THE ROLE OF PUBLIC ACCOUNTANTS IN FRAUD PREVENTION AND DETECTION
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THE ROLE OF PUBLIC ACCOUNTANTS IN FRAUD PREVENTION AND DETECTION
ABSTRACT
This study examines the role of public accountants in fraud prevention and detection, focusing on enhancing internal controls, implementing forensic accounting techniques, and fostering ethical practices. The research design is based on a survey method, which is ideal for capturing the insights and experiences of accountants directly involved in these activities. The sample size, derived using Taro Yamane's formula, is 380 from a population of 9,000 public accountants in Lagos, ensuring a statistically significant representation. Lagos was selected due to its high incidence of corporate fraud and the presence of numerous public accounting firms. The reliability coefficient score of the survey instrument was 0.88, indicating high reliability. Findings reveal that public accountants play a critical role in fraud detection through rigorous internal audits and the application of forensic accounting methods, though challenges persist in the form of evolving fraud schemes and insufficient training. The study recommends continuous professional development and the integration of advanced analytical tools to enhance fraud detection capabilities.
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