AN APPRAISAL OF FORENSIC ACCOUNTING IN BANKRUPTCY AND INSOLVENCY CASES
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Abstract: AN APPRAISAL OF FORENSIC ACCOUNTING IN BANKRUPTCY AND INSOLVENCY CASES
This study appraises the role of forensic accounting in bankruptcy and insolvency cases in Port Harcourt. The objectives are to evaluate the effectiveness of forensic accounting in uncovering financial discrepancies, assess its impact on bankruptcy proceedings, and identify the challenges faced during implementation. A survey design was employed, gathering data from 200 forensic accountants and insolvency practitioners, derived using Taro Yamane's formula. A detailed case study of a major insolvency case in Port Harcourt provided comprehensive insights. The reliability coefficient score was 0.88. Findings indicate that forensic accounting significantly enhances the transparency and accuracy of bankruptcy proceedings by uncovering financial discrepancies and providing expert testimony. However, challenges such as limited access to financial records, legal constraints, and resistance from stakeholders were noted. Recommendations include enhancing collaboration between forensic accountants and legal teams, improving access to financial records, and integrating forensic accounting practices with bankruptcy and insolvency frameworks to ensure fair and accurate proceedings.
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