 12 14.8

Total 81 100

Source: Author’s Research 2023

The objective of research question three was to investigate how effective is forensic accounting
in detecting fraud in public corporations. From the responses, 20 respondents strongly agree, this
represents 24.7 percent of the total respondents, 25 respondents which represents 30.9 percent
agree, 15 respondents does not have any decision on the subject matter this represents 18.5
percent, 9 respondents strongly disagree which is 11.1 percent of the total respondents while 12
respondents disagree, which represents 14.8 percent of the total respondents. From the above, we
inductively agree that forensic accounting is effective in detecting fraud in public corporations in
Nigeria.

Table 4.2.4: Research Question 4: Is forensic accounting effective tool in preventing

corporate fraud?

S/No Respondents Frequency % Distribution

1 Strongly Agree 38 46.9

2 Agree 18 22.2

3. Undecided 6 7.4

4. Strongly Disagree 9 11.1

5. Disagree 10 12.3

Total 81 100

Source: Author’s Research 2023

The objective of research question four was to investigate the usage of forensic accounting as an
effective tool in preventing corporate fraud. From the responses, 38 respondents strongly agree
that the usage of forensic accounting as an effective tool in preventing corporate fraud, this
represents 46.9 percent of the total respondents, 18 respondents which represents 22.2 percent
agree, 6 respondents does not have any decision on the subject matter this represents 7.4 percent,
9 respondents strongly disagree which is 11.1 percent of the total respondents while 10
respondents disagree, which represents 12.3 percent of the total respondents. From the above, we
inductively agree that forensic accounting is an effective tool in preventing corporate fraud.

Table 4.2.5: Research Question 5: Do public corporations make public case of such
fraud?
 S/No Respondents Frequency % Distribution

1 Strongly Agree 10 12.3

2 Agree 9 11.1

3. Undecided 6 7.4

4. Strongly Disagree 30 37

5. Disagree 26 32.1

Total 81 100

Source: Author’s Research 2023

The objective of research question five was to investigate whether public corporations make
public case of such fraud. From the responses, 10 respondents strongly agree that public
corporations make public case of such fraud, this represents 12.3 percent of the total respondents,
9 respondents which represents 11.1 percent agree, 6 respondents does not have any decision on
the subject matter this represents 7.4 percent, 30 respondents strongly disagree which is 37
percent of the total respondents while 26 respondents disagree, which represents 32.1 percent of
the total respondents. From the above, we do not agree that public corporations make public case
of such fraud.

Table 4.2.6: Research Question 6: Are there challenges being faced in applying
forensic accounting in curbing fraud in your organization?

S/No Respondents Frequency % Distribution

1 Strongly Agree 28 34.6

2 Agree 18 22.2

3. Undecided 16 19.8

4. Strongly Disagree 9 11.1

5. Disagree 10 12.3
 Total 81 100

Source: Author’s Research 2023

The objective of research question six was to investigate whether there are challenges being
faced in applying forensic accounting in curbing fraud in your organization. From the responses,
28 respondents strongly agree that there are challenges being faced in applying forensic
accounting in curbing fraud in your organization, this represents 34.6 percent of the total
respondents, 18 respondents which represents 22.2 percent agree, 16 respondents does not have
any decision on the subject matter this represents 19.8 percent, 9 respondents strongly disagree
which is 11.1 percent of the total respondents while 10 respondents disagree, which represents
12.3 percent of the total respondents. From the above, we inductively agree that there are
challenges being faced in applying forensic accounting in curbing fraud in your organization.

Table 4.2.7: Research Question 7: Is there lack of enough professional forensic

accountants in Nigeria?

S/No Respondents Frequency % Distribution

1 Strongly Agree 30 37

2 Agree 18 22.2

3. Undecided 6 7.4

4. Strongly Disagree 9 11.1

5. Disagree 18 22.2

Total 81 100

Source: Author’s Research 2023

The objective of research question seven was to investigate whether there is lack of professional
forensic accountants in Nigeria. From the responses, 30 respondents strongly agree that there is
lack of professional forensic accountants in Nigeria, this represents 37 percent of the total
respondents, 18 respondents which represents 22.2 percent agree, 6 respondents does not have
any decision on the subject matter this represents 7.4 percent, 9 respondents strongly disagree
which is 11.1 percent of the total respondents while 10 respondents disagree, which represents
22.2 percent of the total respondents. From the above, we inductively agree that there is lack of
professional forensic accountants in Nigeria.

