Forensic Accounting and Management of Fraud in Deposit Money Bank (DMBS) In Nigeria

Abstract

This study examined Forensic accounting and management of fraud in Deposit Money Banks in Nigeria. The work was focused on United Bank for Africa (UBA) PLC, The field survey research design was employed in the study. Primary sources of data were used as administering questionnaire with 5 point scales viz Strongly Agree, Agree, Disagree, strongly Disagree and Undecided for validity of the questionnaire for the study, pearson product moment correlation coefficient at 5% level of significance and 3 Degree of freedom were used to analyze the data collected from the field. It was found that there is a significant relationship between fraud management and profitability and also that there is a significant relationship between Forensic accounting and the prevention and detected of fraud in United Bank for Africa (UBA). It was concluded that Forensic accounting was imminent as a result of the failure in statutory audits to detect and prevent fraud. Hence, forensic accounting will assist in the prevention and detection of fraud. In a nutshell, corporate entities should endeavour to establish sound internal control systems that will ensure the prevention of fraudulent activities in their organizations.