The growth and development of any economy is not without due and conscious considerations given to how efficient the scarce economic and financial resources at the disposal of the country is utilised. This involves achieving giant strides with minimal resources thereby bringing avoidable wastages to its barest minimum. However in Nigeria, there has been steady increase in incidence of financial resources mismanagement and reckless appropriation of public funds that often lead to what has become popularly known as financial or economic crimes. While the private sector of the economy cannot be said to have been spared by this venom, it is worthy to note that these crimes are quite common and/or have become rampant in the public sector, thus slowing down the developmental progress of the Nigerian economy. Okoye [1] observed that the number and monetary value of public sector activities have increased substantially. This increase in activities has brought with it added demand for accountability such that public officers and employees who manage these activities need to render adequate accounts of their activities to the public. 

According to Okoye [1], the bane of financial mismanagement in the Nigerian public sector since the oil boom may have led to the existence of weak structurally control mechanism that has birthed variety of loopholes which has facilitated and sustained corrupt practices in Nigeria. Concurring to this, Dada and Fatai [2] maintain that these unethical conducts have assumed various forms ranging from embezzlement, looting, diversification of funds, to money laundering. No aspect or the sector of the economy is speared either by this menace. These crimes in the public sector are usually perpetrated by high ranking officers having the capacity and capability with far reaching consequences. But with the advent of contemporary technologies across the globe, it is becoming quite difficult to curb financial crimes committed in the public. Though several attempts have been made to curb these financial crimes one of which was the establishment of EFCC in 2003, the spate of corruption in the country and the undue interference of the Executive Arm of government in the affairs of the anti-graft agency has no doubt undermined its effectiveness and relevance. In 2000 for instance, late and former senate president, Chief Chuba Okadigbo, was accused of financial impropriety for spending N75 million for mere purchase of Salah rams for some Senators [3,4]. Going by the number of Senators then (109), it meant that it cost the Law Maker N500,000 to buy one ram. What a menace. The matter of inflated contract fees several times for the same goods or services or even none, is no longer an act of fraudulent practice in Nigeria. It has gradually taken up a space in the category of items viewed as national cake. The alleged sharing of N3.362 billion by employees and council of Nigerian Stock Exchange (NSE) as bonuses and productivity allowances in 2006, 2007 and 2009 in contravention to the provisions of Companies and Allied Matters Act (CAMA) and Memorandum and Articles of Association (MEMART) of the Exchange, under the leadership of Prof. Ndi Okereke-Onyuike, still stings hard in the ear. Can one imagine a situation where the NSE in 2008 spent N186 million on just 165 Rolex Wrist Watches it claimed were presented to 73 long servicing staff members [4]. This is a nation where hundreds of millions of Nigerians can rarely afford two sound square meal a day [1].

This was collaborated in a study carried out by Akinbowale [5] who maintained that billions of naira is lost annually as a result of mismanagement of scarce financial resources and fraudulent activities. These losses result in non-availability of economic resources to execute and cater for viable public developmental projects, deteriorated infrastructure, political programmes of the nation, payment of staff salaries and emoluments and its attendant adverse effect on the economy [6]. 

In 2012 alone, the cost of fraud in Nigeria was put at N225 billion (equivalent of US$1.5 billion). Similarly in 2017, a report by the Nigerian Deposit Insurance Corporation (NDIC) indicates that frauds and forgeries in the banking sector amounted to ₦12.01 billion. A nation where the leadership swaddles borrowed funds for personal gain and selfish motives is certainly fraud driven and corruption endermic in nature. Accordingly, Adebowale [7] reports that the records of Debt Management Office (DMO) reveal that Nigeria’s total debt as at June 30^th, 2015 were N12.12 trillion. Recall that (the country’s Corruption perception index in year 2015 was 136 out of 176 countries. The same status was maintained in 2014 by the country. By December 31, 2020, Nigeria’s external debt portfolio had almost tripled to N32.92 trillion (federal government’s share totalled N26.91 trillion while the 36 State governments and the Federal Capital Territory divided the balance of N6.01 trillion). As at March 2021, the country external debt statistics stood at N33.10 trillion. This implies that about 83.78% of Nigeria’s foreign debt stock was solely taken by the federal government, leaving 16.22% to all State governments in Nigeria and the Federal Capital Territory to split with little or no reasonable revenue yielding capital or infrastructural development project in sight.

Adebowale [7] also notes that the federal government recently spent N1.8 trillion on debt servicing from the nation’s N1.84 trillion revenues in the first five months of 2021 (January - May). This puts the federal government’s debt-to-revenue ratio (a key measure of debt sustainability) at 97.8% for that period. This is more as the government had projected to spend N17.8 trillion on servicing debt between 2021 and 2024. Recall that the federal government’s debt service to revenue in 2016 was only 44.6%. By year 2020, debt service-to-revenue had grown to 84.8%. These are much higher than the World Bank’s recommended 22.5% for low-income countries like Nigeria. Quite risky, quite scandalous!

