FORENSIC ACCOUNTING SERVICES AND FRAUDS MITIGATION

Abstract

Despite the widespread application of traditional accounting services, the increasing rate of fraud in Nigeria is worrisome. Against this backdrop, this paper investigated the impact of forensic accounting services on fraud mitigation in Nigeria. The objective was achieved using a correlation coefficient matrix and a probit regression model. The findings revealed that fraud detection, with a correlation coefficient of 0.72 and a regression coefficient of -0.0934, has the greatest impact on fraud mitigation in Nigeria. Based on these findings, the study recommends, among other measures, that Nigeria should intensify the application of sophisticated forensic accounting services in the fight against fraudulent activities, especially in this era of technological revolution. Secondly, a robust whistleblower and reporting mechanism should be established, with adequate protection provided for whistleblowers. Finally, organizational management should integrate forensic accounting into its internal control systems.