SIGNIFICANCE OF FORENSIC AUDITING ON FRAUD PREVENTION AND DETECTION IN NIGERIAN DEPOSIT MONEY BANKS
Abstract
This study explores the significance of forensic auditing in the prevention and detection of fraud within Nigerian deposit money banks, focusing on a case study of First Bank PLC and United Bank of Africa PLC (UBA), Iwo Road Branch, Ibadan, Oyo State. Fraud has become a critical issue in the banking sector, leading to significant financial losses for both banks and customers. Forensic auditing, with its specialized techniques and methodologies, plays a pivotal role in mitigating fraud risks and safeguarding the financial system. The research aims to analyze the impact of forensic auditing on fraud prevention and detection, specifically within First Bank PLC and United Bank of Africa. By examining the implementation of forensic auditing practices, identifying common fraud schemes, and assessing the effectiveness of fraud prevention measures, this study provides insights into how Nigerian deposit money banks can enhance their fraud prevention and detection mechanisms. The results of this research can assist banks, regulators, and other stakeholders in developing robust strategies to combat fraud effectively.
Keywords: Forensic auditing, fraud prevention, fraud detection, fraud schemes, fraud risk
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