On September 14^th, 2021 the federal government stated its intention to pick yet another debt amounting to US$4.054 billion. This readily brings Nigeria’s external debt stock to US$45 billion. With this development, the nation’s total approved foreign borrowings in year 2021 alone totals US$12.3 billion; a massive increase in the country’s total external loan stock since 2015 by 366%. The above situation explicitly makes debt servicing a serious burden to Nigeria and Nigerians. Suffice it to say that no economic growth-minded nation can attain and sustain development with this kind of outrageous debt settlements. 

More worrisome are pending incidence of financial resources mismanagement which appear to have been swept under carpet without concrete investigations conducted. The recent scandals at the Niger Delta Development Commission (NDDC) of year 2020 where billions of US Dollars were misappropriated mismanaged and diverted is worrisome. It is pertinent to also state that the US$1 billion foreign loan secured in 2015/2016 for procurement of new modern state of the art Arms and Ammunitions for the Arm Forces of Nigeria in the nation’s war against terrorism is feared to have been extensively mismanaged and yet to be accounted for [8]. To date, Nigerian soldiers remain poorly equipped and as a result, are killed daily in the North East geopolitical zone of the country by Bandits and the Boko Haram terrorist outfits. Okoye [1] also recalled past but familiar incidences of financial resources mismanagement like the oil petroleum subsidy scandal, the misappropriation of pension funds, recycling of items in the 2012 Budget and the widely circulated cases of ill implementation of the SURE P funds still hunts after Nigerians with bad national image especially at the international scene.

The result has become the unprecedented rise in civil agitations across the across, leading to deteriorating civil unrest across the country. A nation whereby a Senator earns over N29 million monthly as salary/wage in the same sicky-economy where fellow citizens are subjected to a less than N18,000 minimum wage (the new N30,000 minimum wage is currently paper-based, kept in view for implementation at an unknown time only God knows) that cannot purchase half a bag of local rice, is fraudulent and a direct reflection of zero accountability in governmental practices. All Africa [9] revealed that the Chairman of Council of the Society for Forensic Accounting and Fraud Prevention (SFAFP) had noted that the report of the Joint African Union Commission/United Nations Economic Commission for Africa (AUC/ECA) High Level Panel on illicit financial flows from Africa estimates that Africa loses in excess of US$50 billion yearly to illicit flows and about US$10billion representing 20% of the entire sum comes from Nigeria alone. The report makes further startling claims that over the past 50 years, Africa has lost more than US$1 trillion equivalent to menace of financial crimes and fraud.

It is needful that Nigerians ask self-assessment questions such as: of what economic benefits has external debts of post 2015 democratic dispensations been to Nigeria and its economy? How has the utilization of these foreign borrowings benefited the Nigeria business environment over these years? How is the productive capacity of previous foreign loans being measured in Nigeria? Which Arm of the Nigerian government weighs the possible risks involved? Are there high tendencies of fund mismanagement and poor accountability? Are these unethical practices vigorously being investigated? If yes, who conducts this investigation? Does it mean that Internal Audit Departments no longer exist in MDAs, parastatals and ministries? If no, then who conducts internal audit on governments financial activities yearly? If yes, what do they do annually as Internal Auditors? How many of these Internal Auditors are well informed and independent professional Accountants? Until these are objectively attended to, the risk of outright scarce funds mismanagement and fraud remains high and deteriorates untamed in Nigeria.

In the public sector, the citizenry expect accountability report as obtainable in the corporate/business sector annually in order to assess the performance of those entrusted with the public sector resources. However, the reality of the situation on ground is so unfortunate, in the sense that the Law Makers, who are supposed to demand for accountability from the public officers, are corrupt if not more. Okafor et al. [10] further stressed that the looting of secretly sited warehouses across the country by hungry Nigerian youths during the ENDSARs protest equally attests to Nigeria’s pervasive corruption, resource mismanagement and food insecurity. These loopholes require a more result-oriented proactive approach to salvage towards achieving a reliable and sustainable economic resuscitation and development in Nigeria. Attaining this dream feat is not without the concrete role of formidable skills-equipped independent professionals who are trained as dependable anti-dotes to the venoms of scarce financial resources mismanagement, financial crime, fraud, poor accountability et cetera. This fast growing area of specialized professional practice in Nigeria is known as Forensic accounting.

