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Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic

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Archives of Business Research – Vol. 10, No. 7
Publication Date: July 25, 2022

DOI:10.14738/abr.107.12613.

Ogunode, O. A., & Dada, S. O. (2022). Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic Accounting.
Archives of Business Research, 10(7). 34-50.

Fraud Prevention Strategies: An Integrative Approach on the Role

of Forensic Accounting

Ogunode, Olubunmi A.
Department of Accounting
Babcock University, Ilishan Remo Ogun State, Nigeria

Dada, Samuel O.
Faculty of Management Sciences
Babcock University, Ilishan Remo Ogun State, Nigeria

ABSTRACT
This study examined the role that forensic accounting play in aiding the success of
fraud prevention strategies in combating frauds at both corporate and national
levels. The study adopted the exploratory research design methodology involving
extensive review of published articles, periodicals and other materials relevant to
the subject matter. The study found that while the use and deployment of forensic
accounting tools and techniques have made appreciable progress in the developed
world, its appreciation and usage in emerging economies is still at the embryonic
stage due to lack of political will, poor ethical tone set by management and dearth
of skilled forensic accounting professionals. It therefore recommended that to
ensure sustainable success of fraud prevention strategies, management of both
public sector and corporate entities should demonstrate the needed political will
and set the right ethical tone at the top through their actions and activities.
Similarly, efforts should be made to continually upskill anti-fraud staffs (internal
audit, forensic accountants, forensic investigators) through trainings and
awareness programs on the latest fraud prevention methodologies. Also, that in
view of the rising cases of cybercrimes, nation states should urgently consider the
signing and implementation of legal treaties and frameworks to combat the
scourge.

Keywords: Frauds, Fraud Dimensions, Fraud Prevention Strategies, Forensic Accounting
Techniques, Capability

INTRODUCTION
Fraud incidences either at corporate or national levels have assumed global concern because of
their devastating impacts leading to massive erosion of shareholder value, bankruptcy of
corporate businesses, diminution of investor confidence, increased poverty and general
societal discontent. Corporate level frauds such as Enron, Barings Bank, Satyam, Xerox,
WorldCom, Parmalat and other similar accounting scandals have significantly dampened the
level of trust and reliance placed on financial information provided (Mangala and Kunari, 2015;
Ozili,2020; Okoro and Onyebueke, 2021). Similarly, national level frauds and financial
misappropriations have also worsened the various human development indices of nation states
thus creating room for impoverished population with all its attendant challenges together with
but not restricted to the ability to provide basic amenities to citizens (Barzinji, Yusoff, Rosbi,

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 Ogunode, O. A., & Dada, S. O. (2022). Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic Accounting. Archives of Business
Research, 10(7). 34-50.

Salleh and Abdullah, 2022). As a result of the debilitating effects of these challenges, it has
become more expedient to consider strategies and methodologies to prevent their occurrence
in the first place. This is because fraud prevention is less expensive, less time consuming and
more effective than attempting to detect fraud after the act especially in view of monetary
savings that will result (Abdullahi and Mansor, 2015).

Fraud prevention is a forward thinking rather than a reactive process. It is the sum total of
measures taken to anticipate and forestall the occurrence of frauds. When properly done, it is
capable of preserving organizational reputation, enhancing enforcement of laws and deterring
crime and criminals and consequently maintenance of criminal justice (Oladipo and Olurotimi,
2021). According to Ogwiji and Lasisi (2022), fraud prevention as a practice would only yield
positive results if the organization enthrones an ethical culture which is supported by a sound
internal control system. Among other options, a number of scholars have suggested that one of
the principal tools to achieve fraud prevention on a sustainable basis is the application and
deployment of forensic accounting techniques (Kumari and Mangala, 2015; Dada, Owolabi and
Okwu, 2015; Ehioghiren & Atu, 2016; Sule and Sani, 2019; Okoye and Ndah, 2019; Obafemi,
2021). According to the PWC’s Global Fraud Report of 2022, over half (52%) of all surveyed
corporate entities having revenues in excess of $10bn documented having experienced one
form of fraud or the other within the last twenty-four (24) months. In particular, the report
identified cybercrimes as the primary form of fraud now confronting corporate firms thus
further underscoring the need for the usage of forensics and forensic accounting techniques to
address same.

