FINANCIAL FORENSIC ANALYSIS AND FRAUD DETERRENCE IN LISTED DEPOSIT MONEY BANKS IN NIGERIA

Abstract

This study was carried out to investigate how financial forensics, influences fraud deterrence in the listed deposit money banks in Nigeria. A total number of 619 top management staff from the antifraud department, internal control department, compliance unit and the internal audit department of the deposit money banks (DMBs) listed on the floor of the Nigerian stock exchange as at the 31st of December 2020 were considered for this study. Since this study indicated the cumulative impact of the independent variables against the dependent variable, multiple regression was considered to be the most appropriate form of data analysis. The Adjusted R2 was 0.51, indicating that the financial forensics variables (investigative accounting service, litigation support service and expert witness) can explain 51% of changes in fraud deterrence by Nigeria's listed deposit money banks. The Fstat-chi2 value of the model was 76.80, with a P-value of 0.000. This study recommends that listed deposit money banks should engage in financial forensics, which will ensure an unbiased workplace inquiry and interrogation in suspicions of wrongdoings, or discovery of fraud, not minding the magnitude, position, individual or group of individuals involved.

Keywords

• Expert Witness
• Financial Forensics
• Fraud
• Investigation
• Litigation Support