FORENSIC ACCOUNTING AND ECONOMIC DEVELOPMENT IN NIGERIA

ABSTRACT

This study investigates the role of forensic accounting in economic development in Nigeria, focusing on the public sector. While traditional accounting and auditing systems have fallen short in combating fraud, forensic accounting has emerged as a powerful tool for the prevention and detection, and management of financial crimes. This research aims to fill the knowledge gap surrounding the use and effectiveness of forensic accounting in the Nigerian Public Sector. The study employs a descriptive survey approach, using a questionnaire to gather opinions from 140 individuals including employees, directors and officials in the public sector in Nigeria, and uses a chi-square data Analysis of 5% level of significance to analyze the data. The findings indicate that the application of forensic accounting as a tool for fraud detection and prevention in public sector has a significant relationship with economic development. In conclusion, the study underscores the importance of embracing forensic accounting practices within the public sector. It recommends training programs for accountants, investment in advanced detection software, and active endorsement by management to maximize the effectiveness of forensic accounting in preventing and detecting financial fraud. These measures can help safeguard the integrity of the public sector and protect the interests of the general public.