Forensic accounting is a subset in the world of forensics. It has been described as “the use of
the laws of nature to the laws of man to solve the problems of man” (Alhassan, 2021). It is that
part of accounting that is closely associated with legal work in the sense that its output can aid
resolution of criminal or civil matters. To achieve this, a mix of accounting, auditing and
investigative skills are usually deployed (Obafemi, 2021). Several studies have reviewed the
subjects of fraud prevention and forensic accounting from various perspectives. A close review
showed that majority of the works have tended to either concentrate on the public sector only
or particular nation states with little studies combining the perspectives from various countries
simultaneously which this study seeks to do (Gbegi and Adebisi, 2014; Akkeren and Tarr, 2014;
Sireger and Tenoyo, 2015; Claire and Jude, 2016; Hakami and Rhamat, 2018; Abdulrahman,
2019; Saifullah and Abbas, 2020; Ngosa and Mwanza, 2021; Malle, Mwonge and Naho, 2022).

Consequently, in contributing to extending the frontiers of knowledge, this study assessed the
role that forensic accounting plays in ensuring the success of fraud prevention strategies for
both corporate organizations and governmental institutions and from various national
perspectives. The rest of the study was put together in this manner: In section 2, a review of
extant literature was presented, methodology in section 3, while in sections 4 and 5, the study
considered the discussion of findings, conclusion and recommendation of the work.

LITERATURE REVIEW
Frauds and Fraud Dimensions
Fraud is any decisive or intentional act carried out to secure unlawful benefit at the expense of
another person(s). Persons in this case referring to both natural persons and artificial persons
(corporate or governmental entities). According to the Chartered Institute of Management
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 Archives of Business Research (ABR) Vol. 10, Issue 7, July-2022

Accountants (CIMA), fraud “includes activities such as theft, corruption, conspiracy,
embezzlement, money laundering, bribery and extortion and that it involves using deception to
dishonestly make a personal gain for oneself and/or create a loss for another.” On the other
hand, The Association of Chartered Fraud Examiners (ACFE) defines it as the “the use of one's
occupation for personal enrichment through the deliberate misuse or misapplication of the
organization's resources or assets.” A common theme in these definitions therefore is the
intentionality of the act by the perpetrators.

Chen,Babaei and Maul (2020) opine that understanding the motivation behind perpetration of
frauds is key to be able to detecting or preventing them in the first place. Golden, Skalak and
Clayton (2006) further argued that for fraud to successfully occur, four ingredients are crucial
viz: existence of a material false representation; certainty of knowledge by the perpetrator of
the false representation; reliance by the victim on the material false representation so made
and the suffering of financial loss or quantifiable damage as a direct result. Various scholars
have viewed frauds from various dimensions and typologies, however for the purpose of this
study, frauds shall be categorized into five (5) broad groups as depicted in the following chart:

Figure 1: Types of Frauds
Source: Adapted from Golden et al, (2006); CIMA (2008); NSKT Global (2022)

The Association of Certified Fraud Examiners (ACFE) recently released its 2022 Global report
on occupational frauds based upon the survey it carried out covering 133 countries with very
useful insights provided. First, the report showed that nearly half (49%) of all reported fraud
cases emanated from four functions within an organization namely operations, accounting,
sales and top management personnel in that order. Secondly, according to the report, apart
from the United States and Canada (36%), Sub-Saharan Africa is the region of the world with
the highest number of reported fraud cases accounting for nearly a quarter of global cases
(23%). Additionally, in terms of global costs, about $4.7 trillion (representing 5% of global

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 Ogunode, O. A., & Dada, S. O. (2022). Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic Accounting. Archives of Business
Research, 10(7). 34-50.

corporate revenues) is lost to frauds annually with assets misappropriation and financial
statements frauds accounting for about 95% of these cases in terms of volumes and values. This
further underscore the need to have necessary machineries put in place to deter rather than
merely detecting frauds.

