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This study examined the impact of the adoption of forensic accounting on fraud prevention and detection.
The population of interest in this study encompasses new generation banks in Benin City, Edo State. A sample of 100 staff were chosen using convenient sampling to ensure a representative selection from different industries and business sizes. A structured questionnaire was used to retrieve data from the respondents, the number of questionnaires retrieved were 100, therefore the analyses was done based on the total number of returned questionnaire, the data was collected and computed into SPSS 23, and the simple linear regression was employed to test the research hypothesis.
The findings of the study were as follows; there is a significant impact of forensic accounting on fraud prevention and detection, there is a significant relationship between forensic litigation and recovery of funds lost to fraud and there is a significant relationship between forensic accounting and the reduced fraudulent acts. Based on the findings of this study, the following recommendations are proposed: Organizations, particularly banks, should enhance their forensic accounting capabilities by investing in training and development programs for forensic accountants. This will ensure that they are equipped with the latest skills and knowledge to effectively combat fraud. To improve the recovery of funds lost to fraud, it is essential for organizations to adopt comprehensive forensic litigation strategies. This involves not only the legal pursuit of fraudsters but also the meticulous gathering and presentation of financial evidence. The effectiveness of forensic accounting in reducing fraudulent acts is significantly influenced by an organization's commitment to a culture of ethics and compliance. Therefore, organizations should cultivate an ethical work environment and establish stringent compliance frameworks.
