FORENSIC AUDITING AND FRAUD DETECTION: AN EXPLORATORY ANALYSIS FROM NIGERIA

Abstract

The study examines the role of forensic auditing in fraud detection and control in Nigeria.

This study obtained information using critical literature analyses. The study analysed the trend

in fraud cases from 2001–2021. The study also found that incorporation of modern forensic

auditing techniques in an audit in Nigeria are seen as timely in order to prepare the accounting

profession to deal effectively with the problem of unearthing ingenious fraud schemes arising

from audit failure to detect frauds in Nigeria. The study therefore suggests employment of

forensic auditing in Nigerian banks by amending the existing statutes in such a way that

forensic auditors are included in the audit team. Through this, auditors will have more tools to

effectively deal with challenges in detecting fraud.