An Assessment of Forensic Accounting in Monitoring Financial Management in Public Universities: A Case Study of Ilorin East Local Government, Kwara State
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Background of the Study
Public universities in Nigeria are essential in the development of the nation’s human capital and often receive significant government funding for their operations. However, these institutions face significant challenges related to financial mismanagement, fraud, and inefficiency. Forensic accounting has emerged as a critical tool for monitoring the financial activities of public universities, ensuring that funds are used effectively and that any irregularities are identified early.
This study assesses the role of forensic accounting in monitoring financial management in public universities, focusing on the Ilorin East Local Government in Kwara State. The study examines how forensic accounting can be applied to improve financial oversight, detect fraud, and ensure accountability in the management of university funds.
Statement of the Problem
Public universities in Nigeria have faced numerous challenges related to financial mismanagement, including fraud, embezzlement, and improper allocation of funds. This study seeks to evaluate the role of forensic accounting in addressing these challenges by improving financial monitoring in universities under the jurisdiction of Ilorin East Local Government, Kwara State.
Aim and Objectives of the Study
1. To evaluate the role of forensic accounting in monitoring financial management in public universities within Ilorin East Local Government.
2. To assess the effectiveness of forensic accounting techniques in detecting financial irregularities in university funds.
3. To identify the challenges faced in implementing forensic accounting practices in public universities under Ilorin East Local Government.
Research Questions
1. How effective is forensic accounting in monitoring financial management in public universities in Ilorin East Local Government?
2. To what extent does forensic accounting help detect financial mismanagement in public universities?
3. What are the challenges in applying forensic accounting techniques to monitor financial activities in public universities?
Research Hypotheses
1. H₀: Forensic accounting does not significantly improve the monitoring of financial management in public universities in Ilorin East Local Government.
2. H₀: Forensic accounting is not effective in detecting financial mismanagement in public universities.
3. H₀: There are no significant challenges in applying forensic accounting in public universities in Ilorin East Local Government.
Significance of the Study
The findings will offer insights into how forensic accounting can be used to improve financial management and transparency in Nigerian public universities. This study will help university administrators, government regulators, and auditors enhance financial oversight and reduce the risk of fraud.
Scope and Limitation of the Study
The study will focus on public universities within Ilorin East Local Government in Kwara State. Limitations include potential difficulties in accessing financial records and the possible variability in financial management practices across universities.
Definition of Terms
• Forensic Accounting: The use of accounting skills to investigate financial crimes, fraud, or mismanagement.
• Financial Management: The planning, organizing, and controlling of financial resources to ensure effective operation of an organization.
• Public Universities: Government-funded institutions of higher learning that offer undergraduate and postgraduate programs.
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