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

See all articles by Mary-Fidelis Chidoziem Abiahu

Mary-Fidelis Chidoziem Abiahu

Nnamdi Azikiwe University - Department of Accountancy

Faith Erinma Onyebuenyi

Faculty of Management Sciences National Open University of Nigeria Lagos

Amaechi Egbunike

Nnamdi Azikiwe University - Department of Accountancy

Date Written: June 30, 2019

Abstract

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

Abiahu, Mary-Fidelis Chidoziem and Onyebuenyi, Faith Erinma and Egbunike, Amaechi, Combating Financial Crimes: The Role of Accountants and External Auditors (A Study of First Bank of Nigeria Plc) (June 30, 2019). Proceedings of 5th Annual International Academic Conference (2019, April), Available at SSRN: https://ssrn.com/abstract=3428098

Mary-Fidelis Chidoziem Abiahu (Contact Author)

Nnamdi Azikiwe University - Department of Accountancy ( email )

Awka, Anambra 23400
Nigeria

Faith Erinma Onyebuenyi

Faculty of Management Sciences National Open University of Nigeria Lagos ( email )

Lagos
Nigeria

Amaechi Egbunike

Nnamdi Azikiwe University - Department of Accountancy ( email )

Awka, Anambra 23400
Nigeria

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
18
Abstract Views
204
PlumX Metrics