Background of the Study
Forensic accounting has gained significant attention in the financial sector, particularly in detecting and preventing fraud. It involves the application of specialized accounting skills and investigative techniques to examine financial records, identify discrepancies, and uncover fraudulent activities (Bhasin, 2023). The practice has evolved from traditional auditing to a more proactive role in combating fraud, especially in large corporations and public institutions (Tayler & Neel, 2024). In Nigeria, financial institutions have become prime targets for fraud, with banks being particularly vulnerable to fraudulent activities such as embezzlement, insider trading, and cybercrime (Ajayi & Ibrahim, 2025). This vulnerability has heightened the need for effective forensic accounting measures to ensure transparency and accountability in the banking sector.
Access Bank Plc, one of the leading commercial banks in Nigeria, has witnessed significant strides in adopting forensic accounting techniques to safeguard its operations from fraud. The role of forensic accountants in fraud detection within the bank has become increasingly crucial, as they assist in the identification of financial misappropriations and ensure that perpetrators face legal consequences. However, despite the growing role of forensic accounting in fraud detection, there is a lack of comprehensive studies evaluating its specific impact within Nigerian banks, particularly Access Bank Plc.
Fraud detection mechanisms are critical for maintaining the financial health and integrity of Nigerian banks. This research seeks to evaluate the role of forensic accounting in fraud detection in Access Bank Plc, focusing on the effectiveness, challenges, and the impact of forensic accounting tools and techniques. By assessing how forensic accounting can enhance fraud detection within Access Bank Plc, the study aims to contribute to improving anti-fraud strategies in the banking industry in Nigeria. The research will provide insights into how forensic accounting can be further optimized to detect and prevent fraudulent activities in banks.
Statement of the Problem
Despite the increasing prevalence of fraud within Nigerian banks, many financial institutions have struggled to develop robust systems that effectively detect and prevent fraudulent activities. Fraudulent actions within banks continue to result in significant financial losses, loss of reputation, and regulatory penalties (Olayemi & Bello, 2024). Although forensic accounting techniques have shown promise in identifying fraudulent activities, their application and effectiveness in Nigerian banks, specifically Access Bank Plc, remain under-explored.
Access Bank Plc, despite adopting forensic accounting tools, faces challenges in effectively combating fraud due to issues such as lack of awareness, insufficiently trained personnel, and inadequate use of advanced forensic accounting techniques (Oluwaseun, 2023). Furthermore, the complexities involved in forensic investigations, the challenges of data security, and the need for adequate legal frameworks further hinder the full potential of forensic accounting in fraud detection (Johnson, 2025). There is a significant gap in knowledge regarding the specific role forensic accounting plays in fraud detection in Nigerian banks and the barriers to its effective implementation.
This research, therefore, seeks to critically evaluate how forensic accounting is being used to detect fraud in Access Bank Plc, the challenges involved, and the effectiveness of the techniques employed. The study will also explore ways to optimize the use of forensic accounting to mitigate fraud risks in Nigerian banks.
Objectives of the Study
To evaluate the role of forensic accounting in detecting fraud within Access Bank Plc.
To identify the challenges faced by forensic accountants in detecting fraud in Access Bank Plc.
To assess the effectiveness of forensic accounting techniques in preventing fraudulent activities in Access Bank Plc.
Research Questions
What is the role of forensic accounting in detecting fraud within Access Bank Plc?
What are the challenges faced by forensic accountants in detecting fraud in Access Bank Plc?
How effective are forensic accounting techniques in preventing fraudulent activities in Access Bank Plc?
Research Hypotheses
Forensic accounting plays a significant role in detecting fraud within Access Bank Plc.
There are significant challenges faced by forensic accountants in detecting fraud in Access Bank Plc.
Forensic accounting techniques significantly reduce the occurrence of fraudulent activities in Access Bank Plc.
Scope and Limitations of the Study
The study focuses on the role of forensic accounting in fraud detection in Access Bank Plc, with particular emphasis on its methods, challenges, and effectiveness. The research is limited to the activities and operations of Access Bank Plc in Nigeria, with no consideration of other banks in the country. The limitations of the study include access to confidential financial data and possible biases due to the reliance on responses from bank personnel. Additionally, the time frame for conducting the research may affect the depth of analysis, as it might not encompass long-term trends or all potential challenges associated with forensic accounting practices.
Definitions of Terms
Forensic Accounting: A specialized field of accounting that involves the application of accounting skills and investigative techniques to detect and prevent fraud, embezzlement, and other financial crimes.
Fraud Detection: The process of identifying and uncovering fraudulent activities within an organization, often through analysis of financial records and transactions.
Access Bank Plc: A leading commercial bank in Nigeria, offering a wide range of banking services to individuals and businesses.
Fraudulent Activities: Illegal acts involving deceit, misrepresentation, or intentional wrongdoing that result in financial gain or loss to others, including theft, embezzlement, and bribery.
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