study centered on the impact of forensic accounting on the growth and
development of the Nigerian economy.
Nigerian stock exchange was used as a case study. The population of the study
consisted of 50 people comprising of the employees, registrars, stock brokers
and issuing houses of the stock exchange
major objective of this study is to determine how much impact forensic accounting has had on the
growth and development of the Nigerian economy.
finding revealed that forensic accounting has had and will continually have a
positive impact on the Nigeria
economy if given the chance.
a result of the findings of this work, the following recommendations were made:
i) There should be creation of awareness of
forensic accounting in Nigeria
ii) More forensic accountants should be
iii) Forensic accountants should be sent to
review the financial statements of the various ministries and parastatals in Nigeria
TABLE OF CONTENTS
1.1 Background of the study
1.2 Statement of the problem
1.3 Purpose of the study
1.4 Research question
1.5 Research hypothesis
1.6 Significance of study
1.7 Scope of study
1.8 Limitation of study
1.9 Operational definition of terms
TWO: LITERATURE REVIEW
2.1 Meaning of forensic Accounting
2.2 Forensic Accounting as a tool for crime
2.3 Operational ethics of forensic accounting
2.4 Functions or objectives of forensic
2.5 The history of the Nigerian stock exchange
2.6 The Nigerian stock exchange
2.7 Problems of the stock exchange
2.8 Securities and exchange commission
2.9 Factors affecting economic growth and
2.10 Relationship between economic growth and
2.11 Economic growth and human development.
THREE: RESEARCH METHODOLOGY
3.1 Research design
3.3 Sample and sampling Techniques
3.4 Research Instrument
3.5 Administration and Method of data
3.6 Data Analysis
3.7 Validity and reliability of research
FOUR: DATA ANALYSIS
4.1 Hypothesis one
4.2 Hypothesis Two
4.3 Hypothesis Three
4.4 Summary of major Findings
FIVE: DISCUSSION, CONCLUSION AND RECOMMENDATION.
5.1 Discussion of Results
5.2 Hypothesis One
5.3 Hypothesis Two
5.4 Hypothesis Three
BACKGROUND OF THE STUDY
of fraud in different sectors of the Nigerian economy abound. These has
resulted in great loss of revenue and further impoverishing the nation’s
economy which has been badly battered.
to Abubakar (2009), fraud and corruption has affected the lives of citizens of
3rd world countries negatively. It is engraved in systems, alarming and
seriously devastating. He further revealed that the result of their investigation
revealed are that fraud and corruption are fundamental problems of third world
countries of which Nigeria
he found out that investigative or forensic accounting has a role to play
generally in economic growth and development.
accounting has to do with detection of fraud, waste, embezzlement, bribery,
money laundering, and so on. It’s a specialty practice area of accounting that
describes engagement that result from actual or anticipated disputes or litigation.
It deals with the application of specialized knowledge and specific skills to
stumble upon the evidence of economic transactions.
Crumbley (2003), opined that forensic
accounting is accounting that is suitable for legal review, offering the
highest level of assurance and including the now generally accepted connotation
of having been arrived at in scientific
accounting. That is, forensic accounting
is sufficiently thorough and complete so that an accountant, in his or her
considered independent professional judgment can deliver a finding as to
accounts, inventories, or the presentation thereof that is of such quality that
it would be sustainable in some adversarial legal proceeding or within some
judicial or administrative review. Forensic accounting sometimes called
investigative accounting, involves the application of accounting concepts and
techniques to legal problems. It investigates and documents financial frauds
and white-collar crimes such as embezzlement. It also provides litigation
support to attorneys and law enforcement agencies investigating financial wrong
different organizations consult forensic accountants, corporations hire
forensic accountants to investigate allegations of fraud on the part of their
employees, suppliers, or customers. Attorneys consult forensic accountants to
obtain estimates of losses, damages and assets related to specific legal cases
in many areas of the law, including product liability, shareholders dispute and
breaches of contract. In criminal investigation forensic accountants analyse
complex financial transaction such as those in the stock market manipulation
and price fixing schemes.
this study is intended to find out how forensic accounting can be used to
reduce and even possibly eradicate financial crimes from the Nigerian work
force so as to create room for economic growth and development using the
Nigerian stock exchange as a case study.
1.2 STATEMENT OF PROBLEM.
of how one feels about it, the need for the Nigerian economy to grow and
develop has become a major issue or source of concern in the heart of every
Nigerian. This has become a serious issue as Nigeria celebrates 50 years of inpendence
and there’s actually nothing to show for it. A first step perhaps is to promote
the use of forensic accounting in investigating the various ministries and
parastatals of the public sector (using the Nigerian stock exchange as a case
study) to discover where resources have been wasted, funds embezzled, financial
statement misrepresented and rules and regulations not followed.
1.3 PURPOSE OF THE STUDY
This study is aimed at determining how
much impact forensic accounting has had on the growth and development of the
To also determine how far forensic
accounting can still go if given the room or opportunity.
iii) Also, to introduce or make forensic
accounting well known in Nigeria since it is relatively new.
1.4 RESEARCH QUESTIONS
In the context of carrying out this research
process, these questions served as the basis for the information on the aim and
objectives of this work.
Is there any significant difference between the use of
forensic accounting and other modes of accounting in fraud detection?
Is there any significant difference in
economic growth and development with the use of forensic accounting?
there any significant relationship between economic growth and development?
there any significant relationship between fraud, economic growth and
1.5 RESEARCH HYPOTHESIS
To guide this investigation, the
following hypotheses were formulated.
i) There is no significant difference between
the use of forensic accounting and other modes of accounting in fraud
There is no significant difference in
economic and development with the use of forensic accounting.
is no significant relationship between fraud, poor economic growth and
1.6 SIGNIFICANCE OF STUDY
The findings of the study when
Assist the Nigerian Stock Exchange in
recovering all lost funds.
Make pronouncement on whether or not
forensic accounting can enhance economic growth and development.
iii) To assist the Nigerian economy in the recovery
of financial resources lost due to embezzlement and even those resources that
1.7 SCOPE OF STUDY
The study is limited to the Nigerian
Stock Exchange because of the issues on ground in the house as at the time of
this research study.
1.8 LIMITATION OF THE STUDY
A lot of problem and constraints hindered
this research work. Although, this study is
expected to involve the Nigerian Stock Exchange but due to limited time and
resources, the research was not able to cover all the branches of the Stock
Exchange. This lead to difficulty in acquiring all the useful data which would
have been of great help to the study.
1.9 OPERATIONAL DEFINITION OF TERMS
Forensic Accounting: - This is the use of
accounting, auditing and investigative skills to assist in legal matters.
Forensic Accountants: - These are blood
hounds that sniff out fraud and criminal transactions in banks, corporate
entities or from any other organization’s financial records.
Nigerian Stock Exchange (NSE):- This is an
entity which provides trading facilities for stock brokers and traders, to
trade stocks and other securities.
Securities and Exchange Commission (SEC):-
This is the apex regulatory body for the Nigerian Capital Market.
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