EFFECTS OF FORENSIC ACCOUNTING IN COMBATING FINANCIAL CRIMES IN NIGERIA

Abstract

This study investigates the influence of financial accounting effectiveness and financial litigation on combating financial crimes in Nigeria, focusing on the accounting staff of the Ministry of Agriculture, Taraba State. A field survey design was adopted, utilizing primary data collected through a structured questionnaire administered to the entire population of 190 accounting staff, determined through a pilot survey. Ordinary least square was used for the analysis. The findings revealed that financial accounting effectiveness and financial litigation have significant positive effects on combating financial crimes, as evidenced by regression analyses with p-values below the 5% significance level. These results indicates the importance of robust accounting practices and effective litigation mechanisms in addressing financial crimes. The study recommends enhancing financial accountability, strengthening litigation processes, and fostering collaboration between regulatory and legal institutions to reduce financial crimes in Nigeria. To effectively combat financial crimes in Nigeria, it is recommended that organizations and government institutions prioritize the strengthening of financial accounting systems and legal frameworks. This can be achieved by investing in capacity-building initiatives for accounting staff, implementing advanced financial monitoring technologies, and ensuring strict adherence to accounting standards. Additionally, the legal system should be empowered to expedite financial litigation processes and enforce stringent penalties for financial misconduct. Enhanced collaboration between accounting professionals, regulatory agencies, and the judiciary will also be crucial in creating a robust framework for deterring and addressing financial crimes across sectors.