EFFECT OF FORENSIC ACCOUNTING PRACTICE ON FRAUD PREVENTION IN MINISTRY OF FINANCE BORNO STATE OF NIGERIA
Abstract
Abstract
This research investigates the effect of forensic accounting practices on fraud prevention
within the Ministry of Finance in Borno State, Nigeria, during the year 2024. The study
identifies three independent factors influencing fraud prevention: forensic accounting
techniques, the training and expertise of forensic accountants, and the adequacy of
resources allocated to forensic accounting practices. A sample of 20 respondents was
drawn from a population of 236 employees at the Ministry of Finance, utilizinga stratified
sampling method to ensure representation across various departments. Data were
collected through structured questionnaires and analyzed using Analysis of Variance
(ANOVA) to determine the significance of the independent factors on fraud prevention
outcomes.
The findings indicate that effective forensic accounting techniques and the professional
training of forensic accountants significantly contribute to reducing instances of fraud.
Additionally, the study highlights that the allocation of adequate resources is crucial for implementing robust forensic accounting practices. The results suggest that enhancing these factors can lead to improved fraud prevention measures within the Ministry of Finance. This research underscores the importance of integrating forensic accounting into
financial oversight mechanisms to foster transparency and accountability in public
financial management.
The study concludes with recommendations for policy
enhancements and further research to explore the long-term impacts of forensic
accounting on fraud mitigation in governmental institutions.
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