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The impact of forensic accounting in detection and prevention of fraud in commercial banks – a study of selected banks in Nigeria
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Fraudulent practices in Nigerian banks have led to increased losses and collapse of commercial banks, hence the need to use forensic accounting services to detect and prevent such fraudulent activities. The banking industry is a very important institution with many internal controls in order to overcome the fraudulent practices. The objective of this study is to examine the impact of forensic accounting services on fraud detection and prevention among commercial banks in Nigeria the data collection instrument preferred for the study was questionnaire. Findings from the study revealed that fraud detection and prevention increased when forensic accounting services are employed. The study used descriptive research survey design and judgmental sampling method was adopted in the selection of seven commercial banks that constituted the sample size. The data was analyzed using the analysis of variance (ANOVA) and regression analysis in testing the research questions. The findings indicated that the application of forensic accounting services by banks led to increased fraud prevention in the commercial banks in Nigeria and the highest application was on enhancing quality of financial reporting. Therefore, the study recommends that in order to sustain effective operation in the bank, fraudsters must be punished.