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Archives of Business Research – Vol. 10, No. 7
Publication Date: July 25, 2022
DOI:10.14738/abr.107.12613. Ogunode, O. A., & Dada, S. O. (2022). Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic Accounting.
Archives of Business Research, 10(7). 34-50.
Services for Science and Education – United Kingdom
Fraud Prevention Strategies: An Integrative Approach on the Role
of Forensic Accounting
Ogunode, Olubunmi A.
Department of Accounting
Babcock University, Ilishan Remo Ogun State, Nigeria
Dada, Samuel O.
Faculty of Management Sciences
Babcock University, Ilishan Remo Ogun State, Nigeria
ABSTRACT
This study examined the role that forensic accounting play in aiding the success of
fraud prevention strategies in combating frauds at both corporate and national
levels. The study adopted the exploratory research design methodology involving
extensive review of published articles, periodicals and other materials relevant to
the subject matter. The study found that while the use and deployment of forensic
accounting tools and techniques have made appreciable progress in the developed
world, its appreciation and usage in emerging economies is still at the embryonic
stage due to lack of political will, poor ethical tone set by management and dearth
of skilled forensic accounting professionals. It therefore recommended that to
ensure sustainable success of fraud prevention strategies, management of both
public sector and corporate entities should demonstrate the needed political will
and set the right ethical tone at the top through their actions and activities.
Similarly, efforts should be made to continually upskill anti-fraud staffs (internal
audit, forensic accountants, forensic investigators) through trainings and
awareness programs on the latest fraud prevention methodologies. Also, that in
view of the rising cases of cybercrimes, nation states should urgently consider the
signing and implementation of legal treaties and frameworks to combat the
scourge.
Keywords: Frauds, Fraud Dimensions, Fraud Prevention Strategies, Forensic Accounting
Techniques, Capability
INTRODUCTION
Fraud incidences either at corporate or national levels have assumed global concern because of
their devastating impacts leading to massive erosion of shareholder value, bankruptcy of
corporate businesses, diminution of investor confidence, increased poverty and general
societal discontent. Corporate level frauds such as Enron, Barings Bank, Satyam, Xerox,
WorldCom, Parmalat and other similar accounting scandals have significantly dampened the
level of trust and reliance placed on financial information provided (Mangala and Kunari, 2015;
Ozili,2020; Okoro and Onyebueke, 2021). Similarly, national level frauds and financial
misappropriations have also worsened the various human development indices of nation states
thus creating room for impoverished population with all its attendant challenges together with
but not restricted to the ability to provide basic amenities to citizens (Barzinji, Yusoff, Rosbi,
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Ogunode, O. A., & Dada, S. O. (2022). Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic Accounting. Archives of Business
Research, 10(7). 34-50.
URL: http://dx.doi.org/10.14738/abr.107.12613
Salleh and Abdullah, 2022). As a result of the debilitating effects of these challenges, it has
become more expedient to consider strategies and methodologies to prevent their occurrence
in the first place. This is because fraud prevention is less expensive, less time consuming and
more effective than attempting to detect fraud after the act especially in view of monetary
savings that will result (Abdullahi and Mansor, 2015).
Fraud prevention is a forward thinking rather than a reactive process. It is the sum total of
measures taken to anticipate and forestall the occurrence of frauds. When properly done, it is
capable of preserving organizational reputation, enhancing enforcement of laws and deterring
crime and criminals and consequently maintenance of criminal justice (Oladipo and Olurotimi,
2021). According to Ogwiji and Lasisi (2022), fraud prevention as a practice would only yield
positive results if the organization enthrones an ethical culture which is supported by a sound
internal control system. Among other options, a number of scholars have suggested that one of
the principal tools to achieve fraud prevention on a sustainable basis is the application and
deployment of forensic accounting techniques (Kumari and Mangala, 2015; Dada, Owolabi and
Okwu, 2015; Ehioghiren & Atu, 2016; Sule and Sani, 2019; Okoye and Ndah, 2019; Obafemi,
2021). According to the PWC’s Global Fraud Report of 2022, over half (52%) of all surveyed
corporate entities having revenues in excess of $10bn documented having experienced one
form of fraud or the other within the last twenty-four (24) months. In particular, the report
identified cybercrimes as the primary form of fraud now confronting corporate firms thus
further underscoring the need for the usage of forensics and forensic accounting techniques to
address same.