Forensic accounting entails the application of financial skills and investigative mentality attitude to unresolved issues conducted within the context of the rules of evidence. It has become one of today’s most powerful investigative and intelligence tools available. The evolution of the practice of forensic accounting can be traced back to an 1817 court decision involving a bankrupt estate. A young Scottish accountant issued a circular advertising his expertise in arbitration support in 1824 and in the late 1800’s articles began to appear discussing expert witnessing, evidence arbitration and awards. Peloubet in 1946 published for the first time in an article the phrase forensic accounting. Then as accrual basis of accounting became common, reporting issue became top priority and over time there became a need for a fraud auditor (forensic accountant). Forensic accounting is a specialised scientific approach, deemed as an efficient and effective institutionalised framework to be readily applied to radically tackle the ugly monster of fraudulent practices in the Nigerian public sector. Ozumba et al. [11] look at forensic accounting as the utilization of accounting, auditing and investigative skills to assist in legal matter and applies specialised body of knowledge to the evidence of economic transaction and reporting suitable for court proceeding, accountability, system identification and prevention. Okoye and Akamobi [12] view it as the science that deals with the relation and application of financial, accounting, tax and auditing, knowledge to analyze, investigate, inquire, test and examine matters in civic law, criminal law and jurisprudence. 

All Africa [9] is of the opinion that maximum utilization of Forensic Accountants will no doubt also lead to commendable reduction in incidence of frauds, embezzlement, economic crimes, financial crimes and corruption in both public and private sectors of the Nigeria economy. Forensic Accountants have been described as experienced auditors, accountants and investigators that are hired to look into legal and financial documents to detect fraud and prevent a recurrence of sharp practices [13]. These professionals also provide services in areas such as criminal investigation, shareholders’ and partnership disputes, business economic loss, mediation and arbitration, professional negligence, personal Injury claim/motor vehicle accident, accounting, damages, analysis, evaluation and general consulting [14]. 

Forensic accountants, law enforcement personnel and lawyers work together during investigations and often appear as expert witnessing during trials [15,16]. Forensic Accounting is an amalgam of forensic science and accounting and can be described as the use and application of accounting, auditing, investigative and analytical skills for the purpose of resolving financial issues in a manner that meets standards required by court of law [17]. It demands reporting, where the accountability of the fraud is established and the report is considered as evidence in the court or in the administrative proceeding. Forensic accounting as a field in accounting is gradually attracting attention due to persistent occurrence of frauds and other related financial crimes in both private and public sectors of the economy. Centre for Forensic Studies (CFS) report in Nigeria states that forensic accounting could be used to reverse the leakages that cause corporate failures. This can be attributed to the fact that proactive forensic accounting practice look for errors, engage in operational vagaries and deviant transactions before they crystallize into fraud [18].

As specialists in Accounting and Finance with inquisitic mind and commendable knowledge of business laws and legal provisions relating to economic crimes and other related criminal offences, who are also consistently exposed to modern day dynamic electronic Accounting applications and emerging technologies, Forensic Accountants as professionals are trained to be proficient in the use of professional skills, core arithmetic, analytical and investigative skills and competencies in the assessment of risk factors that could lead to material misstatement. 

Despite the sensitivity of the subject of discourse, most studies conducted so far appear to navigate around areas other than economic efficiency. For instance, [19] examined forensic accounting as a tool for fighting financial crime in Nigeria, Okoye and Gbegi [20] conducted an evaluation on Forensic Accountants to planning management fraud risk detection procedures, Sudhir and Sushama [21] looked at forensic accounting as a new dynamic approach to investigating fraud cases, Kristic [22] investigated the role of Forensic Accountants in detecting frauds in financial statements, Modugu and Anyaduba [23] deployed an empirical approach to examine forensic accounting and financial fraud in Nigeria, Owolabi et al. [24] examined the application of forensic accounting techniques in the effective investigation and detection of embezzlement to combat corruption in Nigeria, Kosmas et al. [25] looked at the effectiveness of forensic auditing in detecting, investigating and preventing bank frauds in Nigeria et cetera. Regardless of the large number of prior related studies, no study, to the best of the authors knowledge, has critically examined the impact of forensic accounting practices on economic efficiency of Nigeria. Thus, the present study is set out to fill this gap, by examining how forensic accounting practices serves as a significant boost to the attainment of economic efficiency in Nigeria.

Objectives of the Study

Broadly, this study intends to critically evaluate the relevance of forensic accounting practices as effective repel to the prevalence of economic inefficiency and resource mismanagement in Nigeria. Specifically, the study intends to:

• Examine whether professional opinions on the relationship between the deployment of Forensic investigative skills and the secure of economic efficiency in Nigeria significantly differ

• Assess whether there is any significant difference between the maximization of computer assisted audit techniques and the efficient management of financial resources in the Nigerian public sector

• Determine whether there is any significant relationship between forensic Accounting practice in public service and the efficient administration of public funds in Nigeria

Hypotheses

In view of the above research objectives, the following hypotheses have been presented in their null form:

• H₁:  Professional opinion on the relationship between the deployment of Forensic investigative skills and the secure of economic efficiency in Nigeria do not significantly differ

• H₂:  There is no significant difference between the maximization of computer assisted audit techniques and the efficient management of financial resources in the Nigerian public sector

• H₃:  There is no significant relationship between forensic accounting practice in public service and efficient administration of public funds in Nigeria?

