AN INVESTIGATION ON THE EFFECTIVENESS OF FORENSIC AUDIT AS A TOOL FOR FRAUD DETECTION AND PREVENTION
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AN INVESTIGATION ON THE EFFECTIVENESS OF FORENSIC AUDIT AS A TOOL FOR FRAUD DETECTION AND PREVENTION
Abstract
There has been a rapid increase in the number of fraud and corruption cases despite statutory audits being carried out. This led to the rise in demand for forensic auditing services and in response audit firms began offering this service. The audit firms however suffer from lack of adequate resources, training, knowledge and practical experience. Taking into consideration the impact of these factors this research sought to investigate the effectiveness of forensic audit as a tool for the detection and prevention of fraudulent activities using a Chartered Accountancy Company in Zimbabwe as a case study. The research utilized a mixed approach whereby quantitative data was gathered from closed ended questions quantified using the Likert scale. Qualitative data was gathered from open ended questions and 3 interviews were also conducted. A total of 20 questionnaires were distributed using random sampling, 19 were returned and one lost in the process. To analyze the data the multiple regression method was employed and data was presented using bar graphs and tables supported by explanations. The research revealed that there is a positive relationship between training, level of education and ability to detect and prevent fraud. It was also found that litigation support service has a huge role to play in the effectiveness of forensic auditing in detecting and preventing fraud. Recommendations were made towards increase in training sessions as well as engaging in training and development programs to fully equip auditors with knowledge.
Introduction
According to Okoye and Gbegi (2014); Mukoro, Yamusa, and Faboyede (2014); Aborbie (2015) and Bassey. (2018) the utilization of forensic accountancy fundamentally dissuades extortion both in the private and public sector as it is the forensic auditor’s responsibility to avail credibility and independence to the fraudulent activities investigation. Okolie and Taiwo (2014); Onodi, Okafor, and Onyali (2015); Enofe, Olorunnuho, and Okporua (2016) and Popoola, Che-Ahmad, and Samsudin (2014) proceed to make reference to the fact that forensic auditors can recognize fraudulent activities better than traditional auditors whilst Nwanko (2014); Alabdullah (2014) and showed that both forensic and external auditors are of paramount importance as they both play a reviewing control of financial information with a goal of identifying extortion.
Moreover Rohana, Aris, Mardziyah, Zainan, and Amin (2015) added that forensic services, operational reviews, enhanced audit committees, upgraded internal controls are amongst the highly rated devices for forestalling fraud in the public sector. However Enofe, Omagbon, and Ehiglator (2014) differ on the adequacy of forensic audit in detecting fraud by uncovering its inability to detect fraud in the Nigerian administrations and stated that this has strong ramifications on comprehensive corporate administration. This view was upheld by Onodi et al. (2015) who accepted that the inadequacy is as a result of failure to get statutory support in Nigeria. In agreement (Huber, 2017) posited that the idea of the legitimate framework in the US has made forensic audit not so useful in fraud identification. Nevertheless these conclusions concentrated on the effect of legal support, nature of lawful frameworks on identification of extortion and furthermore differentiate external auditors and forensic auditors whilst disregarding the effects of experience, training and insufficient resources as showed in passing by Njanike, Dube, and Mashayanye (2014) who referenced that the forensic audit personnel are victims of lack of these factors. Mulling over the effect of experience, resource and training on the ability of forensic auditors to detect fraud, this study sought to research on the effectiveness of forensic audit as a tool for fraud detection and prevention.
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