Table 4.2.8: Research Question 8: Is there lack of quality forensic analysis in your
organization?

S/No Respondents Frequency % Distribution

1 Strongly Agree 10 12.3

2 Agree 18 22.2

3. Undecided 6 7.4

4. Strongly Disagree 38 46.9

5. Disagree 9 11.1

Total 81 100

Source: Author’s Research 2023

The objective of research question eight was to investigate whether there is lack of quality
forensic analysis in your organization. From the responses, 10 respondents strongly agree that
there is lack of quality forensic analysis in your organization, this represents 12.3 percent of the
total respondents, 18 respondents which represents 22.2 percent agree, 6 respondents does not
have any decision on the subject matter this represents 7.4 percent, 38 respondents strongly
disagree which is 46.9 percent of the total respondents while 9 respondents disagree, which
represents 11.1 percent of the total respondents. From the above, we inductively agree that there
is no lack of quality forensic analysis in your organization.

Table 4.2.9: Research Question 9: Is lack of good corporate governance practice affecting
the transparent use of forensic accounting methods in your organization?
 S/No Respondents Frequency % Distribution

1 Strongly Agree 38 46.9

2 Agree 18 22.2

3. Undecided 6 7.4

4. Strongly Disagree 9 11.1

5. Disagree 10 12.3

Total 81 100

Source: Author’s Research 2023

The objective of research question nine was to investigate that there is lack of good corporate
governance practice affecting the transparent use of forensic accounting methods in your
organization. From the responses, 38 respondents strongly agree that there is lack of good
corporate governance practice affecting the transparent use of forensic accounting methods in
your organization, this represents 46.9 percent of the total respondents, 18 respondents which
represents 22.2 percent agree, 6 respondents does not have any decision on the subject matter
this represents 7.4 percent, 9 respondents strongly disagree which is 11.1 percent of the total
respondents while 10 respondents disagree, which represents 12.3 percent of the total
respondents. From the above, we inductively agree that there is lack of good corporate
governance practice affecting the transparent use of forensic accounting methods in your
organization.

Table 4.2.10: Research Question 10: Is the use of forensic accounting method expensive
for your organization to adopt?

S/No Respondents Frequency % Distribution

1 Strongly Agree 48 59.3

2 Agree 28 34.6

3. Undecided 0 0
 4. Strongly Disagree 0 0

5. Disagree 5 6.2

Total 81 100

Source: Author’s Research 2023

The objective of research question ten was to investigate the use of forensic accounting method
is expensive for your organization to adopt. From the responses, 48 respondents strongly agree
the use of forensic accounting method is expensive for your organization to adopt, this represents
59.3 percent of the total respondents, 28 respondents which represents 34.6 percent agree, 0
respondents does not have any decision on the subject matter this represents 0 percent, 0
respondents strongly disagree which is 0 percent of the total respondents while 5 respondents
disagree, which represents 6.2 percent of the total respondents. From the above, we inductively
agree that the use of forensic accounting method is expensive for your organization to adopt.

4.2.2 Linear regression analysis showing the effectiveness of forensic accounting in

detecting fraud and corruption in the Nigerian public sector

Model Summaryb
Adjusted R Std. Error of Durbin-
Model R R Square Square the Estimate Watson
1 .163a .026 -.012 .112 2.085
a. Predictors: (Constant), Is forensic accounting methods used in
detecting and preventing fraud in your organization?, Is forensic
accounting effective in detecting fraud in public corporations?, Is forensic
accounting effective tool in preventing corporate fraud?
b. Dependent Variable: Fraud prevention and detection
 Coefficientsa
Unstandardized Standardized
Coefficients Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) 5.019 .035 142.235 .000
Is forensic accounting
effective in detecting
-.033 .029 -.401 -1.159 .250
fraud in public
corporations?
Is forensic accounting
effective tool in
-.005 .115 -.070 -.047 .963
preventing corporate
fraud?
Is forensic accounting
methods used in
detecting and .027 .114 .355 .238 .812
preventing fraud in
your organization?
a. Dependent Variable: Fraud prevention and detection

The results of the regression study, which examined the effectiveness of forensic accounting in
detecting fraud and corruption in the Nigerian public sector. The R-squared value of .026 infers
that all the identified factors account for 2.6% of the variation in Forensic Accounting’s
effectiveness in detecting fraud and preventing fraud in Nigerian public sector, but that 97.4% of
the variation can be explained by other factors that were not taken into account in the regression
model, or what is known as the error term.
The F-statistic indicates the significance of the independent variables used (effectiveness of
forensic accounting) on the dependent variable (Fraud prevention and detection). From the result,
the F-statistic diagnosing the fitness of the model shows that all the independent variables are not
statistically significant (F=0.689) for the model.

