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EVOLUTION OF FORENSIC ACCOUNTING AND DEVELOPMENT TRAJECTORY IN NIGERIA: A REVIEW

Adeosun, Omoniyi Alabi

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Abstract

Forensic accounting evolved as an accountancy service derivative due to the existence of a vacuum and weakness in the external audit process, financial reporting and the growing menace of fraud and the consequent need for fraud detection not only in Nigeria but globally. Forensic accounting involves the application of investigative and analytical skills for the purpose of resolving financial issues in a manner that satisfies the standards required by the court of law. Academic research in forensic accounting in Nigeria is still at an explorative stage though rapidly developing.

Globally, the development and adoption of forensic accounting into the accounting curriculum in the universities are taking place in the developed economies and empirical studies tend to focus on developed economies. The review of previous studies on the evolution of forensic accounting practice, reveals that forensic accounting and audit in Nigeria started about the turn of the last two decades. This is in spite of high cost of corruption and fraud in Nigeria. However, in response to the deficiency in the growth of forensic accounting in Nigeria, the Institute of Chartered Accountants of Nigeria (ICAN) and others established forensic accounting faculties. Similarly, the National Universities Commission (NUC) continue to conduct curriculum review in Nigeria universities and the forensic accounting has positively benefitted from this. The paper recommends among others, a continuous review of accounting education syllabus, investment in IT infrastructure in universities and polytechnics to boost teaching and learning as forensic accounting is IT driven and finally, expansion of period and scope of internship for accounting graduates to deepen practical knowledge of forensic education.

Keywords: Forensic accounting, Fraud, Audit, Forensic Training