Fraud Prevention Methodologies and Strategies
Fraud prevention is not a one size fits all mechanism or scheme. Rather, it involves a potpourri
of measures, methodologies and strategies geared towards anticipating and reducing both
opportunities and likelihood of fraud occurring. Nyakarimi et, al (2020) stated that these
measures must be such that individuals in the organization ultimately find no justification to
engage in frauds both now or in the future. Itemized below are key methodologies and
strategies for fraud prevention:
i. Creating and Living an Anti-Fraud Corporate Culture: This is arguably the first
and the most important fraud prevention strategy. If leadership demands and
displays integrity and transparency, it typically permeates through an institution.
Business owners, management and public sector leaders must therefore set the right
ethical tone by instituting a zero-tolerance policy towards fraud which is
communicated by their own words and actions (Gbegi and Adebisi, 2013; Golden et
al, 2009; Okoro and Onyebueke, 2021; ACFE, 2022). Such zero tolerance policies
must be well stated and continuously reinforced throughout the organization such
that adherence to them become the norm rather than the exception. This is also
reflected in the attitudes and decision of the organization on matters relating to
corporate governance, legislations, honesty and openness and internal audit
(Mangula and Kumari, 2015; Singal et al, 2019).
ii. Streamlining Employee On-Boarding Process: Given that frauds are perpetrated
by individuals, it therefore becomes crucial to ensure that relevant background
checks are conducted even before such individuals are on-boarded into the
organization. Checks such as criminal records (if any), reference checks, past
employment verifications and similar others if properly done may reveal behavioral
traits that indicate likely propensity to fraud which can then be prevented by
refusing such hires (Bangura, 2020; Ozili, 2020; Alhassan, 2021; Binns and Kempf,
2021). This is in line with the KYC/KYE (Know your customer/employee) principle
which suggests taking necessary measures to verify identity and confirm suitability
of such personnel to the organization’s ideals. The same process should be repeated
when considering elevations into senior, sensitive roles within an organization.
iii. Continuous Anti-Fraud Training and Awareness Campaigns: Organizations must
develop and carry out regular anti-fraud trainings and awareness within the
organization to ensure employees are aware of what constitutes frauds and their
associated consequences both at individual and organizational levels (Bartsiotas and
Achamkulangare, 2016; Hakami and Rahmat, 2018). Such trainings if properly
structured and regularly carried out, are more probable to decline rather than cause
an upsurge in the number of fraudulent occurrences (CIMA, 2008). This is especially
so, as employees are vital assets in the fight against the scourge of frauds.
iv. Entrenchment of Sound Internal Control Systems: An effective internal control
system is made up a combination of programs, procedures and processes put in place
to foster overall operational effectiveness and efficiency. Strong in-built internal
control systems is thus another critical component of a successful anti-fraud
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 Archives of Business Research (ABR) Vol. 10, Issue 7, July-2022

corporate environment (Hakami and Rahmat, 2018; Okoye and Ndah, 2019; Malle,
Mwonge and Naho, 2022). Organizations must consider and entrench control
processes that reinforce their stated anti-fraud corporate culture. These control
processes include but not limited to conduct of surprise audits to identified high
fraud risk areas, mandatory regular vacations for all employees, physical safeguards
over assets, proper segregation of duties, job rotations, use of multi-levels
authorizations and restriction of cash-based transactions.
v. Creating and Sustaining an Anti-Fraud Reporting Mechanism: Organizations
must create avenues where suspicious activities which may lead to fraudulent
incidences can be reported anonymously without the fear of backlash. Such avenues
must be open to all categories of parties related to the organization: employees,
clients, suppliers, vendors and other third-party contractors. Doing this will broaden
the scope and enhance the chances of picking up unethical conduct before they occur.
Such avenues for whistleblowing and anonymous reporting may be in the form of
hotlines, dedicated email addresses (CIMA, 2008; Efiong, Inyang and Joshua 2016).
Whistleblowing is generally a difficult and risky venture especially where adequate
safeguards are not put in place to protect the identity of the persons involved.
vi. Use of Artificial Intelligence and Data Analytics Techniques: In view of its speed,
detection capacity and ability to work unsupervised, Artificial Intelligence (AI) has
been deemed “a perfect match for the rapid escalation of highly sophisticated fraud
attempts” now occurring in the digital space (Columbus, 2019; Gencer, 2022). Before
the advent of AI, fraud prevention systems largely operated a rules-based
architecture which focused on evaluating past fraud trends without shedding
sufficient light on possible future outcomes. However, with the advent of AI now, it
is possible to take into account emerging activities, behaviors, and trends in
transaction anomalies to ensure the prevention of frauds. AI is particularly crucial
for fraud prevention mechanisms in the financial services sector (Raj and
Choudhary, 2022)

The above key strategies is briefly summarized in the below chart:

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 Ogunode, O. A., & Dada, S. O. (2022). Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic Accounting. Archives of Business
Research, 10(7). 34-50.