Forensic accounting is a subset in the world of forensics. It has been described as “the use of
the laws of nature to the laws of man to solve the problems of man” (Alhassan, 2021). It is that
part of accounting that is closely associated with legal work in the sense that its output can aid
resolution of criminal or civil matters. To achieve this, a mix of accounting, auditing and
investigative skills are usually deployed (Obafemi, 2021). Several studies have reviewed the
subjects of fraud prevention and forensic accounting from various perspectives. A close review
showed that majority of the works have tended to either concentrate on the public sector only
or particular nation states with little studies combining the perspectives from various countries
simultaneously which this study seeks to do (Gbegi and Adebisi, 2014; Akkeren and Tarr, 2014;
Sireger and Tenoyo, 2015; Claire and Jude, 2016; Hakami and Rhamat, 2018; Abdulrahman,
2019; Saifullah and Abbas, 2020; Ngosa and Mwanza, 2021; Malle, Mwonge and Naho, 2022).
Consequently, in contributing to extending the frontiers of knowledge, this study assessed the
role that forensic accounting plays in ensuring the success of fraud prevention strategies for
both corporate organizations and governmental institutions and from various national
perspectives. The rest of the study was put together in this manner: In section 2, a review of
extant literature was presented, methodology in section 3, while in sections 4 and 5, the study
considered the discussion of findings, conclusion and recommendation of the work.
LITERATURE REVIEW
Frauds and Fraud Dimensions
Fraud is any decisive or intentional act carried out to secure unlawful benefit at the expense of
another person(s). Persons in this case referring to both natural persons and artificial persons
(corporate or governmental entities). According to the Chartered Institute of Management
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Accountants (CIMA), fraud “includes activities such as theft, corruption, conspiracy,
embezzlement, money laundering, bribery and extortion and that it involves using deception to
dishonestly make a personal gain for oneself and/or create a loss for another.” On the other
hand, The Association of Chartered Fraud Examiners (ACFE) defines it as the “the use of one's
occupation for personal enrichment through the deliberate misuse or misapplication of the
organization's resources or assets.” A common theme in these definitions therefore is the
intentionality of the act by the perpetrators.
Chen,Babaei and Maul (2020) opine that understanding the motivation behind perpetration of
frauds is key to be able to detecting or preventing them in the first place. Golden, Skalak and
Clayton (2006) further argued that for fraud to successfully occur, four ingredients are crucial
viz: existence of a material false representation; certainty of knowledge by the perpetrator of
the false representation; reliance by the victim on the material false representation so made
and the suffering of financial loss or quantifiable damage as a direct result. Various scholars
have viewed frauds from various dimensions and typologies, however for the purpose of this
study, frauds shall be categorized into five (5) broad groups as depicted in the following chart:
Figure 1: Types of Frauds
Source: Adapted from Golden et al, (2006); CIMA (2008); NSKT Global (2022)
The Association of Certified Fraud Examiners (ACFE) recently released its 2022 Global report
on occupational frauds based upon the survey it carried out covering 133 countries with very
useful insights provided. First, the report showed that nearly half (49%) of all reported fraud
cases emanated from four functions within an organization namely operations, accounting,
sales and top management personnel in that order. Secondly, according to the report, apart
from the United States and Canada (36%), Sub-Saharan Africa is the region of the world with
the highest number of reported fraud cases accounting for nearly a quarter of global cases
(23%). Additionally, in terms of global costs, about $4.7 trillion (representing 5% of global
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Ogunode, O. A., & Dada, S. O. (2022). Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic Accounting. Archives of Business
Research, 10(7). 34-50.
URL: http://dx.doi.org/10.14738/abr.107.12613
corporate revenues) is lost to frauds annually with assets misappropriation and financial
statements frauds accounting for about 95% of these cases in terms of volumes and values. This
further underscore the need to have necessary machineries put in place to deter rather than
merely detecting frauds.
Fraud Prevention Methodologies and Strategies
Fraud prevention is not a one size fits all mechanism or scheme. Rather, it involves a potpourri
of measures, methodologies and strategies geared towards anticipating and reducing both
opportunities and likelihood of fraud occurring. Nyakarimi et, al (2020) stated that these
measures must be such that individuals in the organization ultimately find no justification to
engage in frauds both now or in the future. Itemized below are key methodologies and
strategies for fraud prevention:
i. Creating and Living an Anti-Fraud Corporate Culture: This is arguably the first
and the most important fraud prevention strategy. If leadership demands and
displays integrity and transparency, it typically permeates through an institution.
