FORENSIC ACCOUNTING AS A TOOL FOR FRAUD DETECTION AND PREVENTION IN DEPOSIT MONEY BANK IN NIGERIA

ABSTRACT The study examined the forensic accounting as a tool for fraud detection and prevention in deposit money bank in nigeria. The data that was used for this study are secondary data which were derived from the published audited financial statements of the banks under review for the period of ten (10) years, (2014 to 2023),which will cover 100 copies of audited annul reports of the banks under review(10 from each bank). The data analyses was carried on using the simple regression analysis method (Ordinary least square version 20 (OLS) and SPSS version 23).Both descriptive and inferential statistics were used to analyses the data obtained. Regression analysis was used to determine the relationship between the independent and dependent variables. The result of the hypotheses shows that There is no significant relationship between the application of forensic accounting techniques and the detection of fraud in deposit money banks in Nigeria. It also find that Forensic accounting has significant impact on the prevention of fraud in deposit money banks in Nigeria. Additionally the challenges faced by forensic accountants significantly affect their effectiveness in detecting and preventing fraud in deposit money banks in Nigeria. In conclusion, while forensic accounting techniques play a significant role in fraud prevention, their limited success in fraud detection and the challenges faced by forensic accountants underscore the need for ongoing improvements. Strengthening the capabilities of forensic accountants and addressing the existing barriers will be essential to enhancing the overall fraud management framework in Nigeria’s banking sector.