Figure 2: Fraud Strategies
Source: Adapted from CIMA (2008); BijliPay (2016); Columbus (2019); ACFE (2022)

Forensic Accounting and Fraud Prevention
Forensic accounting employs a mix of accounting, auditing and investigative capabilities to
address incidences of frauds and aid resolution of civil or criminal disputes (Dada, Owolabi and
Okwu, 2013; Enofe, Olorunnuho and Okporua, 2016; Ozuomba, Ofor and Okoye, 2016; Nwaiwu
and Aaron, 2018; Mohite, 2019; Obafemi, 2021). Fyneface and Oseiweh (2017) asserted that
forensic accounting is crucial for both fraud detection and fraud prevention efforts in
organizations to succeed. According to the studies of Imoniana, Antunes and Formigoni (2018),
about 42% of corporate entities have indicated interest in having at least a forensic accountant
at their disposal in view of escalations in fraud incidents. Onodi, Okafor and Onyali (2015) also
affirm that the services of the forensic accountant are vital in the fraud detection and
prevention processes. This is in consonance with the views of Crumbley (2013) who predicted
that the demand for the professional services of forensic accountants will continue to rise and
therefore nation states battling with increasing cases of frauds should take advantage by
stepping up their engagements. Thus, it is expected that the deployment of forensic accounting
and its techniques would help in the fight against the scourge of fraud.

In the views of Uniamikogbo; Adeusi & Amu (2019), forensic accounting can particularly be
useful in fraud prevention initiatives in such areas as transactions monitoring, the design and
development of workable anti-fraud policies and programs and contributions to the review of
the criminal justice system while serving as expert witnesses. Transactions monitoring can be
carried out using spreadsheet analysis and specialized packages like anti-money laundering
software. Doing this will enable the forensic accountant to zero in early on suspicious
transactions patterns and trends that may be a prelude to fraud occurring.

Additional forensic accounting techniques and tools such as structured interview sessions,
extensive documents review, data mining, use of digital tools (close circuit television, optical
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character recognition, digital cameras), Benford’s Law and Beneish Model also offer significant
value add to fraud prevention initiatives (Effiong, Inyang and Joshua, 2016; Dada, Oyedokun
and Enyi, 2018; Saleh, Azhar and Azeez, 2020). Through the structured interview session
supported by extensive documents review, the forensic accountant may be able observe
discrepancies in account balances as well as extract confessions on attempted frauds. Similarly,
with the use of the Benford’s Law and Beneish model, it is possible to quickly decipher
numerical data that are out of sequence with established normal financial flow and pattern
which thus pinpoint likely illegal or fraudulent transaction occurring (Mbasiti, Ojaide and
Gyang, 2021).

These techniques therefore that are most suited for fraud prevention are as depicted in the
figure below:

Figure 3: Forensic Accounting Techniques for Fraud Prevention
Source: Adapted from CIMA (2008), Dada et al, (2018), Saleh et al, (2020), Mbasiti et al, (2021)

Fraud Prevention: Perspectives from Emerging Economies
This section reviews perspectives from various countries, especially from the emerging
economies on the state of play with respect to fraud prevention mechanism and the use or non-
use of forensic accounting tools with a view to eliciting useful lessons. In Tanzania, Malle,
Mwonge and Naho (2022) carried out a study to ascertain the effectiveness of fraud prevention
and detection measures being taken in the country’s public sector. Their study drew inspiration
from previous works in the country that suggested a prevalence of fraud scandals in

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 Ogunode, O. A., & Dada, S. O. (2022). Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic Accounting. Archives of Business
Research, 10(7). 34-50.

government institutions but with little empirical evidence to support the impact of fraud
prevention measures. The study outcome showed that while traditional auditing tools such as
bank reconciliations, inventory review and other internal controls were commonly used,
forensic accounting tools and techniques such as data mining and digital tools were rarely used
due largely to knowledge deficiencies. This therefore has the potential of limiting the
effectiveness of the fraud prevention measures currently in use in the country.