Literature Review

Forensic Accounting: Forensic accounting is the application of financial techniques and an inquisitive mind to controversial matters carried within the context of the rules of evidence [20]. It is a field of study that encompasses financial expertise, basic fraud knowledge and sound skill and understanding of business reality and the working of the legal system. However, it was not until early 1900s in the United States and England, that forensic accounting gained more popularity although the coining of the term Forensic Accounting was first made by Peloubet in his article in 1946. The term Forensic accounting has been variously defined by several scholars, giving their divergent opinions. This is more as Forensic Accounting is an amalgam of forensic sciences and accounting. In other words, Forensic accounting is usually described as the integration of accounting and auditing skills with investigative techniques and professional skepticism. Izedonmi and Ibadin [26] viewed it as the combination of accounting, auditing and investigative skills to a standard which is required by a court of jurisdiction to address issues in dispute in the context of civil and criminal litigation. 

Okoye and Gbegi [20] defined forensic accounting as the practice of rigorous data collection and systematic analysis in the areas of litigation support, consulting, expert witnessing and fraud examination. Accordingly, this measure largely contributes to the nations’ economic stability and improves the living standard of the citizens. This entails that forensic accounting is a field of specialization that also focuses on information extract as substantial evidence in a manner suitable for legal purposes. This implies that this area of speciality readily accomodates litigation support and investigative accounting. Litigation support because it provides assistance of all nature in a matter involving existing or pending litigation. It deals primarily with issues related with the quantification of economic damages, while investigative accounting is associated to the investigation of criminal matters [27]. Forensic Accounting is the applications of specialized knowledge and specific skills to stumble up on the evidence of economic transactions. The development of these specialized skills are basically accomplished with the instrumentality of on-the-job training as well as cognitive experiences as investigating officers and legal counsel. However there are other requirements to becoming a forensic accountant as required by the association of certified fraud examiners and it includes:

• A baccalaureate degree from a recognized institution

• Two years professional experience in fraud related matters

• Successful completion of the uniform certified fraud examiners examination, this exam is divided into four parts namely; investigation, law, financial transactions and criminology

In many instances, forensic accounting is equated to statutory audit but they are miles apart. Okoye and Gbegi [20] noted that Forensic accounting is likely similar in several ways to statutory audit of financial information, in that it will include a planning stage, a period when evidence is gathered, a review process and a report to the client. The difference would be to identify if a fraud had actually taken place, to identify those involved, to quantify the monetary amount of the fraud (for instance, the financial loss suffered by the client) and to ultimately present findings to the Board of client and potentially to court.

All Africa [9] notes that Forensic Accountants in any economy provide technical assistance and capacity building on anti-corruption through continuous skills development for professional practitioners, law enforcement agencies, public and private enterprises in Nigeria and beyond. Its practice will also foster international cooperation and enhancement of foreign direct investment into the country by creating safe and investment friendly environment for Investors and promotion of transparency and accountability in dealing with public and private sector operations in the economy.

The Professional Forensic Accountant: What he does

The functions are divided into basic and other functions.

Basic Functions

• Investigating and analysing financial evidence

• Developing computerized application to assist in the analysis and presentation of financial evidence

• Communicating their findings in the form of reports, figures and collections of documents

• Assisting in legal proceedings including testifying in the court as an expert witness

Other Functions

Investigative Accounting

• Review of the factual situation and provision of suggestions regarding possible courses of action

• Assistance with the protection and recovery of assets

• Co-ordination of other experts including; private investigators, forensic documents examiners etc.

• Assistance with recovery of assets by way of civil action or criminal prosecution

Litigation Support

• Assistance in the obtaining documentation necessary to support or refute a claim

• Review of relevant documentation to form an initial assessment of the case and identify areas of loss

• Assistance with examination for discovery including formulation of questions to be asked regarding financial evidence

• Attendance at the examination for discovery to review the testimony, assist with understanding financial issues and to formulate additional questions to be asked 

• Assist with settlement discussion and negotiation

• Attendance at trials to hear testimony of the opposing expert and to provide assistance with cross-examination

Relevant Forensic Accounting Skills

In consideration of the stream of recent financial reporting scandals, both within and outside the country Nigeria, it is imperative to enumerate the relevant skills that need be possessed by a Forensic Accountant in order to effectively conduct out an investigation (Okoye et al, 2017):

• Deductive Analysis: This appears to be the necessary requisites for Forensic Accountants towards commendably satisfying their professional objective of uncovering prevalence of potential financial fraud

• Critical Thinking: A professional Expert witness should be able to discern facts from fiction for the adequate maintenance of credible testimony

• Unstructured Problem Solving: Although Educators may have hinged accounting education on compliance with rules and procedures, Forensic accounting practice appears to have all that. This is because problem solving becomes more of an improvised approach requiring professional judgment rather than mere emphasis of structured plan

• Investigative Flexibility: It is important that Forensic Accountants move away from a narrow approach to a more holistic technique

