The role of forensic accounting in combating election fund mismanagement in Nigeria: A case study of INEC.
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Background of the Study
Election fund mismanagement is a prevalent issue in Nigeria, where inadequate financial oversight and corruption often undermine the electoral process. The Independent National Electoral Commission (INEC), tasked with organizing and overseeing elections, has faced significant challenges in managing election funds transparently and effectively. The misuse of election funds, misallocation of resources, and lack of accountability can jeopardize the integrity of the election process, leading to public distrust and questioning the credibility of electoral outcomes (Olaide & Adebayo, 2024).
Forensic accounting plays a critical role in ensuring transparency and accountability in the management of election funds. By applying forensic techniques, forensic accountants can track election-related transactions, detect financial irregularities, and prevent mismanagement. This study aims to examine the role of forensic accounting in combating election fund mismanagement in Nigeria, with a specific focus on INEC, to assess whether forensic accounting can contribute to ensuring the proper use of election funds.
Statement of the Problem
The mismanagement of election funds in Nigeria has contributed to the inefficiency and perceived corruption within the electoral system. Despite INEC’s efforts to manage election funds, there are persistent concerns about the misuse of resources, lack of transparency, and financial misconduct. This study seeks to evaluate the role of forensic accounting in addressing election fund mismanagement within INEC, focusing on the techniques used to detect fraud, the challenges encountered, and the impact of forensic accounting on improving financial accountability.
Objectives of the Study
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To examine the role of forensic accounting in detecting election fund mismanagement within INEC.
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To assess the effectiveness of forensic accounting techniques in preventing election fund mismanagement in Nigeria.
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To identify the challenges faced by forensic accountants in investigating election fund mismanagement in Nigeria.
Research Questions
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What role does forensic accounting play in detecting election fund mismanagement within INEC?
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How effective are forensic accounting techniques in preventing election fund mismanagement in Nigeria?
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What challenges do forensic accountants face when investigating election fund mismanagement in Nigeria?
Research Hypotheses
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Forensic accounting is effective in detecting election fund mismanagement within INEC.
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Forensic accounting techniques significantly contribute to preventing election fund mismanagement in Nigeria.
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Forensic accountants face significant challenges in investigating election fund mismanagement in Nigeria.
Scope and Limitations of the Study
This study will focus on forensic accounting’s role in addressing election fund mismanagement within INEC. It will examine the effectiveness of forensic techniques in detecting fraud, improving financial transparency, and preventing mismanagement. Limitations include access issues to sensitive election-related financial data and the potential reluctance of staff to cooperate in investigations involving financial irregularities.
Definitions of Terms
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Forensic Accounting: The application of accounting and investigative skills to detect and investigate financial fraud and misconduct.
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Election Fund Mismanagement: The improper or fraudulent handling of funds allocated for electoral activities, including misappropriation, over-spending, and lack of accountability.
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Independent National Electoral Commission (INEC): The government agency responsible for organizing and overseeing elections in Nigeria.
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