Similarly, a study conducted by Singal, Nagi and Goyal (2019) to explain the Indian perspective
of the effectiveness of fraud prevention strategies recommended a focus on adherence to
management policies as a remedy to curbing incidences of frauds in the public sector rather
than a recourse to forensic accounting methodologies. The study obtained responses from
participants drawn from thirty (30) public sector organizations and found that significant
internal control failings in the institutions aided the occurrence of repeated frauds. However,
closing this gap of failings would have been further aided if forensic accounting techniques were
also considered. In respect of Saudi Arabia, Hakami and Rahmat (2018), focused their
interrogation of the effectiveness of fraud prevention strategies by considering its impact on
the public sector. The study adopted a survey research design methodology using the
instrument of an administered structured questionnaire to obtain responses from one hundred
and fifty (150) employees of twelve (12) commercial banks in the country. The study
considered various strategies aimed at minimizing the occurrence of frauds from the
standpoints of pressure, opportunity and rationalization provided by perpetrators. The
research however concluded that continual education and positive employee recognition were
the chief tools that can aid the success of fraud prevention measures.

In Iraq, the studies of Barzingi et al, (2022) tried to establish a nexus between the use of forensic
accounting and fraud prevention effectiveness in selected companies totaling one hundred and
ten (110) which are duly listed on the Stock Exchange. The study adopted a quantitative
deductive approach to extract data from the selected respondents which were drawn from the
team of Audit Committee Chairmen of corporates, internal auditors, chief financial officers
alongside their respective chief executive officers. Specifically, the study was able to establish
that competence in the use of forensic accounting methodologies and techniques when
moderated by sound internal control processes has a direct and positive impact in enhancing
the success of fraud prevention initiatives within the Iraqi business environment.

In Indonesia, Sumartono, Urumsah and Hamdani (2020) assessed the impact that the
possession of requisite forensic accounting skills had on fraud prevention and detection
activities using a descriptive survey approach. Data for the work was gotten from questionnaire
directed to members of Indonesia’s Supreme Audit Institution. The study identified that the
problem of fraud was most prevalent in Indonesia’s public institution with the country
occupying the 88th position out of 168 countries surveyed by Transparency International in
2015. The study’s ultimate findings suggested that the ability to draw upon investigative and
business valuation skills were the principal tools that aided the country’s forensic accountants
in fraud prevention and detection.

In terms of Pakistan, Saifullah and Abbas (2020) evaluated the degree to which forensic
accounting contributed in fostering fraud prevention and consequently overall efficiency of
public sector organizations. The study documented that in a survey of one hundred and fifty
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(159) countries conducted in 2015, Pakistan ranked as the worst in terms of tax fraud, bribery
and corruption index thus underscoring the need to consider alternative tools other than
traditional auditing to combat the scourge. However, the extent of usage of forensic accounting
tools were still low in the country’s public sector. The study recommended that alongside
improvements in internal control and financial reporting quality, efforts must be made to also
utilize forensic accounting methodologies to ensure the curtailing of frauds in public sector
organizations.

Suleiman and Ahmi (2018) examined the extent to which anti-corruption agencies have been
able to use forensic accounting techniques and tools to combat fraud and corruption in Nigeria’s
government establishments. The paper based its conclusions on data that was gotten via the
interview technique while the collated data was subsequently analyzed thematically. The
respondents in the study were forensic experts attached to the country’s principal anti-
corruption agencies. Analysis of the responses received from the experts established the notion
that the use of forensic accounting techniques were pivotal in successfully tracking and
combating public sector frauds and corruptions in Nigeria. The study therefore advocated for a
reinforcement of this approach through the purchase of more modern digital tools and
increased training for the forensic personnel. We note that the study findings are in consonance
with the works of Ocansey (2017) who conducted a similar study using the anti-corruption
agency in Ghana as benchmark.

