The effectiveness of forensic accounting in detecting supplier fraud in Nigerian FMCG companies: A study of PZ Cussons Nigeria
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Background of the Study
In Nigeria, the Fast-Moving Consumer Goods (FMCG) sector is one of the largest and most competitive industries, contributing significantly to the nation's economic development. Companies like PZ Cussons Nigeria have become key players in this sector, manufacturing and distributing a wide range of consumer goods (Olamide & Ayodeji, 2023). Given the large volume of transactions, interactions with suppliers, and the complexity of the supply chain, the FMCG sector is particularly vulnerable to supplier fraud, which can severely impact the profitability and sustainability of businesses in the industry.
Supplier fraud involves deceptive practices by suppliers that lead to financial losses for organizations, such as overbilling, delivering substandard products, or manipulating contracts (Ibrahim & Faruk, 2024). Forensic accounting has emerged as a crucial tool in detecting supplier fraud within the FMCG sector. By applying investigative techniques, forensic accountants can identify discrepancies in supplier transactions, trace fraudulent activities, and prevent further misconduct.
PZ Cussons Nigeria, as one of the largest FMCG companies in Nigeria, offers an ideal case study for exploring the role of forensic accounting in detecting and preventing supplier fraud. The study aims to evaluate the effectiveness of forensic accounting in identifying fraud in the supply chain and ensuring financial integrity within the organization.
Statement of the Problem
Supplier fraud has become a significant issue in Nigeria’s FMCG sector, where companies like PZ Cussons are exposed to various forms of fraudulent activities in their procurement and supply chain processes. Despite the implementation of internal controls, the prevalence of supplier fraud continues to undermine financial performance and operational efficiency. This study seeks to examine the effectiveness of forensic accounting in detecting and preventing supplier fraud at PZ Cussons Nigeria. The findings will provide insights into the strengths and weaknesses of forensic accounting practices in addressing supplier fraud in the FMCG industry.
Objectives of the Study
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To evaluate the role of forensic accounting in detecting supplier fraud at PZ Cussons Nigeria.
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To assess the effectiveness of forensic accounting techniques in preventing supplier fraud in the FMCG sector.
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To identify challenges encountered by forensic accountants in detecting and addressing supplier fraud at PZ Cussons Nigeria.
Research Questions
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How effective is forensic accounting in detecting supplier fraud at PZ Cussons Nigeria?
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What forensic accounting techniques are employed to prevent supplier fraud in the FMCG sector?
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What challenges do forensic accountants face in addressing supplier fraud at PZ Cussons Nigeria?
Research Hypotheses
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Forensic accounting is effective in detecting supplier fraud at PZ Cussons Nigeria.
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Forensic accounting techniques significantly contribute to preventing supplier fraud in the FMCG sector.
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Forensic accountants face significant challenges in detecting and addressing supplier fraud at PZ Cussons Nigeria.
Scope and Limitations of the Study
This study will focus on the effectiveness of forensic accounting in detecting and preventing supplier fraud at PZ Cussons Nigeria. It will explore the methodologies used, the outcomes of investigations, and the challenges faced by forensic accountants. Limitations include potential access issues to confidential financial records and the possibility that some fraud cases may not have been detected or disclosed for study purposes.
Definitions of Terms
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Supplier Fraud: Fraudulent practices by suppliers that lead to financial losses for an organization, such as overcharging, delivering substandard goods, or engaging in bribery or kickbacks.
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Forensic Accounting: The use of accounting, auditing, and investigative skills to detect and resolve financial fraud and irregularities.
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FMCG: Fast-Moving Consumer Goods, which are products sold quickly and at a relatively low cost, such as food, beverages, and personal care items.
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Supply Chain: The system of organizations, people, activities, information, and resources involved in moving a product or service from suppliers to consumers.
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