Impact Of Forensic Accounting On Fraud Control In Nigeria (A Case Study Of Nigerian Deposit Insurance Corporation (NDIC))

In recent time, fraud has formed an  integral part of developing countries like Nigeria where corruption through its indices like money laundering, over pricing and compromise of procurement proceedings are prevalent in the society and are regarded as norm, resulting in widening gap between the poor and the rich. This study examines the impact of forensic accounting on the prevention and control of fraud in the Nigerian banks. Ordinary least square (OLS) was utilized to examine the relationship that exists among research variables in addition to the test of hypothesis. Findings from the study revealed that there is a significant relationship between the forensic expert consultation expenditures and amount of fraud uncovered in Nigerian banks. It was also found that the higher the amount spent on forensic expert consultations, the higher the number of staff involved in bank frauds that are uncovered in Nigeria. The result further showed that there is a significant relationship between the amount spent on forensic expert consultation and the number of staff who lost their jobs on the grounds of fraud in deposit money banks. It can therefore be inferred that forensic accounting serves as a veritable instrument of fraud control in Nigeria. The study recommended, among others, that Nigerian government should evolve policies that would enhance the activities of forensic accountants towards the nation’s quest to eradicate corruption.