FORENSIC ACCOUNTING TECHNIQUES FOR DETECTING FINANCIAL FRAUD IN PUBLIC COMPANIES
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FORENSIC ACCOUNTING TECHNIQUES FOR DETECTING FINANCIAL FRAUD IN PUBLIC COMPANIES
This research focuses on the forensic accounting techniques used to detect financial fraud in public companies. The objectives are to identify the most effective forensic accounting techniques, to evaluate the role of forensic accountants in detecting and preventing financial fraud, and to analyze the challenges faced in implementing these techniques. A survey research design was chosen to collect data from forensic accounting professionals and financial auditors. Using Taro Yamane's formula, a sample size of 240 respondents was selected to ensure statistical accuracy. Lagos, Nigeria, was chosen as the case study due to its high incidence of financial fraud cases and the presence of numerous public companies. The survey instrument achieved a reliability coefficient score of 0.89, indicating strong reliability. Findings reveal that techniques such as data analysis, forensic auditing, and fraud risk assessment are highly effective in detecting financial fraud. Forensic accountants play a crucial role in identifying fraudulent activities and recommending preventive measures. However, the study also highlights challenges such as limited access to data, resistance from within organizations, and the need for continuous professional development. The study recommends that public companies invest in forensic accounting training for their staff and implement robust internal controls to prevent financial fraud.
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