An Evaluation of the Legal Framework Supporting Forensic Accounting Practices in Nigeria: A Case Study of the ICPC
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Background of the Study
Forensic accounting is a specialized discipline that plays a vital role in the detection and prevention of financial crimes. The success of forensic accounting largely depends on the legal framework within which it operates. In Nigeria, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) is a key government agency charged with investigating corruption, financial crimes, and unethical practices. The ICPC relies on forensic accounting techniques to analyze financial records, uncover fraudulent transactions, and provide evidence in support of criminal investigations.
While the legal framework governing forensic accounting in Nigeria has evolved over time, there remain concerns regarding its adequacy, enforcement, and integration with modern financial practices. This study will examine the legal framework supporting forensic accounting in Nigeria, with a specific focus on the ICPC and how it leverages forensic accounting to fulfill its mandate.
Statement of the Problem
The effectiveness of forensic accounting in supporting legal investigations and prosecutions of corruption and financial crimes in Nigeria is heavily dependent on the adequacy of the legal framework. While the ICPC has made strides in investigating financial crimes, challenges persist in ensuring that forensic accounting practices are well-supported by legal provisions and regulations. This study seeks to evaluate the extent to which the legal framework in Nigeria supports forensic accounting practices, with a focus on the role of the ICPC in applying these practices in its investigations.
Objectives of the Study
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To evaluate the legal framework supporting forensic accounting practices in Nigeria, particularly in relation to the ICPC.
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To assess the effectiveness of the legal framework in facilitating forensic accounting in corruption investigations by the ICPC.
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To identify the challenges faced by the ICPC in utilizing forensic accounting within the current legal framework.
Research Questions
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How does the legal framework in Nigeria support forensic accounting practices within the ICPC?
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How effective is the legal framework in enabling forensic accounting to detect and investigate corruption in Nigeria?
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What challenges does the ICPC face in utilizing forensic accounting within Nigeria’s legal framework?
Research Hypotheses
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The legal framework in Nigeria supports forensic accounting practices within the ICPC.
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The legal framework is effective in facilitating forensic accounting in corruption investigations by the ICPC.
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The ICPC faces challenges in utilizing forensic accounting within the current legal framework.
Scope and Limitations of the Study
This study will focus on the ICPC and the legal framework supporting forensic accounting practices in Nigeria, examining the period from 2015 to 2025. Limitations may include the unavailability of detailed legal documents or ICPC reports, and difficulties in accessing sensitive financial data linked to specific corruption investigations.
Definitions of Terms
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Forensic Accounting: A specialized form of accounting that involves the investigation and analysis of financial records to detect fraud, corruption, and other financial crimes.
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Legal Framework: The system of laws, regulations, and procedures that govern the use of forensic accounting in investigations and prosecutions.
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ICPC: The Independent Corrupt Practices and Other Related Offences Commission, a Nigerian agency responsible for investigating and prosecuting corruption and related crimes.
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