Theoretical Review
This research work is grounded on the Fraud Diamond Theory which was propounded by
Messrs. Wolfe and Hermanson in 2004. The theory is essentially an upgrade on the fraud
triangle theory which stressed that for any fraud to be successfully committed, four key
elements must be present: opportunity, pressure, rationalization and capability (Wolfe and
Hermanson, 2004). The fourth factor of capability is considered particularly germane because
the fraud inclined individual must possess the requisite skills, traits and abilities required to
execute the illicit scheme. They were of the view that “while opportunity opens the doorway to
fraud and pressure or incentives added to rationalization leads the fraud inclined individual to
the door, it is capability (possession of the required expertise) that will open the door and
execute the fraudulent act.” This is as depicted in the chart below:
Opportunity

Pressure
Rationalization

Capability

Figure 4: Fraud Diamond Theory
Source: Wolfe and Hermanson (2004)

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 Ogunode, O. A., & Dada, S. O. (2022). Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic Accounting. Archives of Business
Research, 10(7). 34-50.

Supporters of the theory have argued that the theory provides additional context to the notion
of pressure beyond money as earlier encapsulated in the fraud triangle theory. They therefore
posit that pressure would include incidences of coercion, use of ego, entitlement and ideology
especially when considering large scale heist perpetrated by corporate organizations
(Dorminey,et al 2010; Kranacher, et al 2011; Mackevicius and Giriunas, 2013; Puspasari, 2016).
Marks (2012) have however contended that in view of the preponderance of frauds perpetrated
largely by senior management of organizations, an additional element called arrogance needed
to be included to produce the fraud pentagon theory. Nevertheless, the fraud diamond theory
is considered pivotal for this study as it recognizes the crucial importance forensic accountants
to possess the requisite skills, abilities and expertise needed to be deployed in fraud prevention
activities.

Empirical Review
Alhassan (2021) explored the nexus between fraud detection, prevention and forensic
accounting in Nigerian government establishments sector via the instrumentality of a survey
research design approach. Primary data was elicited from selected respondents and analysis of
the collected data established the usefulness of forensic accounting as a panacea for both fraud
prevention and detection in the public sector. The study therefore recommended the need for
upskilling of forensic accountants to meet with emerging financial crimes challenges. Similarly,
public servants should be encouraged to uphold high ethical conduct to mitigate incidences of
financial frauds.

Akinbowale, Klingelhofer and Zerihun (2021) explored the association between forensic
accounting and Cyberfraud detection and prevention in selected Kenyan Banks. The study used
a linear programming approach to establish the linkage between the study variables and
discovered that the practice of forensic accounting supported the lessening of Cyberfraud
incidences and improvement in the overall reputation of the affected banks. To ensure the
sustenance of these benefits, the study recommended the introduction of legislations that
would foster the practice of forensic accounting and enhancement of cybersecurity measures
to ensure continued soundness of the banking system.

Okoye and Mbanugo (2020) examined the proprietary of using forensic accounting as a tool to
foster fraud prevention and detection in selected educational establishments. The study
utilized a survey research design methodology using structured questionnaire and personal
interviews as instruments for data collection from 350 respondents. Data collected was
analyzed using the regression tool and the research made a case for the use of forensic
accountants rather than conventional external auditors for the tasks of fraud detection and
prevention in Nigerian educational institutions. This submission arose from the observed
marked difference in outcomes between the engagements of forensic accountants and
conventional external auditors.

Dada and Jimoh (2020) studied the association between forensic accounting and financial
crimes using the Nigerian Public Sector as focal point. The data for the work was gotten via
administered questionnaire and personal interviews of sampled public sector officials in
Nigeria’s economic capital, Lagos. Data was collected from only three hundred and eighty-four
(384) respondents. The collected data was subsequently analyzed using the regression
technique and results indicated that litigation support service as a benchmark for forensic
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accounting had significant inverse impact on financial crimes. This implied that the adoption of
litigation support service was found to be crucial in ensuring the fruitful trial of financial
fraudulent schemes. It then suggested that as financial frauds become more digital in nature,
public institutions should also seek out avenues to use forensic accounting software to be able
to combat the scourge.

