Forensic Accounting Services and its Effect on Fraud Prevention in Manufacturing Firms in Anambra State

Abstract

This study on forensic accounting services and its effect on fraud prevention was empirically investigated. Two hypotheses were formulated to guide the investigation and the statistical test of parameter estimates was conducted using Kendall’s Coefficient of Concordance. The data for the study were collected using questionnaire survey administered to the relevant accounting sections of the selected manufacturing firms in Anambra state. The statistical analysis of the study indicates that the application of forensic accounting service has reduced the incidence of frauds and has also led to fraud prevention at 1% significant level. Thus, the study concludes that the application of forensic accounting services has led to fraud prevention in manufacturing firms in Anambra state. The study therefore recommends that manufacturing firms in Anambra state should intensify the application of sophisticated forensic auditing in the fight against fraud and forgeries in the system as the probability of fraud detection and prevention will be generally low especially in this era of technological revolution.