THE IMPACT OF FRAUD DETECTION TECHNIQUES IN FORENSIC ACCOUNTING
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Abstract: THE IMPACT OF FRAUD DETECTION TECHNIQUES IN FORENSIC ACCOUNTING
This study investigates the impact of fraud detection techniques in forensic accounting within the banking sector in Lagos. The objectives are to evaluate the effectiveness of various fraud detection techniques, assess their impact on financial performance, and identify the challenges faced during implementation. A survey design was employed, gathering data from 250 forensic accountants and financial auditors, derived using Taro Yamane's formula. A detailed case study of a major bank in Lagos provided comprehensive insights. The reliability coefficient score of the survey instrument was 0.90. Findings indicate that advanced fraud detection techniques, such as data mining, digital analysis, and forensic software, significantly enhance the ability to detect and prevent fraud, thereby improving financial performance and integrity. However, challenges such as high implementation costs, complexity, and resistance to new methods were noted. Recommendations include investing in advanced training for forensic accountants, adopting user-friendly fraud detection software, and integrating these techniques with overall risk management practices to bolster fraud prevention and detection efforts.
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