AUTOMATED FORENSIC AUDITING AND FRAUDS CONTROL IN NIGERIA

This study examined automated forensic auditing and frauds control in Nigeria. Specifically, the study determined the extent of financial fraud in Nigeria, examined the effectiveness of forensic auditing in the detection of fraudulent activities in Nigeria, examined whether the application of automated forensic auditing and frauds control has reduced the occurrence of fraud cases and identified the factors militating against the effectiveness of automated forensic auditing and frauds control in Nigeria. A total of 50 responses were validated from the survey. The study adopted the white collar theory. From the responses obtained and analysed, the findings revealed that the application of automated forensic auditing and frauds control has reduced the occurrence of fraud cases. The study also found out that the factors militating against the effectiveness of automated forensic auditing and frauds control in Nigeria include: lack of adequate technical know-how, poor adoption of advanced technological aids, poor or lack of adequate training of key officers, infringing the independence & neutrality of forensic accountants and corruption. The study recommended that government and regulatory authorities should ensure the provision of standards and guidelines to regulate forensic activities and above all Nigerians should embrace integrity, objectivity, fairness and accountability in their day-to-day activities. The study further recommended that seminars should be organized to encourage the use of automated tools by organizations, so as to make them aware of the fact that they can save more in preventing frauds unlike when the fraud has already occur.