An examination of forensic accounting practices in Nigeria’s hospitality industry: A case study of Eko Hotels and Suites
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Background of the Study
Forensic accounting plays an increasingly important role in addressing financial fraud within various industries, including the hospitality sector. In Nigeria, the hospitality industry is a significant contributor to the national economy, with establishments like Eko Hotels and Suites representing some of the largest and most renowned businesses in the sector (Adesola & Ayodeji, 2023). However, despite the rapid growth of the hospitality sector, financial fraud and mismanagement remain significant challenges for these businesses, affecting their profitability and long-term sustainability.
Forensic accountants are essential in detecting and investigating financial fraud in the hospitality industry, especially in an environment where transactions are often complex and prone to manipulation (Babatunde & Ibrahim, 2024). Their role involves the identification of irregularities, tracing fraudulent transactions, and providing expert testimony in legal matters related to financial misconduct. Eko Hotels and Suites, as one of Nigeria's premier hospitality institutions, is a suitable case study for examining the application of forensic accounting practices in detecting and preventing financial fraud.
The study aims to explore how forensic accounting is applied in Eko Hotels and Suites, focusing on its effectiveness in uncovering fraudulent activities, safeguarding financial integrity, and improving transparency within the organization. Given the challenges faced by the hospitality industry in managing finances and operations, this research seeks to understand the potential role of forensic accounting in mitigating financial misconduct and fostering accountability.
Statement of the Problem
The hospitality industry in Nigeria has been plagued by financial fraud, mismanagement, and inefficient accounting practices, which can undermine organizational growth and public trust. At Eko Hotels and Suites, despite the presence of internal control systems, there are concerns about the adequacy of forensic accounting practices in detecting and preventing financial fraud. This study seeks to investigate how forensic accounting is implemented in Eko Hotels and Suites and assess its effectiveness in uncovering fraud, promoting transparency, and improving financial management practices. The findings will contribute to understanding the challenges and successes in applying forensic accounting in the hospitality sector.
Objectives of the Study
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To examine the forensic accounting practices employed at Eko Hotels and Suites in detecting financial fraud.
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To assess the effectiveness of forensic accounting in improving financial transparency and accountability in Eko Hotels and Suites.
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To identify challenges faced by forensic accountants in applying their techniques within the hospitality industry, specifically at Eko Hotels and Suites.
Research Questions
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What forensic accounting practices are employed at Eko Hotels and Suites to detect financial fraud?
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How effective is forensic accounting in enhancing financial transparency and accountability at Eko Hotels and Suites?
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What challenges do forensic accountants face when applying forensic accounting techniques in the hospitality industry, particularly at Eko Hotels and Suites?
Research Hypotheses
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Forensic accounting practices at Eko Hotels and Suites significantly contribute to detecting financial fraud.
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Forensic accounting enhances financial transparency and accountability in Eko Hotels and Suites.
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Forensic accountants face significant challenges when applying forensic accounting techniques in the hospitality industry.
Scope and Limitations of the Study
This study will focus on forensic accounting practices at Eko Hotels and Suites, examining the role of forensic accountants in detecting financial fraud and improving financial transparency. The research will explore the types of fraud detected, the methodologies used, and the challenges encountered. Limitations include access to detailed financial records and the potential reluctance of staff to provide candid responses regarding sensitive financial matters.
Definitions of Terms
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Forensic Accounting: The application of accounting skills and investigative techniques to detect and resolve financial fraud, misappropriation, and irregularities.
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Financial Fraud: The intentional misrepresentation or manipulation of financial data for personal or organizational gain.
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Transparency: The quality of being open and clear about financial operations and decisions, allowing stakeholders to have a full understanding of the financial status of an organization.
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Hospitality Industry: A sector that includes businesses such as hotels, restaurants, and tourism services, providing services to travelers and guests.
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