4.2.3 Linear regression analysis showing the challenges faced by forensic accountants in
detecting fraud and corruption in the Nigerian public sector

Model Summaryb
Adjusted R Std. Error of Durbin-
Model R R Square Square the Estimate Watson
1 .114a .013 .000 .112 2.052
a. Predictors: (Constant), Are there challenges being faced in applying
forensic accounting in curbing fraud in your organization?
b. Dependent Variable: Fraud prevention and detection

Coefficientsa
Unstandardized Standardized
Coefficients Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) 5.029 .042 118.373 .000
Are there challenges
being faced in applying
forensic accounting in -.011 .011 -.114 -1.012 .315
curbing fraud in your
organization?
a. Dependent Variable: Fraud prevention and detection

The results of the regression study, which examined the challenges faced by forensic accountants
in detecting fraud and corruption in the Nigerian public sector. The R-squared value of .114a
infers that all the identified factors account for 11.4% of the variation in the challenges faced by
forensic accountants in detecting fraud and corruption in the Nigerian public sector, but that
88.6% of the variation can be explained by other factors that were not taken into account in the
regression model, or what is known as the error term.

The F-statistic indicates the significance of the independent variables used (the challenges faced
by forensic accountants) on the dependent variable (Fraud prevention and detection). From the
result, the F-statistic diagnosing the fitness of the model shows that all the independent variables
are not statistically significant (F=1.024) for the model.

4.2.4 Linear regression analysis showing recommend strategies to improve the

effectiveness of forensic accounting in detecting fraud and corruption in the Nigerian
public sector

Model Summaryb
Adjusted R Std. Error of Durbin-
Model R R Square Square the Estimate Watson
1 .103a .011 -.002 .112 2.048
a. Predictors: (Constant), Is lack of good corporate governance practice
affecting the transparent use of forensic accounting methods in your
organization?
b. Dependent Variable: Fraud prevention and detection

Coefficientsa
Model Unstandardized Standardized t Sig.
Coefficients Coefficients
 B Std. Error Beta
1 (Constant) 5.010 .028 181.039 .000
Is lack of good
corporate governance
practice affecting the
transparent use of -.007 .007 -.103 -.917 .362
forensic accounting
methods in your
organization?
a. Dependent Variable: Fraud prevention and detection

The results of the regression study, which examined strategies to improve the effectiveness of
forensic accounting in detecting fraud and corruption in the Nigerian public sector. The R-
squared value of .114a infers that all the identified factors account for 11.4% of the variation in
strategies to improve the effectiveness of forensic accounting in detecting fraud and corruption in
the Nigerian public sector, but that 88.6% of the variation can be explained by other factors that
were not taken into account in the regression model, or what is known as the error term.

The F-statistic indicates the significance of the independent variables used (strategies to improve
the effectiveness of forensic accounting) on the dependent variable (Fraud prevention and
detection). From the result, the F-statistic diagnosing the fitness of the model shows that all the
independent variables are not statistically significant (F=0.841) for the model.
4.3 Test of hypotheses

4.3.1 Test of hypotheses one

Ho1: Forensic accounting is not an effective tool for detecting fraud and corruption in the
Nigerian public sector.

ANOVAa
Sum of Mean
Model Squares df Square F Sig.
1 Regression .026 3 .009 .689 .562b
Residual .961 76 .013
Total .987 79
a. Dependent Variable: Fraud prevention and detection
b. Predictors: (Constant), Is forensic accounting methods used in detecting and
preventing fraud in your organization?, Is forensic accounting effective in
detecting fraud in public corporations?, Is forensic accounting effective tool in
preventing corporate fraud?

