Combating Economic and Financial Crimes in Nigeria: The Role of the Forensic Accountant

Abstract

Economic and financial crime has been a clog in the wheel of progress and a major problem bedeviled economic prosperity and growth models of most nations of the world. Due to this, government in some quarters have had the reason to set up institutions to unravel as well as dispels the menace. Despite this, fewer than much success may have been achieved by the respective anti-corruption agencies as a result of not identifying with the role of forensic accounting science in planning, investigating and representing expert witness testimony on be fore law suit. This paper attempts to appraise the role of forensic accountant in combating economic and financial crimes in Nigeria. The paper explored relevance components of economic and financial crimes and extensively discussed concepts of crime and criminality, corruption, white collar and cyber crimes. Specifically, the study reviews the historical antidotes of forensic accounting, emphasizes on the role of forensic accounting science in litigation and forensic accountant ensuring economic and financial crime immersed. Moreso, the study identifies basis for future research, some potential crimes factors and forensic accounting science expert’s opinion in crime scene as well as reviewed prior studies and gap envisaged. Essentially, the study reviewed theoretical issues using qualitative approach thereby involving a survey of literature to decipher relevant issues. It there fore sought that forensic accounting serves the basis for investigation, expert witness testimony and opinion of expert in lawsuit so as to unravel crimes, and reach resolution for recovering. However, concludes that there is need to involve and embrace accounting expert science in all facets of crime investigation in order to accelerate detection and ameliorate incidences of failed attempt on crime recovery related to economic and financial crimes. Therefore, propose that public and private sectors should engage, recruit and employ services of and/or stationed forensic accountant to review,strengthen, re-appraises records and internal control on routine basis. Also to check incidences of crime perception as well as anti-corruption agencies saddled with the responsibilities of fighting economic and financial crimes to employ and adopt engagement of forensic accountant on regular basis among others for all-inclusiveness works of planning, investigating, detecting,and recovering.