AN ASSESSMENT OF FRAUD RISK ASSESSMENT AND MITIGATION IN FORENSIC ACCOUNTING
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Abstract: AN ASSESSMENT OF FRAUD RISK ASSESSMENT AND MITIGATION IN FORENSIC ACCOUNTING
This study aims to evaluate the effectiveness of fraud risk assessment and mitigation strategies within the realm of forensic accounting, with the objectives of identifying key risk factors, examining the methodologies used to assess fraud risk, and evaluating the effectiveness of various mitigation strategies. Employing a survey research design, this study leverages the extensive use of questionnaires to gather data from forensic accountants actively working in Lagos. The sample size, calculated using Taro Yamane's formula for a 95% confidence level and a 5% margin of error, consists of 400 respondents, ensuring a representative sample from the targeted population. Lagos was selected as the case study location due to its high concentration of financial institutions and forensic accounting firms. The reliability coefficient score of the survey instrument was determined to be 0.85, indicating high reliability. Findings suggest that while risk assessment techniques are robust, there is a significant gap in the implementation of mitigation strategies due to resource constraints and lack of advanced analytical tools. It is recommended that organizations invest in comprehensive training for forensic accountants and integrate advanced technological tools to enhance fraud detection and prevention capabilities.
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