• Analytical Proficiency: Considering the post -financial-fraud regulatory environment, researchers can infer that the ability to solve a financial puzzle with an incomplete set of pieces is an extremely important characteristic for Forensic Accountant

• Legal Knowledge: Forensic Accountants should have a working knowledge of the legal process and the rules of evidence

• Oral Communication: This is an important skill of Forensic Accountants, as it is particularly important in expert testimony when Forensic Accountants explain findings to the judge and panel of judges

• Written Communication: It is important for forensic accountant to posses ability to effectively communicate in writing, especially as their reports are routinely scrutinized

• Composure: Maintaining composure is an important skill of a Forensic Accountant. This is usually needed when making expert testimony either in deposition or court

Economic Efficiency

The quality of public administration is often tied to and weighed within the context of the efficiency with which public money earmarked for such project (s) are used and the effectiveness. This portends that efficiency cannot be meaningfully appraised without the concise capture of effectiveness. Nevertheless, Mandl et al. [28] are of the view that the measurement of efficiency and effectiveness of public spending remains a conceptual challenge.

Efficiency as term, takes into account the result obtained in relation to the resources used in that regard such that a project is considered effective when the maximum results are achieved with a given level of resources, or when it uses the minimum resources to achieve a certain level of the result [29]. OECD [30] concur to this explaining that estimating efficiency concerns the assessment of the relationship between inputs invested and outputs produced with those resources. This opinion was further extended by Mandl et al. [7] to include ‘outcomes’. According to the trio, the analysis of efficiency and effectiveness is about the relationships between inputs, output and outcomes. Unfortunately, this is the very bane of public administration in Nigeria today. A situation whereby a project worth N24 million is budgeted for N2.4 billion in a country like Nigeria that is yet to recover from the aftereffect of the 2016 economic recession experience is quite disturbing and worrisome. Recent past events at the Niger Delta Development Commission (NDDC) in year 2020 and those of the Nigeria National Petroleum Corporation (NNPC) in early 2021 calls for the immediate sanitization of the Nigerian public sector.

Measuring public spending outputs is even more complex. This is more as the coverage and scope of public services differ across countries, partly reflecting societal priorities. These disparities require that public spending effectiveness be assessed by spending area, at least for the key components, including health care, education and social assistance [31]. This, OECD [30] opines that efficiency indicators readily compare output measures with input measures. Together, these two indicators are able to express efficiency in two dimensions namely, the technical efficiency (or operational) and allocative efficiency. Shedding more light, Mandl et al. [28] explained that when measuring efficiency, a distinction can be made between technical and allocative efficiency. In their words, technical efficiency measures the pure relation between inputs and outputs taking the production possibility frontier into account. Technical efficiency gains are a movement towards this production possibility frontier (“best practice”). However, not every form of technical efficiency makes economic sense and this is captured by allocative efficiency, which introduces costs and benefits. Allocative efficiency reflects the link between the optimal combination of inputs taking into account costs and benefits and the output achieved. This implies that the concept of cost-efficiency which lays more emphasis on cost minimization and revenue maximization a major segment of allocative efficiency.

Afonso et al. [32] report that economists are concerned about the efficient use of scarce resources. The concept of efficiency finds a prominent place in the study of the spending and taxing activities of governments. According to them, Economists believe that these activities should generate the maximum potential benefits for the citizenry and a such, they castigate governments when, in their view, they use resources inefficiently. Accordingly, economic efficiency refers to the optimization of scarce resources to best serve the citizenry in that economic state. Indicators of economic efficiency include goods brought to market at the lowest possible cost and the labour that provides the greatest possible output. Thus, economic efficiency is said to persist when all goods and factors of production in an economy are distributed or allocated to their most valuable uses amid waste being eliminated or minimized. For any nation’s economy to be viewed as being stable, emphasis must be anchored on cumulatively avoiding macro-economic risks, improving exports of its local commodity, improving local consolidated revenues as well as improving-manufacturing activities [33]. This requires effective management of scarce resources and money in circulation with the techniques of exchange of various financial instruments. This would in turn not only serves as a veritable tool in strengthening the operational lapses for economic and financial crimes, but also lead to efficient utilization of scare economic resources, hence, leading to economic efficiency.

Computer Assisted Audit Techniques (CAATS)

Computer Assisted Audit Techniques (CAATs) is a tool purportedly common to the Auditors. This tool enables these professional Accountants to search for possible irregularities from a given financial data or records. It involves using computer software as indispensable tools in searching and finding relevant evidence in big data setting. With CAATs, more forensic accounting activities complemented by more analysis can be done. It is considered a helpful tool that permits Forensic Accountant to work in an efficient, professional and productive manner. Forensic accounting software (for accounting purposes) comes in two different varieties such as data extraction software and financial analysis software. 

Data extraction software is designed to conduct spreadsheet analyses on all company's computer database records, towards unveiling unusual inconsistent fluctuations that may be present. These are usually detected and subjected to further in depth investigation. Financial analysis software is used monthly, quarterly, or annual financial statements and benchmark the ratios between different accounts such as billing by revenue. The simplifies the data in automated form. 