The Linear regression F-statistics of 0.689 shows a p- value of.562b at 5% critical value. The null
hypothesis is not rejected at 5% confidence level that there is Forensic accounting is not an
effective tool for detecting fraud and corruption in the Nigerian public sector.

4.3.2 Test of hypotheses Two

Ho2: The challenges faced by forensic accountants in detecting fraud and corruption in the
Nigerian public sector cannot be overcome.

ANOVAa
Sum of
Model Squares df Mean Square F Sig.
1 Regression .013 1 .013 1.024 .315b
 Residual .975 78 .012
Total .987 79
a. Dependent Variable: Fraud prevention and detection
b. Predictors: (Constant), Are there challenges being faced in applying forensic
accounting in curbing fraud in your organization?
The Linear regression F-statistics of 1.024 shows a p- value of 0.315b at 5% critical value. The
null hypothesis is not rejected at 5% confidence level that the challenges faced by forensic
accountants in detecting fraud and corruption in the Nigerian public sector cannot be overcome.

4.3.3 Test of hypotheses Three

Ho3: There are no strategies that can improve the effectiveness of forensic accounting in
detecting fraud and corruption in the Nigerian public sector.

ANOVAa
Sum of
Model Squares df Mean Square F Sig.
1 Regression .011 1 .011 .841 .362b
Residual .977 78 .013
Total .987 79
a. Dependent Variable: Fraud prevention and detection
b. Predictors: (Constant), Is lack of good corporate governance practice affecting
the transparent use of forensic accounting methods in your organization?

The Linear regression F-statistics of 0.841shows a p- value of 0.362b at 5% critical value. The
null hypothesis is not rejected at 5% confidence level that there are no strategies that can
improve the effectiveness of forensic accounting in detecting fraud and corruption in the
Nigerian public sector.
4.4 Discussion of Findings

The findings of the research reveal a generally optimistic view regarding the application of
forensic accounting principles and techniques in Nigeria for fraud detection and prevention. A
substantial percentage of respondents strongly agree that forensic accounting can be effectively
used for this purpose, showcasing a prevailing belief in its efficacy. This positive sentiment
extends to the perception that public corporations in Nigeria actively utilize forensic accounting
practices to prevent fraud, with a majority of respondents expressing strong agreement. This
indicates a recognition of the importance of forensic accounting in maintaining financial integrity
within public entities. This finding confirmed the findings of Adebisi et al (2021) on the
importance of forensic accounting.

Moreover, the study sheds light on the perceived effectiveness of forensic accounting in
detecting fraud within public corporations. The significant proportion of respondents who agree
or strongly agree underscores the role of forensic accounting as an instrumental tool in
identifying and mitigating fraudulent activities within these organizations. This aligns with the
global trend of recognizing forensic accounting as a crucial component of robust financial
governance. The study is contrary to the findings of Okunbor and Obaretin (2020) that the
application of forensic accounting services by corporate organization in Nigeria is not effective
in determining fraudulent activities. The findings of Enofe, Utomwen and Danjuma (2020) that
there was need for forensic accountants in the Nigerian banking system as it is an effective tool
for addressing financial crime

The research also highlights challenges associated with the practical application of forensic
accounting. A notable percentage of respondents acknowledge the existence of hurdles, such as
difficulties faced in implementing forensic accounting measures to curb fraud. This suggests that
while the concept is well-regarded, its execution may face practical obstacles that need to be
addressed for optimal effectiveness.

The lack of transparency in publicizing cases of fraud by public corporations is a concerning

finding. A significant portion of respondents strongly disagrees that such cases are made public.
This raises questions about corporate governance practices and transparency within these
organizations, emphasizing the need for greater openness in addressing instances of financial
misconduct to build trust among stakeholders.

The study identifies a perceived scarcity of professional forensic accountants in Nigeria,

indicating a potential skills gap in this specialized field. This shortage may pose challenges to the
effective implementation of forensic accounting practices, as organizations may struggle to find
qualified professionals capable of handling the intricacies of fraud detection and prevention.

Furthermore, the cost associated with adopting forensic accounting methods emerges as a
significant barrier. A majority of respondents strongly agree that these methods are expensive for
their organizations. This financial constraint could impede the widespread adoption of forensic
accounting practices, especially for smaller organizations with limited resources.

