The effectiveness of forensic accounting in investigating fraudulent contracts in Nigerian public works: A case study of Julius Berger Nigeria Plc.

The effectiveness of forensic accounting in investigating fraudulent contracts in Nigerian public works: A case study of Julius Berger Nigeria Plc.

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Background of the Study

Public works in Nigeria are often marred by financial irregularities, including fraudulent contract awards, overstatement of contract values, and misappropriation of funds intended for infrastructure development. Julius Berger Nigeria Plc, a leading construction company in the country, has been involved in several large-scale public works projects, including the construction of roads, bridges, and other infrastructural projects for the Nigerian government (Adewale & Igbalajobi, 2024). The size and scope of these projects make them susceptible to corruption, particularly in the awarding and execution of contracts.

Forensic accounting plays a crucial role in investigating fraudulent contracts and ensuring that public works projects are executed with financial integrity. It involves applying accounting expertise to identify irregularities in financial records and detect fraudulent activities such as overbilling, kickbacks, and procurement fraud (Okoro & Ojo, 2023). Julius Berger, as a key player in Nigeria's public works sector, has been at the center of scrutiny in past projects for issues related to financial mismanagement. The use of forensic accounting to investigate these contracts is essential in ensuring that public funds are not misused and that the projects are executed according to contractual agreements.

This study aims to evaluate the effectiveness of forensic accounting in investigating fraudulent contracts within Julius Berger Nigeria Plc, with a focus on identifying how forensic accountants uncover fraud and improve accountability in public works projects.

Statement of the Problem

The Nigerian public works sector has long been plagued by fraudulent contract awards, misappropriation of funds, and financial mismanagement, which significantly undermine the quality of infrastructure development (Adewale & Igbalajobi, 2024). Julius Berger Nigeria Plc, despite its reputation for high-quality construction work, has faced allegations of financial misconduct related to public works contracts. These issues have raised concerns about the company’s internal controls and its role in perpetuating financial mismanagement in the public works sector.

The lack of effective forensic accounting mechanisms to investigate fraudulent contracts has made it difficult to detect and prevent financial misconduct. This research seeks to examine the role of forensic accounting in investigating fraudulent contracts and improving accountability in Julius Berger Nigeria Plc’s public works projects.

Objectives of the Study

1. To evaluate the effectiveness of forensic accounting in investigating fraudulent contracts in Julius Berger Nigeria Plc.

2. To examine the impact of forensic accounting in improving accountability in Julius Berger Nigeria Plc’s public works projects.

3. To identify the challenges faced by Julius Berger Nigeria Plc in implementing forensic accounting practices in its public works contracts.

Research Questions

1. How effective is forensic accounting in investigating fraudulent contracts in Julius Berger Nigeria Plc?

2. What impact does forensic accounting have on improving accountability in Julius Berger Nigeria Plc’s public works projects?

3. What challenges does Julius Berger Nigeria Plc face in implementing forensic accounting in its public works contracts?

Research Hypotheses

1. Forensic accounting significantly improves the investigation of fraudulent contracts in Julius Berger Nigeria Plc.

2. Forensic accounting practices increase accountability in Julius Berger Nigeria Plc’s public works projects.

3. The challenges faced by Julius Berger Nigeria Plc significantly affect the implementation of forensic accounting in public works contracts.

Scope and Limitations of the Study

This study will focus on evaluating the effectiveness of forensic accounting in investigating fraudulent contracts in Julius Berger Nigeria Plc. The research will examine the application of forensic accounting techniques in identifying fraudulent activities and improving accountability in public works projects. The study will be limited to Julius Berger and may not fully reflect practices in other companies operating in Nigeria’s public works sector.

A limitation of the study is the potential difficulty in accessing detailed financial records and contracts due to confidentiality restrictions. Additionally, the study will rely on available audit reports and interviews, which may not provide a complete picture of all fraudulent activities or financial misconduct.

Definitions of Terms

1. Forensic Accounting: The application of accounting techniques to detect and investigate fraud, financial mismanagement, and misconduct (Okoro & Ojo, 2023).

2. Fraudulent Contracts: Contracts that are awarded based on fraudulent or dishonest practices, such as overcharging or kickbacks.

3. Julius Berger Nigeria Plc: A major construction company in Nigeria known for its involvement in large-scale public works projects.

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