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EFFECT OF FORENSIC ACCOUNTING ON FRAUDULENT PRACTICES IN NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The integration of accounting, auditing and investigative skills yield the specialty known as Forensic Accounting. Forensic Accounting provides an accounting analysis that is suitable to the court which forms the basis for discussion, debate and ultimately dispute resolution. It encompasses both litigation support and Investigative Accounting. It is a specially practiced area of accounting that describes engagement that result from actual or anticipated disputes or litigation.
Forensic Accounting is sufficiently thorough and complete so that an accountant, in his/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 reviews. Findings are based on scientific detection and interpretation of the evidences of phenomena introduced into the books and records of an accounting system (expansively defined) and the effects of such phenomenon upon the accounts, inventories or the presentation thereof (Bologna, 1995). Alternatively, if there is no impact on an accounting system, there is no accounting evidence, nor is there any effect upon the accounts, inventories or the presentation thereof, then such situation are not within the realm of forensic accounting.
The primary orientation of forensic accounting is explanatory analysis (cause and effect) of phenomena, including the discovery of deception (if any), and its effects introduced into an accounting system’s domain (Silverstone, 2004). Forensic accountants are called upon to play important pre-emptive roles, offering independent assurance in such diverse areas as audit committee advisory services, merger and underwriting due diligence, investment analyst research and enterprise risk management.
Fraud investigations on the other part involves the training of possibly forensic accountants to ensure the integrity of financial statements by actively investigating for fraud, identifying all areas of risk and fraud symptoms, pursuing each anomaly and aggressively. The term ‘fraud’ is generally used to describe any criminal deception, false representation by means of a statement or conduct, in order to gain a material advantage.
Ideally, fraud detection ought to be recognized as an important responsibility throughout every organization and every employee ought to be familiar with the disciplinary consequences for breach of trust.
EFFECT OF FORENSIC ACCOUNTING ON FRAUDULENT PRACTICES IN NIGERIA
EFFECT OF FORENSIC ACCOUNTING ON FRAUDULENT PRACTICES IN NIGERIA
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