An evaluation of forensic accounting techniques in preventing financial mismanagement: A case study of Access Bank Plc
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Background of the Study
Forensic accounting refers to the application of accounting principles and investigative techniques to detect and prevent fraud, financial mismanagement, and financial crime. In the context of Nigerian banks, forensic accounting is becoming increasingly vital in identifying discrepancies in financial records, preventing fraud, and enhancing accountability in financial management. Access Bank Plc, one of Nigeria's leading banks, has invested in forensic accounting practices to safeguard its financial resources and mitigate risks associated with fraud and financial mismanagement (Adegoke & Olamide, 2024). This study seeks to evaluate the effectiveness of forensic accounting techniques in preventing financial mismanagement at Access Bank, assessing how these practices contribute to the detection of financial irregularities and strengthening the institution's financial integrity.
Statement of the Problem
Financial mismanagement and fraud are persistent challenges in the banking sector, despite advances in financial reporting systems and internal controls. While forensic accounting is widely regarded as a powerful tool for preventing such issues, its impact on financial mismanagement in Nigerian banks, especially Access Bank, has not been extensively researched. This study aims to investigate how forensic accounting techniques are applied at Access Bank Plc and assess their effectiveness in preventing financial mismanagement.
Objectives of the Study
- To assess the forensic accounting techniques employed at Access Bank Plc to prevent financial mismanagement.
- To evaluate the effectiveness of these forensic accounting techniques in detecting financial irregularities and preventing fraud.
- To provide recommendations for improving forensic accounting practices at Access Bank Plc to further enhance financial management.
Research Questions
- What forensic accounting techniques are used by Access Bank Plc to prevent financial mismanagement?
- How effective are these forensic accounting techniques in detecting financial mismanagement at Access Bank?
- What challenges does Access Bank face in implementing forensic accounting practices, and how can these be overcome?
Research Hypotheses
- The use of forensic accounting techniques significantly reduces instances of financial mismanagement at Access Bank Plc.
- Forensic accounting practices are highly effective in detecting and preventing financial irregularities at Access Bank.
- Challenges in implementing forensic accounting practices at Access Bank can be mitigated through enhanced training and improved processes.
Scope and Limitations of the Study
This study will focus on Access Bank Plc and the application of forensic accounting techniques within the organization. Data will be gathered through interviews with forensic accountants, financial reports, and case studies of financial mismanagement detected through forensic accounting. Limitations may include difficulty in accessing sensitive case data and potential biases in responses from internal staff.
Definitions of Terms
- Forensic Accounting: The use of accounting skills to investigate fraud, financial discrepancies, and other financial crimes within an organization.
- Financial Mismanagement: The improper or inefficient management of an organization’s financial resources, often leading to fraud, waste, or loss.
- Fraud Detection: The process of identifying fraudulent activities through various accounting, auditing, and investigative techniques.
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