The Practice of Forensic Accounting and Auditing, an Instrument to Salvage the Public Sector from Financial Crimes and Frauds

Abstract

The misappropriation of resources leading to the abandonment of infrastructure projects that could improve the lives of citizens has gained attention in academia. This is due to financial crimes, fraudulent activities in the public sector, and the indiscriminate layoffs of experienced staff members who require minimal training in the field of forensic accounting. This has resulted in hiring new individuals with little experience in the job. A study has revealed evidence of fraud and called for the implementation of forensic accounting practices and the education of forensic investigators.

The study began with an explanation of the subject matter and included differing views among academics and regulators laid off with fraud detection. A qualitative research method was used to gather opinions to justify related studies by scholars in the field. The primary data was compared with secondary data from scholarly studies. The major findings were that the lack of forensic accounting procedures increases fraud and a lack of control mechanisms. The study also confirmed the relationship between litigation support, investigative accounting, and fraud. The study recommends adopting forensic accounting practices as a cost-benefit and control mechanism for the government's efforts to combat financial crimes and fraudulent activities in the country.

Key words: forensic science; accounting; forensic accounting; fraudulent; accounting procedures