ABSTRACT
The objective of this research thesis was to investigate how forensic accounting affects the profitability and productivity of oil producing companies in Nigeria. In other to achieve the objectives of the study, a sample of 133 persons comprising staff of oil companies operating in Nigeria was issued with questionnaires. Four (4) hypotheses were formulated and tested using Pearson Product Moment Coefficient of Correlation. Data analysis and hypotheses testing revealed among other things that: that there is a positive correlation between profitability and investigative accounting and litigation and support services. The findings also indicated a positive correlation between productivity and investigative accounting and litigation and support services. Even though there was a positive correlation between litigation and support services and profitability, the result was not statistically significant. Base on the findings, we conclude that: organizations with high levels of forensic accounting achieve significant increases in productivity and profitability. Organizations with low levels of forensic accounting expertise and implementation are likely to witness significant decline in the above named performance indicators. We also conclude that oil producing firms seem not to be too keen about using litigation and support services as a method of checking fraud. In which case litigation and support services is not yielding the optimal amount of outcome like the other forensic accounting methods. Finally, we recommend that: management of oil producing firms in Nigeria should provide adequate training for their accounting/finance staff on the forensic accounting methods that are expected to aid the staff to achieve set objectives. The management of organizations should consider implementing forensic accounting on a permanent basis. In addition, management ought to formulate policy and implement strategic and operational decision that will enhance, maintain, motivate and train stakeholders for future corporate goals and objectives on adoption of forensic accounting techniques.
INTRODUCTION
................. Forensic accounting utilizes accounting, auditing, and investigative skills to conduct an examination into a company's financial statements. Thus, providing an accounting analysis that is suitable for court (Investopedia, 2013).
In their day-to-day practice, some forensic accountants focus on commercial disputes in specific industries or practice areas. In commercial disputes, forensic accountants typically play three roles: expert witness, consultant on technical accounting or financial issues, and arbiter of facts. As an arbiter or trier of facts, sometimes referred to as special master, forensic accountants are appointed by the court to act as judge and jury. In their consulting role, forensic accountants may provide assistance, prove business facts, compute damages, and assist counsel in the development of strategy. One should not assume that a forensic accountant involved in commercial dispute projects is qualified to perform financial crime investigations. Close attention should be given to the individual’s qualifications including certifications and especially experience before deciding on the right forensic accountant for the task at hand. Assuming that all forensic accountants are interchangeably capable of executing all forensic accounting engagements would be analogous to assuming that all CPAs are qualified to prepare tax returns.
While fraud can be sensational and garner headlines, commercial disputes (as well as marital disputes among high net worth individuals) occur often, involve billions of dollars, and may involve complex issues requiring expert analysis. The majority of forensic accounting work actually occurs outside of investigations in a wide range of specific practice areas. A glimpse of these areas, suggesting why forensic accounting expertise may be helpful, is provided below by David R. Evanson.
David R. (2012) identified various dimensions of forensic accounting as, forensic audit, forensic internal control, Litigation and support service, forensic fraud, forensic cybercrimes etc.
However, Dana Hinders (2013) defines forensic audit as “an examination of evidence regarding an assertion to determine its correspondence to established criteria carried out in a manner suitable to the court. An example would be a Forensic Audit of sales records to determine the quantum of rent owing under a lease agreement, which is the subject of litigation. She went further to distinguish internal audit and external audit as follows;
Internal Audit: An audit performed by an employee who examines operational evidence to determine whether prescribed operating procedures have been followed. ...............
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TABLE OF CONTENT
CHAPTER ONE: INTRODUCTION
1.3. BACKGROUND OF STUDY
1.4. STATEMENT OF THE PROBLEM
1.3 PURPOSE OF THE STUDY
1.4 RESEARCH QUESTIONS
1.5 STATEMENT OF HYPOTHESES
1.6. SCOPE OF THE STUDY
1.7. LIMITATION OF THE STUDY
1.8. SIGNIFICANCE OF STUDY
1.9. DEFINITION OF TERMS
1.9 ORGANIZATION OF THE STUDY
REFERENCES
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.0. INTRODUCTION
2.1. THE CONCEPT OF FORENSIC ACCOUNTING
2.1.1. Forensic Accounting Objectives
2.1.1.1.Detection of fraud committed by employees:
2.1.1.2.Criminal Investigation:
2.1.1.3.Core Knowledge of Forensic Accountant
2.1.1.4.Personal Skills Required
2.2. DIMENSIONS OF FORENSIC ACCOUNTING
2.2.1 Audit Process and Techniques
2.2.2. Cyber Crimes
2.2.3. Litigation and Support Services
2.2.4. Business Valuation
2.3. CONCEPT OF ORGANISATIONAL PERFORMANCE
2.4. DIMENSIONS OF ORGANISATIONAL PERFORMANCE
2.4.1. Organisational Growth
2.4.2. Productivity
2.4.3. Market share -
2.4.4. Profitability
2.5. FORENSIC ACCOUNTING AND FRAUD CONTROL
IN THE OIL SECTOR
2.5.1. Violation of Constitutional Provisions
2.6. FORENSIC ACCOUNTING & ORGANISATIONAL
PERFORMANCE
REFERENCES
CHAPTER THREE: RESEARCH METHODOLOGY
3.0 INTRODUCTION
3.1. RESEARCH DESIGN
3.2 POPULATION AND SAMPLING PROCEDURE
3.3. SAMPLE SIZE DETERMINATION
3.4 DATA COLLECTION METHOD
3.5 VALIDATION AND RELIABILITY OF THE INSTRUMENTS
3.6. OPERATIONAL MEASURES OF VARIABLES
3.7. DATA ANALYSIS TECHNIQUE
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.0 INTRODUCTION
4.1 DATA PRESENTATION
4.1.1 Analysis of Research Questions
4.2. DATA ANALYSIS
4.3. TESTING OF HYPOTHESES
CHAPTER FIVE: DISCUSSION OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.0: INTRODUCTION
5.1: DISCUSSION OF FINDINGS
5.2 CONCLUSION
5.3 RECOMMENDATIONS
5.4. SUGGESTION FOR FURTHER STUDIES
BIBLIOGRAPHY
APPENDIX
Reference code: c023
Reference code: c023
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98 Pages
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