Combating Financial Crimes: The Role of Accountants and External Auditors (A Study of First Bank of Nigeria Plc)
Proceedings of 5th Annual International Academic Conference (2019, April)
13 Pages Posted: 4 Nov 2019
Date Written: June 30, 2019
Financial crimes are on the increase in the financial sector despite the deployment of modern evolving technologies. This has created a need for the anatomy of financial crimes in the banking sector as this study focused on the role of accountants and external auditors in combating financial crimes in the financial sector. First Bank of Nigeria Plc was selected as a case study. The data collection technique used for this study is questionnaire. The respondents are made up of management staff, accountants and compliance officers of First Bank of Nigeria Plc. Data was analyzed through the use of simple percentages, tables, and Pearson Correlation Coefficient statistical method was employed for testing the hypotheses. The findings of this work revealed that accountants and external auditors play indispensable roles in fraud detection. Also, the existence of fraud in the organization is due to poor management oversight, ineffective internal control system and corruption. Based on these findings, it is recommended that First Bank of Nigeria Plc should ensure continuous policy and strategy reinvention aimed at effective and efficient management. Management should continually engage the services of qualified and experienced external auditors and put in place an effective internal control system, continuously enhanced to deliver on purpose. Finally, education, proper enlightenment and above all self-discipline are recommended to step down the level of financial crimes in the financial institutions in Nigeria.
Keywords: audit, detection, financial crimes, financial statements, fraud
JEL Classification: M40
Suggested Citation: Suggested Citation