AUDITING FAILURE, FLAWS AND FICTION: AN IMPETUS FOR RAPID GROWTH OF FORENSIC EXAMINATIONS IN NIGERIA

Abstract

The broad objective of the study is to examine the rapid growth and demand of forensic examination as a results of audit failure and flaws. The study adopts a survey research design. The method was adopted because it is likely to generate the kind of information required as wellasprovidinggoodbasisforthegeneralizationoffindings. Thepopulationofthestudy comprises of staffs of selected banks. Primary data was used for the purpose of this research. This research work employed the use of structured questionnaire in eliciting the required data needed to test the formulated hypotheses. Regression analysis was utilized as the method of data analysis and the results will be used in testing the hypotheses specified in the study. The study finding reveals that there is a need for forensic examinaers in the Nigerian banking system, Forensic axamination is an effective tool for addressing financial crimes in the banking system and finally that Conventional auditing techniques are not effective in curbing financial crimes. The recommendation is that there is the need for corporations in Nigeria to engage the services of forensic axaminers as forensic auditing now appears as a one of the strategic and dynamic tool for the management of all types of financial crimes. Also, they need to focus on training and up-dating the skills of the internal control and audit staffs.