An evaluation of forensic accounting’s role in curbing inventory fraud in Nigerian retail chains: A study of Shoprite Nigeria
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Background of the Study
Retail chains in Nigeria have become a significant part of the country’s economy, with large-scale retailers like Shoprite Nigeria playing a crucial role in the retail market. However, despite the industry’s growth, inventory fraud has remained a persistent issue. Inventory fraud, which involves the misappropriation, theft, or misreporting of stock, is one of the most common types of fraud encountered by retail businesses worldwide (Okeke & Chukwu, 2023). In Nigeria, such fraudulent activities not only result in financial losses but also damage the credibility and operational efficiency of retail chains.
Forensic accounting is increasingly being employed in detecting and investigating inventory fraud in Nigerian retail chains. The techniques used by forensic accountants, such as inventory audits, data analysis, and forensic auditing, help identify discrepancies in inventory records and trace instances of fraud (Alabi & Idowu, 2023). Given the scale and complexity of operations at retail chains like Shoprite Nigeria, forensic accountants play a crucial role in identifying theft, pilferage, and other fraudulent activities related to inventory management.
While the role of forensic accounting in fraud detection is well established, there is limited research on its specific impact in the context of Nigerian retail chains. This study aims to evaluate the role of forensic accounting in curbing inventory fraud in Shoprite Nigeria, examining how forensic accounting techniques have contributed to improving inventory management and reducing fraud.
Statement of the Problem
Inventory fraud is a major issue faced by retail chains, particularly in developing economies like Nigeria. Shoprite Nigeria, despite implementing various anti-fraud measures, continues to experience challenges related to inventory theft, pilferage, and misreporting. The effectiveness of forensic accounting in detecting and preventing such fraudulent activities remains under-researched in the Nigerian context.
This study aims to investigate how forensic accounting techniques are used to identify and curb inventory fraud in Nigerian retail chains, with a particular focus on Shoprite Nigeria. The research will assess the effectiveness of forensic accounting in improving inventory control processes and reducing fraudulent activities within the retail sector.
Objectives of the Study
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To assess the role of forensic accounting in detecting inventory fraud in Shoprite Nigeria.
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To evaluate the impact of forensic accounting techniques on inventory management in Nigerian retail chains.
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To recommend strategies for enhancing forensic accounting practices to curb inventory fraud in Nigerian retail chains.
Research Questions
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How effective is forensic accounting in detecting inventory fraud in Shoprite Nigeria?
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What forensic accounting techniques are most effective in curbing inventory fraud in Nigerian retail chains?
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What challenges do forensic accountants face in investigating inventory fraud in Shoprite Nigeria, and how can these challenges be mitigated?
Research Hypotheses
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Forensic accounting techniques significantly reduce inventory fraud in Shoprite Nigeria.
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There is a positive relationship between the use of forensic accounting and improved inventory management in Nigerian retail chains.
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Inventory fraud in Shoprite Nigeria is primarily driven by inadequate inventory control systems, which can be mitigated through forensic accounting practices.
Scope and Limitations of the Study
This study will focus on Shoprite Nigeria, assessing the role of forensic accounting in detecting and curbing inventory fraud within the company. The research will also examine the challenges faced by forensic accountants in investigating fraud and propose recommendations for improving inventory control measures. However, access to sensitive financial records and inventory data may be restricted due to privacy concerns, which may limit the scope of the analysis.
Definitions of Terms
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Forensic Accounting: A branch of accounting that applies specialized techniques to detect and investigate financial fraud and irregularities (Alabi & Idowu, 2023).
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Inventory Fraud: The intentional misappropriation, theft, or misreporting of inventory for personal or corporate gain (Okeke & Chukwu, 2023).
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Retail Chain: A network of retail stores or outlets that sell products or services to consumers, often under the same brand name or ownership.
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