Prior Related Studies

Okoye and Gbegi [20] carried out a study on Forensic accounting as a tool for fraud detection and prevention in the public sector. Covering selected ministries in Kogi state, data generated were analysed using multivariate analysis of variance and analysis of variance ANOVA. Findings obtained showed that the use of forensic accounting services do significantly reduce the occurrence of fraud cases in the public sector. 

In another study, Sunday and Okon, examined the quality control of forensic accounting for efficient and effective corporate management. The study revealed that the level of qualification, experience and independence of forensic experts as well as the level of internal control instituted by management do significantly affect corporate management.

Okolie [34] who worked on the relevance of forensic accounting in curbing financial crimes in developing countries such as Nigeria, deployed both empirical and descriptive research methods in the collection and analysis of data. Findings revealed that the application of forensic accounting is still at very low level due to high cost of forensic accounting equipment and time and resources required in training the Forensic Acountant.

Enofe et al. conducted an exploratory study on Forensic accounting as a panacea to fraud reduction among Nigeria firms. Data obtained through structured questionnaire were tested using simple chi-square statistical tool. The study revealed that forensic accounting enhances financial fraud prosecution, improving financial reporting credibility and firm’s financial transparency in Nigeria.

Azih and Okoli [35] worked on Forensic accounting as a veritable tool for efficient management of state public sector in Ebonyi state, sampling 62 professional Accountants at the state ministry. Data collated were tested using T-test statistics. And the study revealed that the use of forensic accounting services in the public sector readily serves as a reliable check on the level of bankruptcy or insolvency in an organization, acting as a guide in re- organization of organization financial activities, towards curtailing securities fraud in Nigeria.

Ijeoma [36] executed an empirical analysis on the use of forensic accounting techniques in curbing creative accounting. Data collected from primary sources were analyzed using Kruskal-Wallis test, Mean rank and percentage distribution. The results showed that there is a strong evidence that emergence of forensic accountants has restored confidence in the credibility of cooperate firms and their reports

Amahalu et al. [18] carried out a study on the effect of forensic accounting application on financial crime detection in Deposit Money Banks in Nigeria. A total of 35 key officials of 11 commercial banks were sampled and data generated were tested using t-test statistics. Results obtained in the study showed that forensic accounting is effective in reducing financial crimes.

Evans [37] also carried out a study on Forensic Accounting and the combat of economic and financial crimes in Ghana, The research employed survey research design by sampling 66 technical officers of Economic and Organized Crime Office of Ghana. Data collated was analyzed using regression statistical tool. It was discovered that the application of forensic accounting technique has significant impact on the combat of economic and financial crimes in Ghana.

Oseni [38] worked on forensic accounting and financial fraud in Nigeria: Problem and prospects. Survey research design was employed and data collated were tested using simple chi-square. Result obtained showed that final crimes and fraud have serious negative effect on human capital and infrastructural development in developing economic especially countries like Nigeria.

Edori [39] looked at fighting economic and financial crimes in Nigeria using forensic accounting: The moderating effect of technology. The study used the survey method and the hypotheses were tested using the Pearson Product Moment Correlation Coefficient (PPMC) statistical tool and it was discovered that forensic accounting has significant but negative relationship with economic and financial crimes, technology has significant and positive relationship with both forensic accounting and economic and financial crimes

Abuh and Acho [33] researched on Forensic accounting and economic stability in the Nigerian public sector. A total of 116 respondents were sampled from accounts departments in the ministries of finance, education and health. Data generated were analyzed using ANOVA. Finding showed that the application of forensic accounting skills and techniques has contributed immensely to the investigation of complex financial crimes thereby enhancing economic stability.

Debajie [40] conducted an investigation on the impact of forensic accounting on financial performance of investment firms. The study adopted extant review methodology and the study suggested that measurement can be improved considering the impact of forensic accountant skills and mindset on fraud risk assessment in the public and private sector.

According to a conceptual study by Abdulrahman [41] on Forensic accounting and fraud prevention in Nigeria public sector, The study, after utilizing content analysis approach, found out that significant positive influence exists between forensic accounting techniques and fraud prevention.

Ewa et al. [42], Adesola and Eseneyen, researched on evaluation of Forensic Accounting Techniques in Fraud Prevention/Detection in the Banking Sector in Nigeria. With the aid of descriptive statistics and Ordinary Least Square (OLS) model, the result revealed that the application of forensic accounting techniques significantly enhanced detection/prevention of fraud in the banking system.

Dada and Fatai [2] investigated the relevance of forensic accounting on the combat of financial crimes in the Nigerian public sector. Data collected through questionnaire and interviews were tested at 5% significant level using simple regression method of analysis. Result obtained revealed that litigation support service had significant but negative effect (reduction) on financial crimes in Nigerian public sector.

