FORENSIC ACCOUNTING AND FRAUD MANAGEMENT AND PREVENTION AMONG MINISTRIES, DEPARTMENTS, AND AGENCIES IN LAGOS STATE, NIGERIA

Abstract

In Nigeria, the persistent issues surrounding forensic accounting relate to a dearth of skilled experts, limited adoption of advanced methodologies, and the complexities tied to managing electronic forensic accounting records across sectors. This research assessed how forensic accounting impacts the management and prevention of fraud within Ministries, Departments, and Agencies (MDAs) in Lagos State. Employing a descriptive research design and a survey approach, the study delved into the practical role of forensic accounting in fraud prevention, prioritizing real time actions over variable manipulation. The study's focus group encompassed 1000 senior employees from 27 MDAs in Lagos State as of December 2021, with a sample of 286 and respondents selected through simple random sampling. Data was collected through structured questionnaires distributed amongselected staff of the various MDAs. Quantitative data underwent descriptive and inferential statistical analysis, particularly multiple regression estimation. The findings revealed a significant correlation between accounting skills, auditing skills, and investigative skilss in managing and preventing fraud (â = 0.3445, t = 12.8637, p = 0.000); (â = 0.1767, t = 9.2743, p = 0.000); (â = 0.4081, t = 17.1880, p = 0.000). This implies that implementing comprehensive frameworks and maintaining vigilant monitoring and evaluation efforts can steer Lagos State MDAs towards enhancing their fraud prevention strategies.The study recommended the need for the Lagos state government to adequately invest in professional development programs, training workshops, and continuous education to augment the forensic accounting skills of those engaged in fraud management and technological applications across MDAs in the state.