Forensic Audit and Fraud Detection and Prevention in Nigeria Banking Sector

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Authors: Kenny Esosa ORUMWENSE, Samuel Osarobo OKUNROBO

Abstract

This study explores the influence of forensic auditing on fraud detection and prevention within Nigeria's banking sector. The research focused on five leading banks - Zenith Bank, Access Bank, Guaranty Trust Bank, First Bank, and Fidelity Bank - selected as case studies. Primary data were collected through structured questionnaires, and the data were analyzed using descriptive statistics and multiple regression analysis. Forensic auditing was assessed across four critical dimensions: forensic investigation skills, financial ratio analysis, auditor expertise, and staff training. The findings demonstrated that all four variables had a positive and statistically significant impact on the detection and prevention of fraud in the banking sector. Based on these findings, the study advocates for the enhancement of auditor training programs, the provision of advanced investigative tools and resources, and the development of a more comprehensive regulatory framework to strengthen forensic auditing practices in Nigeria’s financial institutions.

Keywords: Fraud, Detection, Prevention, Banks, Nigeria, Forensic Audit, Techniques

9. 2025 - NIJAF - 17 - 209 ORUMWENSE & OKUNROBO.pdf

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