Gap in Knowledge

From the above empirical reviews, it could be observed that no prior study has been conducted on forensic accounting practices as reliable response to achieving economic efficiency in Nigeria. Although Abu and Acho [33] carried out a similar study, ANOVA statistical tool was deployed in testing the relevant hypotheses formulated. This study intends to fill this identified gap by adopting t- statistics in the test of hypotheses formulated.

The study adopts survey research design in carrying out this research work. Given the nature of the study which requires professional opinions, professional members of the two professional Accounting bodies recognized and serving as member bodies of the Financial Reporting Council (FRC) of Nigeria such as the Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria constitute the population of the study as stated below:

ICAN members 208

ANAN members 350

Total 558

Given the size of the population which is manageable enough, the purposive sampling technique was adopted in choosing the entire 558 respondents to serve as the sample size for the study.

Data used in this study were sourced mainly through the primary source of data collection by means of a structured questionnaire is based on the 5 point Likert Rating Scale weighed as Strongly Agree (5 points), Agree (4 points), Disagree (3 points), Strongly disagree (2 points) and undecided (1 point). The questionnaire were both administered electronically (through the google form medium) and physically by means of hardcopy which were retrieved almost immediately. A total of 380 responses were received successfully. Data responses collated were consequently analyzed using mean scores and standard deviation while the three hypotheses formulated to guide the study were tested using T-test statistical tool with the aid of SPSS version 23 at 0.05 significance level. 

Validity and Reliability of Instrument

The instrument (questionnaire) was reviewed by two academia to ascertain its validity even as the test for reliability of instrument was done with the aid of Cronbach’s alpha. Cronbach’s alpha or coefficient alpha was developed by Lee Cronbach in 1951, it measures reliability or internal consistency of items. Cronbach’s alpha tests to see if multiple-question Likert scale surveys are reliable. In order to ensure the reliability of the questionnaire, 20 copies of the instruments were administered to 20 Accounting personnel (10 males and 10 females) randomly selected from internal audit and payroll department of Delta state University Abraka. Delta State was chosen for the reliability test because it is outside the geographical scope of the study. The scores of the respondents were subjected to statistical analysis to determine the internal consistency of the items, this was done using Cronbach Alpha.

Deducing from Table 1 above, the Cronbach’s alpha result reveals a value of 0.706 which is above the decision threshold of 0.70. Hence, the instrument testing research question one is considered reliable.

Table 1: Reliability Statistics for Development of Forensic Investigative Skills

Source: SPSS Ver. 23

Table 2 depicts that the Cronbach’s alpha outcome of 0.821 is above the decision threshold of 0.70. Hence, the instrument testing research question two is considered reliable.

Table 2: Reliability Statistics for Computer Assisted Audit Techniques (CAATs)

Source: SPSS Ver. 23

Table 3 also indicates that the Cronbach’s alpha result of 0.755 is above the decision threshold of 0.70. Hence, the instrument testing research question three is considered reliable.

Table 3: Reliability Statistics for Forensic Accounting Practice in Public Sector

Source: SPSS Ver. 23

Analysis of Questionnaire Distribution

Table 4 showed the questionnaire distribution according to gender. The table showed that out of 500 questionnaire distributed that only 380 (76%) was filled and returned while 120 (24%) was not returned. 220 questionnaires distributed to male respondents which represents 57.89% was filled properly and returned. The table also showed that 160 questionnaires distributed to females, representing 42.11% was properly filled and retuned hence. In conclusion, 100.0% of the entire questionnaires distributed and returned was analyzed.

Table 4: Questionnaire Distribution according to Gender

Source: Field Survey, 2021

Table 5 shows the descriptive statistics of investigative questions concerning deployment of forensic investigative skills which indicates that the mean statistics of all five (5) questions records varying results with the least of them scoring a mean of 2.41 (question three) and the upper-class scoring a mean of 4.52 (question two). The summary statistics reveals a grand mean value of 3.75 for the investigative questions on deployment of forensic investigative skills which is above the cut-off threshold of 3.0. This entails that majority of the respondents agrees with the investigative questions and thus affirms that deployment of forensic accounting investigative skills have a significant effect on the secure of economic efficiency in Nigeria.

Relevance of Computer Assisted Audit Techniques

Table 5: Descriptive Statistics of Investigative Questions

Source: Field survey, 2021

Table 6 shows the descriptive statistics of investigative questions concerning the relevance of computer assisted audit techniques on resource management in Nigerian’s public sector which indicates that the mean statistics of all five (5) questions records varying results with the least of them scoring a mean of 3.11 (question four) and the upper-class scoring a mean of 4.29 (question one). The summary statistics reveals a grand mean value of 3.73 for the investigative questions on development of forensic investigative skills which is above the cut-off threshold of 3.0. This entails that majority of the respondents agrees with the investigative questions and thus affirms that there is a significant relevance of computer assisted audit techniques on resource management in Nigeria’s public sector.