Adesina, Erin, Ajetunmobi, Ilogho, and Asiriuwa (2020) empirically examined the role of
forensic audit in frauds detection and prevention in Nigerian commercial banks. The research
utilized the survey research design approach via the instrument of a structured questionnaire
administered to seventeen (17) selected financial institutions. Data was collected from only one
hundred and ninety-three (193) respondents. The research outcome established that the use
of forensic accountants positively influenced financial frauds detection and prevention in the
affected institutions. It therefore advocated for the establishment of dedicated forensic
departments manned by qualified personnel in each of the financial institutions.

Ndah and Okoye (2019) empirically examined the connection between the deployment of
forensic accounting and fraud prevention of selected manufacturing entities operating in
Nigeria. The data for the study was extracted via an administered structured questionnaire
while analysis was carried out using the multiple regression tool. Data was collected from only
fifty (50) respondents. The study’s main outcomes were to the effect that key forensic
accounting practices such as fraud litigation support and fraud investigation significantly
impacted fraud prevention in the sampled manufacturing concerns. It therefore advocated for
the sustained use of forensic professionals to deter incidences of frauds in the establishments.
Abdulrahman (2019) conceptually reviewed the nexus between forensic accounting and fraud
prevention using the exploratory research design methodology. The researcher carried out a
review of previous related works in the field and observed that s significant positive
relationship subsists between the practice of forensic accounting and the detection of frauds in
the public sector which was the focal point for consideration in the study. In concluding the
work, the researcher canvassed for the enactment of and subsequent enforcement of
appropriate legal framework with respect to the practice of forensic accounting in Nigeria.

Bassey (2018) assessed the effect of forensic accounting on fraud management in selected
microfinance entities. The research utilized a mix of ex-post facto and survey research design
to elicit data for the work while analysis was conducted using the multivariate regression tool.
Data was collected from only two hundred and fifty (250) respondents. The research outcome
established that the use of forensic accounting practices reduces the incidences of frauds in the
sampled institutions and thus recommended the sustenance of the use of forensic professionals
to monitor, investigate and deter frauds on a continual basis.

Enofe, Aigbepue, Igbarunmah and Ikponwonba (2017) conducted a research focusing on the
interplay between the forensic practice of expert witnessing and fraud detection in the Nigerian
public sector space. The study gathered data from 90 respondents who were selected via the
convenience sampling technique. Analysis of the data collected was carried out using the SPSS
and EViews statistical tools. The study found that expert witnessing as a proxy of forensic
accounting had a statistically positive influence on financial fraud detection. It therefore
canvassed for an increase in the use of forensic accountants in the public sector to aid successful
prosecution of financial crimes and hence reduction of financial frauds generally.
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 Ogunode, O. A., & Dada, S. O. (2022). Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic Accounting. Archives of Business
Research, 10(7). 34-50.

Aigienohuwa, Okoye and Uniamikogbo (2017) examined the impact of forensic accounting on
fraud prevention and detection in the Nigerian financial services industry using a survey
research design methodology. Data was extracted from administered structured questionnaire
which was subsequently subjected to analysis using the tools of regression and correlation
respectively. Data was collected from only one hundred and twenty (120) respondents. The
study found that the adoption of forensic accounting methods in the sampled institutions
positively improved the internal control system in place while also contributing to the
reduction of fraud incidences. It therefore recommended that regulatory authorities should
urgently consider enacting regulations that will make the use of forensic accountants a
necessity by these institutions in view of their sensitivity and overall impact on the economy.

Amahalu, Obi and Ezechukwu (2017) in their studies, focused on establishing the relationship
between the use of forensic accounting techniques and fraud detection in selected deposit
money banks. Data collected via the means of administered questionnaire was also analyzed
using inferential statistics. Data was collected from only thirty-five (35) respondents. The
research outcome was to the effect that the use of forensic accounting techniques positively
impacted financial fraud prevention and detection in the selected financial institutions. To
ensure improvement in the quality of both internal and external audits, the researchers
recommended the introduction of certain forensic accounting methodologies in the audit work
plans so as to ensure overall effectiveness and efficiency of the audit work.