The linear regression analyses provide statistical insights into certain aspects of the research.
Notably, the findings suggest that, based on the data, there is no significant evidence to reject the
null hypotheses related to the effectiveness of forensic accounting for fraud detection and the
challenges faced by forensic accountants in overcoming obstacles. Additionally, the analysis
indicates skepticism regarding the effectiveness of strategies to improve forensic accounting in
detecting fraud and corruption in the Nigerian public sector.

Overall, while there is a positive perception of the value of forensic accounting in Nigeria, the
study underscores the importance of addressing practical challenges, enhancing transparency,
and investing in the development of a skilled workforce to fully leverage the potential of forensic
accounting for fraud detection and prevention in the Nigerian context.
 CHAPTER FIVE
SUMMARY, CONCLUSIONS AND RECOMMENDATION
The summary, conclusion, and recommendations pertinent to the study are presented in this
chapter. The chapter is divided up into sections, such as the section on the study's executive
summary, the section on its conclusion, and the sections on recommendations, contributions to
knowledge, research limitations, and suggestions for future research.

5.1 SUMMARY

In summary, the research findings present an optimistic outlook on the application of forensic
accounting principles and techniques in Nigeria for detecting and preventing fraud. A significant
percentage of respondents strongly agree on the effectiveness of forensic accounting,
emphasizing a prevailing belief in its efficacy. This positive sentiment extends to the perception
that public corporations actively utilize forensic accounting practices to combat fraud,
highlighting the recognition of its importance in maintaining financial integrity within these
entities. These findings align with the conclusions drawn by Adebisi et al (2021), supporting the
significance of forensic accounting as a crucial tool.

Moreover, the study reveals a perceived effectiveness of forensic accounting in identifying and
mitigating fraudulent activities within public corporations, aligning with the global trend that
recognizes forensic accounting as a vital component of robust financial governance.
Interestingly, this contradicts the findings of Okunbor and Obaretin (2020), who suggested the
ineffectiveness of forensic accounting services in corporate organizations in Nigeria.
Additionally, the study echoes the sentiments of Enofe, Utomwen, and Danjuma (2020),
emphasizing the need for forensic accountants in addressing financial crime.

Challenges associated with the practical application of forensic accounting are also highlighted,
with respondents acknowledging hurdles in implementing measures to curb fraud. This indicates
that while the concept is well-regarded, practical obstacles need addressing for optimal
effectiveness.

A concerning finding is the lack of transparency in publicizing fraud cases by public

corporations, as a significant portion of respondents strongly disagrees that such cases are made
public. This raises questions about corporate governance practices and underscores the
importance of greater openness in addressing financial misconduct to build trust among
stakeholders.

The study identifies a perceived scarcity of professional forensic accountants in Nigeria,

indicating a potential skills gap that may pose challenges to the effective implementation of
forensic accounting practices. The associated cost of adopting forensic accounting methods
emerges as a significant barrier, with a majority of respondents strongly agreeing that these
methods are expensive for their organizations. This financial constraint could impede the
widespread adoption of forensic accounting practices, particularly for smaller organizations with
limited resources.

The linear regression analyses provide statistical insights, suggesting no significant evidence to
reject the null hypotheses related to the effectiveness of forensic accounting for fraud detection
and the challenges faced by forensic accountants. Additionally, the analysis indicates skepticism
regarding the effectiveness of strategies to improve forensic accounting in detecting fraud and
corruption in the Nigerian public sector.

In conclusion, while there is a positive perception of the value of forensic accounting in Nigeria,
the study underscores the importance of addressing practical challenges, enhancing transparency,
and investing in the development of a skilled workforce to fully leverage the potential of forensic
accounting for fraud detection and prevention in the Nigerian context.

