SIGNIFICANCES OF FORENSIC AUDITING ON FRAUD PREVENTION AND DECETION IN NIGERIA DEPOSIT MONEY BANKS

Foreign auditing plays a crucial role in the prevention and detection of fraud within Nigeria deposit money banks. This abstract explores the significance of foreign auditing in enhancing the financial integrity and operational security of these banks. Foreign auditing involves the application of accounting,auditing and investigation skills to examine financial records and transactions for signs of fraud and financial misconduct. In the context of Nigeria deposit money banks,which face significant risks of fraudulent activities due to factors such as weak internal controls, regulatory challenges,and technological investigations and analysis,foreign auditors can identify fraudulent schemes,uncover misappropriation, and provide actionable insights for strengthening internal controls.This study examines various cases of fraud in Nigeria banks and the corresponding forensic audit interventions,demonstrating how effective forensic auditing has led to improved fraud detection,enhanced compliance, and greater overall financial stability.The findings underscore the importance of integrating forensic auditing into the risk management frameworks of Nigeria deposit money banks to safeguard assets and maintain stakeholder trust.