Business owners, management and public sector leaders must therefore set the right
ethical tone by instituting a zero-tolerance policy towards fraud which is
communicated by their own words and actions (Gbegi and Adebisi, 2013; Golden et
al, 2009; Okoro and Onyebueke, 2021; ACFE, 2022). Such zero tolerance policies
must be well stated and continuously reinforced throughout the organization such
that adherence to them become the norm rather than the exception. This is also
reflected in the attitudes and decision of the organization on matters relating to
corporate governance, legislations, honesty and openness and internal audit
(Mangula and Kumari, 2015; Singal et al, 2019).
ii. Streamlining Employee On-Boarding Process: Given that frauds are perpetrated
by individuals, it therefore becomes crucial to ensure that relevant background
checks are conducted even before such individuals are on-boarded into the
organization. Checks such as criminal records (if any), reference checks, past
employment verifications and similar others if properly done may reveal behavioral
traits that indicate likely propensity to fraud which can then be prevented by
refusing such hires (Bangura, 2020; Ozili, 2020; Alhassan, 2021; Binns and Kempf,
2021). This is in line with the KYC/KYE (Know your customer/employee) principle
which suggests taking necessary measures to verify identity and confirm suitability
of such personnel to the organization’s ideals. The same process should be repeated
when considering elevations into senior, sensitive roles within an organization.
iii. Continuous Anti-Fraud Training and Awareness Campaigns: Organizations must
develop and carry out regular anti-fraud trainings and awareness within the
organization to ensure employees are aware of what constitutes frauds and their
associated consequences both at individual and organizational levels (Bartsiotas and
Achamkulangare, 2016; Hakami and Rahmat, 2018). Such trainings if properly
structured and regularly carried out, are more probable to decline rather than cause
an upsurge in the number of fraudulent occurrences (CIMA, 2008). This is especially
so, as employees are vital assets in the fight against the scourge of frauds.
iv. Entrenchment of Sound Internal Control Systems: An effective internal control
system is made up a combination of programs, procedures and processes put in place
to foster overall operational effectiveness and efficiency. Strong in-built internal
control systems is thus another critical component of a successful anti-fraud
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corporate environment (Hakami and Rahmat, 2018; Okoye and Ndah, 2019; Malle,
Mwonge and Naho, 2022). Organizations must consider and entrench control
processes that reinforce their stated anti-fraud corporate culture. These control
processes include but not limited to conduct of surprise audits to identified high
fraud risk areas, mandatory regular vacations for all employees, physical safeguards
over assets, proper segregation of duties, job rotations, use of multi-levels
authorizations and restriction of cash-based transactions.
v. Creating and Sustaining an Anti-Fraud Reporting Mechanism: Organizations
must create avenues where suspicious activities which may lead to fraudulent
incidences can be reported anonymously without the fear of backlash. Such avenues
must be open to all categories of parties related to the organization: employees,
clients, suppliers, vendors and other third-party contractors. Doing this will broaden
the scope and enhance the chances of picking up unethical conduct before they occur.
Such avenues for whistleblowing and anonymous reporting may be in the form of
hotlines, dedicated email addresses (CIMA, 2008; Efiong, Inyang and Joshua 2016).
Whistleblowing is generally a difficult and risky venture especially where adequate
safeguards are not put in place to protect the identity of the persons involved.
vi. Use of Artificial Intelligence and Data Analytics Techniques: In view of its speed,
detection capacity and ability to work unsupervised, Artificial Intelligence (AI) has
been deemed “a perfect match for the rapid escalation of highly sophisticated fraud
attempts” now occurring in the digital space (Columbus, 2019; Gencer, 2022). Before
the advent of AI, fraud prevention systems largely operated a rules-based
architecture which focused on evaluating past fraud trends without shedding
sufficient light on possible future outcomes. However, with the advent of AI now, it
is possible to take into account emerging activities, behaviors, and trends in
transaction anomalies to ensure the prevention of frauds. AI is particularly crucial
for fraud prevention mechanisms in the financial services sector (Raj and
Choudhary, 2022)
The above key strategies is briefly summarized in the below chart:
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Ogunode, O. A., & Dada, S. O. (2022). Fraud Prevention Strategies: An Integrative Approach on the Role of Forensic Accounting. Archives of Business
Research, 10(7). 34-50.
URL: http://dx.doi.org/10.14738/abr.107.12613
Figure 2: Fraud Strategies
Source: Adapted from CIMA (2008); BijliPay (2016); Columbus (2019); ACFE (2022)
Forensic Accounting and Fraud Prevention
Forensic accounting employs a mix of accounting, auditing and investigative capabilities to
address incidences of frauds and aid resolution of civil or criminal disputes (Dada, Owolabi and
Okwu, 2013; Enofe, Olorunnuho and Okporua, 2016; Ozuomba, Ofor and Okoye, 2016; Nwaiwu
and Aaron, 2018; Mohite, 2019; Obafemi, 2021). Fyneface and Oseiweh (2017) asserted that
forensic accounting is crucial for both fraud detection and fraud prevention efforts in
organizations to succeed. According to the studies of Imoniana, Antunes and Formigoni (2018),
about 42% of corporate entities have indicated interest in having at least a forensic accountant
at their disposal in view of escalations in fraud incidents. Onodi, Okafor and Onyali (2015) also
affirm that the services of the forensic accountant are vital in the fraud detection and
prevention processes. This is in consonance with the views of Crumbley (2013) who predicted
that the demand for the professional services of forensic accountants will continue to rise and
therefore nation states battling with increasing cases of frauds should take advantage by
stepping up their engagements. Thus, it is expected that the deployment of forensic accounting
and its techniques would help in the fight against the scourge of fraud.