5.2 CONCLUSION

i. In conclusion, the research findings provide valuable insights into the perception and
application of forensic accounting principles and techniques in Nigeria for the detection
and prevention of fraud. The overall positive outlook, as indicated by a substantial
percentage of respondents strongly agreeing on the effectiveness of forensic accounting,
underscores its potential as a vital tool in maintaining financial integrity. The alignment
of these findings with previous research by Adebisi et al (2021) affirms the continued
relevance and importance of forensic accounting in the Nigerian context.
ii. The study further highlights the perceived effectiveness of forensic accounting in
identifying and mitigating fraudulent activities within public corporations, challenging
contrasting views from Okunbor and Obaretin (2020). These findings support the global
 acknowledgment of forensic accounting as a crucial component of robust financial
governance, emphasizing its role in enhancing transparency and accountability within
organizations.
iii. However, the research also brings attention to challenges associated with the practical
application of forensic accounting, including difficulties in implementation and a
perceived scarcity of professional forensic accountants in Nigeria. These challenges,
coupled with the financial barrier of the high cost of adopting forensic accounting
methods, pose significant obstacles to its widespread adoption, particularly for smaller
organizations.
iv. The concerning finding regarding the lack of transparency in publicizing fraud cases by
public corporations raises important questions about corporate governance practices in
Nigeria. Greater openness in addressing instances of financial misconduct is crucial for
building trust among stakeholders and fostering a culture of accountability.
v. The linear regression analyses, while providing statistical insights, suggest a level of
skepticism regarding the effectiveness of strategies to improve forensic accounting in
detecting fraud and corruption in the Nigerian public sector. This implies that further
research and efforts may be needed to enhance the strategies and practices associated
with forensic accounting in the context of fraud prevention.
vi. In conclusion, while the positive perception of the value of forensic accounting in Nigeria
is evident, addressing practical challenges, fostering transparency, and overcoming
financial barriers are essential for unlocking its full potential. The study emphasizes the
need for continued research, professional development, and strategic initiatives to
strengthen the application of forensic accounting in combating fraud and ensuring
financial integrity in the Nigerian business environment.

5.3 Recommendations

Based on the research findings, several recommendations can be made to enhance the application
of forensic accounting in Nigeria for the detection and prevention of fraud:

i. Capacity Building and Training:

  Invest in comprehensive training programs and capacity-building initiatives to
address the perceived scarcity of professional forensic accountants. Organizations
and educational institutions should collaborate to develop specialized courses and
certifications in forensic accounting to bridge the skills gap.

ii. Cost-Effective Forensic Accounting Solutions:

 Explore and implement cost-effective forensic accounting solutions to make it

more accessible, particularly for smaller organizations with limited resources.
This may involve the development of scalable forensic accounting tools or the
establishment of shared resources within industry sectors.

iii. Publicize Success Stories:

 Encourage public corporations to publicize successful cases where forensic

accounting measures have been effectively applied. Sharing success stories can
foster transparency, build trust, and demonstrate the tangible benefits of
employing forensic accounting in fraud prevention.

iv. Government and Regulatory Support:

 The government and regulatory bodies should play an active role in promoting the
adoption of forensic accounting practices. This can be achieved through the
development of policies that incentivize organizations to invest in fraud
prevention measures, including forensic accounting.

v. Collaboration with Educational Institutions:

 Foster collaboration between organizations and educational institutions to ensure

that academic curricula align with the practical skills required in forensic
accounting. This collaboration can include internships, guest lectures, and joint
research initiatives to bridge the gap between academia and industry needs.

vi. Continuous Research and Development:

  Encourage and support ongoing research in forensic accounting to identify
evolving fraud patterns and develop innovative solutions. This can involve
collaboration between academia, industry professionals, and regulatory bodies to
stay ahead of emerging threats.

vii. Enhance Corporate Governance Practices:

 Advocate for improvements in corporate governance practices, especially

concerning transparency in addressing fraud cases. Regulatory bodies should
establish guidelines that promote accountability and the disclosure of financial
misconduct cases by public corporations.

viii. Industry Forums and Networking:

 Facilitate industry forums and networking opportunities for forensic accountants

to share best practices, discuss challenges, and collaborate on innovative
solutions. This can contribute to a supportive community that fosters professional
development and knowledge exchange.

ix. Financial Assistance Programs:

 Explore the development of financial assistance programs or grants to support

organizations, especially smaller ones, in adopting forensic accounting practices.
This can help overcome the financial barrier associated with the high cost of
implementing forensic accounting methods.

x. Periodic Review and Evaluation:

 Establish a mechanism for periodic review and evaluation of the effectiveness of

forensic accounting practices. This involves continuous assessment of strategies,
tools, and training programs to ensure they remain aligned with the evolving
nature of fraud and financial crimes.

By implementing these recommendations, stakeholders in Nigeria can work towards creating an

environment that encourages the effective use of forensic accounting in detecting and preventing
fraud, ultimately contributing to the overall financial integrity and trustworthiness of the business
landscape.