Journal VOL. 2 NO. 2, September. 2021, ISSN: 2811 - 2628
Forensic Accounting Technique Adaptation and Firms Internal Control
Ezeh Chidera Maryjane, Amuno Jonathan, Omorogbe Comfort
ABSTRACT
This research work examined the adaptation of forensic accounting techniques in terms of information on computer assisted document reviews, forensic reports and mediation skills on firms’ internal control. A correlation research design was used to describe the statistical relationship between the variables. A case study was purposively and conveniently selected with 94 respondents from the Accounting and Auditing staffers of the firm involved in an accounting scandal with regards to over statement of the company’s profit and went through forensic audit. The data collected was analyzed using descriptive and inferential statistical tools. OLS regression method was adopted in estimating the regression line. The R-square of the analysis (R2 = 0.581; P<0.05)shows that 58% variations in internal control system is explained by influence of these forensic techniques (computer assisted document review, forensic reports and mediation skills). The study concluded that forensic accounting techniques have significant adaptive influence on internal control and this would effectively help to strengthen weak internal control systems. In this respect, the study recommends that the management should make the forensic reports available to the internal control units in the organisation so that they could use information therein to improve on control measures. Also, the study recommends that internal control should be given appropriate attention to promote continuous monitoring of the controls through forensic accounting techniques while ensuring appropriate penalties in place for any lack of compliance to various control procedures.
Keywords: Forensic, Accounting, Techniques, Control, Internal.
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