In the views of Uniamikogbo; Adeusi & Amu (2019), forensic accounting can particularly be
useful in fraud prevention initiatives in such areas as transactions monitoring, the design and
development of workable anti-fraud policies and programs and contributions to the review of
the criminal justice system while serving as expert witnesses. Transactions monitoring can be
carried out using spreadsheet analysis and specialized packages like anti-money laundering
software. Doing this will enable the forensic accountant to zero in early on suspicious
transactions patterns and trends that may be a prelude to fraud occurring.
Additional forensic accounting techniques and tools such as structured interview sessions,
extensive documents review, data mining, use of digital tools (close circuit television, optical
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character recognition, digital cameras), Benford’s Law and Beneish Model also offer significant
value add to fraud prevention initiatives (Effiong, Inyang and Joshua, 2016; Dada, Oyedokun
and Enyi, 2018; Saleh, Azhar and Azeez, 2020). Through the structured interview session
supported by extensive documents review, the forensic accountant may be able observe
discrepancies in account balances as well as extract confessions on attempted frauds. Similarly,
with the use of the Benford’s Law and Beneish model, it is possible to quickly decipher
numerical data that are out of sequence with established normal financial flow and pattern
which thus pinpoint likely illegal or fraudulent transaction occurring (Mbasiti, Ojaide and
Gyang, 2021).
These techniques therefore that are most suited for fraud prevention are as depicted in the
figure below:
Figure 3: Forensic Accounting Techniques for Fraud Prevention
Source: Adapted from CIMA (2008), Dada et al, (2018), Saleh et al, (2020), Mbasiti et al, (2021)
Fraud Prevention: Perspectives from Emerging Economies
This section reviews perspectives from various countries, especially from the emerging
economies on the state of play with respect to fraud prevention mechanism and the use or non- use of forensic accounting tools with a view to eliciting useful lessons. In Tanzania, Malle,
Mwonge and Naho (2022) carried out a study to ascertain the effectiveness of fraud prevention
and detection measures being taken in the country’s public sector. Their study drew inspiration
from previous works in the country that suggested a prevalence of fraud scandals in
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(159) countries conducted in 2015, Pakistan ranked as the worst in terms of tax fraud, bribery
and corruption index thus underscoring the need to consider alternative tools other than
traditional auditing to combat the scourge. However, the extent of usage of forensic accounting
tools were still low in the country’s public sector. The study recommended that alongside
improvements in internal control and financial reporting quality, efforts must be made to also
utilize forensic accounting methodologies to ensure the curtailing of frauds in public sector
organizations.
Suleiman and Ahmi (2018) examined the extent to which anti-corruption agencies have been
able to use forensic accounting techniques and tools to combat fraud and corruption in Nigeria’s
government establishments. The paper based its conclusions on data that was gotten via the
interview technique while the collated data was subsequently analyzed thematically. The
respondents in the study were forensic experts attached to the country’s principal anti- corruption agencies. Analysis of the responses received from the experts established the notion
that the use of forensic accounting techniques were pivotal in successfully tracking and
combating public sector frauds and corruptions in Nigeria. The study therefore advocated for a
reinforcement of this approach through the purchase of more modern digital tools and
increased training for the forensic personnel. We note that the study findings are in consonance
with the works of Ocansey (2017) who conducted a similar study using the anti-corruption
agency in Ghana as benchmark.
Theoretical Review
This research work is grounded on the Fraud Diamond Theory which was propounded by
Messrs. Wolfe and Hermanson in 2004. The theory is essentially an upgrade on the fraud
triangle theory which stressed that for any fraud to be successfully committed, four key
elements must be present: opportunity, pressure, rationalization and capability (Wolfe and
Hermanson, 2004). The fourth factor of capability is considered particularly germane because
the fraud inclined individual must possess the requisite skills, traits and abilities required to
execute the illicit scheme. They were of the view that “while opportunity opens the doorway to
fraud and pressure or incentives added to rationalization leads the fraud inclined individual to
the door, it is capability (possession of the required expertise) that will open the door and
execute the fraudulent act.” This is as depicted in the chart below:
Figure 4: Fraud Diamond Theory
Source: Wolfe and Hermanson (2004)
Opportunity
Rationalization Pressure
Capability
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