METHODOLOGY
Fraud prevention strategies and the role of forensic accounting were examined in this study
adopting an exploratory research approach. In addressing this nexus, the study reverted to the
use of germane materials including but not limited to periodicals and published academic
papers from the broad fields of accounting, forensics and finance. Specifically, the review
involved three phases. First, a systematic review of multiple academic databases with principal
focus on the study’s identified keywords was carried out. These databases included Google
Scholar, Emerald, JSTOR, ScienceDirect, Ulrich and ProQuest, EBSCO A-Z, Index Copernicus,
CrossRef, World Cat and the Directory of Open Access Journals (DOAJ). This review revealed
about 105 related academic papers at the first instance. This was subsequently pruned down
to 42 using period and scope of study as inclusion criteria to enable better focus and relatability.
Time horizon for the period selected was twelve years covering 2009 to 2021. Next, full-text
scanning of the selected 42 articles was done that culminated in the final selection of 11 papers
which fully met the research objective and were consequently reflected in the empirical
reviews.

DISCUSSION OF FINDINGS
It can be observed from the review of extant literature that forensic accounting plays a pivotal
role in aiding fraud prevention efforts of both corporate organizations’ and nation states. The
study has shown that fraud prevention is not a reactive but forward-thinking process that is
worth the consideration of every organization as it is cheaper and more effective than fraud
detection. The study discovered that while the use and deployment of forensic accounting tools
and techniques have made appreciable progress in the developed world, its appreciation and
usage in emerging economies is still at the embryonic stage. More therefore still needs to be
done to maximize the benefits arising therefrom. This view is in consonance with the findings
of Saifullah and Abbas (2020); Malle, Mwonge and Naho (2022).
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 Archives of Business Research (ABR) Vol. 10, Issue 7, July-2022

Furthermore, the study found that much studies are not available on the private sector due to
the non-availability of publicly verifiable fraud statistics as well as the reluctance of private
sector employees to participate in data gathering research process such as surveys or expert
interviews. In addition, where surveys are conducted, the level of response are usually poor
thus creating doubts as to the reliability of the research results as reflected in the studies of
Yuniarti and Anaidi (2017); Hakami and Ariandi (2018). Also, the study found that the need for
the right ethical tone to be set at the top is crucial for the success of any fraud prevention
mechanism. This is aptly demonstrated in the performance of anti-corruption agencies set up
by nation states where the absence of or lack of political will significantly impacts their
performance (Ocansey, 2017; Suleiman and Ahmi, 2018).

In addition, from the review of related literature, the study found that forensic accounting had
a direct and positive impact in enhancing the success of fraud prevention initiatives
(Abdulrahman, 2019; Adesina et.al, 2020; Dada and Jimoh, 2020; Barzingi et al, 2022, Kaur,
Sood and Grima, 2022). The positive relationship therefore suggests that increases in the usage
of forensic accounting will also lead to increases in the number and scale of frauds that are
detected and prevented. However, some studies have suggested an insignificant relationship
due largely to gaps in knowledge, complexities of forensic accounting methodologies being used
and the resistance to change of operators in the public sector (Yahaya, Suleiman and Abba,
2018). Thus, it is crucial for new adopters to begin implementation first with simple and easy
to understand methodologies in order to get sustainable results.

CONCLUSION
This study set out to explore theoretically the role that the implementation and usage of
forensic accounting plays in facilitating the success of fraud prevention measures. The study
established that forensic accounting is a fundamental tool that contributes to aiding the
combating of the scourge of frauds both at corporate levels and in governmental
establishments. The paper however identified that unlike in developed economies, the rate and
pace of adoption of forensic accounting techniques and tools in fraud prevention initiatives and
have been slow due to lack of political will, poor ethical tone set by management and dearth of
skilled forensic accounting professionals in emerging economies.

Consequently, the study recommends as follows:
1. That to ensure sustainable success of fraud prevention strategies, management of both
public sector and corporate entities should demonstrate at all times, the needed political
will and set the right ethical tone at the top through their actions and activities;
2. That both public sector and corporate entities should deliberately engage in continual
upskilling of their anti-fraud staffs (internal audit, forensic accountants, forensic
investigators) through trainings and awareness programs on the latest fraud prevention
methodologies;
3. That in view of the rising cases of cybercrimes, nation states should urgently consider
the signing and implementation of legal treaties and frameworks to combat the scourge.





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 Ogunode, O. A., & Dada, S. O. (2022). Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic Accounting. Archives of Business
Research, 10(7). 34-50.

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