Forensic Accounting Practice in Public Sector and Efficient

Table 6: Descriptive Statistics of Investigative Questions

Source: Field survey, 2021

Table 7 shows the descriptive statistics of investigative questions concerning the relationship between forensic accounting practice in public sector and efficient administration of public funds in Nigeria which indicates that the 

mean statistics of all five (5) questions records varying results with the least of them scoring a mean of 2.71 (question four) and the upper-class scoring a mean of 4.29 (question one). The summary statistics reveals a grand mean value of 3.77 for the investigative questions on development of forensic investigative skills which is above the cut-off threshold of 3.0.

This entails that majority of the respondents agrees with the investigative questions and thus affirms that there is a significant relationship between forensic accounting practice in public sector and efficient administration of public funds in Nigeria.

Table 7: Descriptive Statistics of Investigative Questions

Source: Field Survey, 2021

Test of Hypotheses         

Hypotheses One: H₀₁: Professional opinion on the relationship between the deployment of Forensic investigative skills and the secure of economic efficiency in Nigeria do not significantly differ

Tables 8 shows that the outcome of One sample t-test analysis presented above indicates a strong positive relationship between the deploy of forensic investigative skills and the secure of economic efficiency in the Nigeria public sector (t-statistics stood at 128.558). However, a p-value of 0.000 which is less than 0.05 was obtained. And given the study’s guiding rule, “accept null hypothesis if p-value is greater than 0.05, otherwise reject and accept the alternate hypothesis”, we accept the alternate hypothesis to conclude that Professional opinion on the relationship between the deployment of Forensic investigative skills and the secure of economic efficiency in Nigeria significantly differ. 

Table 8: One-Sample Test

Source: SPSS Ver. 23

The implication of this finding is that professional members of ANAN and ICAN studied appear to fear that the needed enabling environment for the practice of forensic accounting to thrive effectively in Nigeria do not to exist. This can also be trailed to the numerous challenges facing the Nigeria at the moment which includes increase in insecurity/threat to life, undue interference of Executive Arm of government, high rate of corruption, weakening and infiltration of the Nigeria judiciary et cetera, which, no doubt, readily undermines the exercise of independence, upholding of objectivity, justice system in the country and respect for the rule of law. 

This implies that while the professional opinions of the respondents sampled clearly attest to “the prevalence of a strong and positive relationship between the deployment of forensic accounting investigative skills and the consequent secure of economic efficiency in Nigeria, it equally shows that commendable significant difference exist in this opinion.

”And this has largely been attributed to the non-enabling environment obtainable in Nigeria for the practice of forensic accounting. 

Table 9: One-Sample Test

Source: SPSS Ver. 23

Hypotheses Two

H₀₁: There is no significant difference between the maximization of computer assisted audit techniques and the efficient management of financial resources in the Nigeria public sector.

Table 10 shows that the outcome of One sample t-test analysis presented above indicates a strong and positive significant relationship between forensic accounting practice in public service and the efficient administration of public funds in Nigeria (t-statistics stood at 146.868). This was further confirmed by the p-value of 0.000 which is less than 0.05 was obtained. And given the study’s guiding rule, “accept null hypothesis if p-value is greater than 0.05, otherwise reject and accept the alternate hypothesis”, we accept the alternate hypothesis and this implies that there is a strong and positive significant relationship between forensic accounting practice in public service and efficient administration of public funds in Nigeria.

Table 10: One-Sample Test

Source: SPSS Ver. 23

A cursory of the findings obtained in this study clearly indicate that a strong and positive relationship exist between the deployment of Forensic investigative skills and the secure of economic efficiency in Nigeria though significant difference persist in this Professional opinion. The study also concluded that a significant difference between the maximization of computer assisted audit techniques and the efficient management of financial resources in the Nigerian public sector. Finally, a strong and positive significant relationship between forensic accounting practice in public service and the efficient administration of public funds in Nigeria was established in this study.

These findings agree with the outcome of some previous studies such as Abuh and Acho [33] and Dada and Fatai [2]. Conclusively, given the above findings it is clear that the application of forensic accounting practice in the Nigeria public sector will not only help in fishing out the bad eggs but also ensure optimum utilization of available scare resources in the country thus leading to economic efficiency. This implies that recycling of budget will be reduced to the barest minimum as embezzling of funds for contracts awarded will also be checkmated effectively.

The study therefore recommends that an enabling environment void of insecurity and undue interference of the government be created in Nigeria to permit effortless practice of forensic accounting in Nigeria. The current move by the House of Representative of the National Assembly to establish of the Chartered Institute of Forensics and Certified Fraud Examiners of Nigeria (CIFCFEN) through a Bill awaiting passage into law is welcome development. 

Also, there is evident need for specialist professional Forensic Accountant to acquaint himself with other unique dynamic technologies-oriented skills especially those domiciled in the e-commerce and internet based businesses sector that are largely prone to cyber-attack and activities of e-hackers across the globe. 

Lastly, services of Forensic Accountants should be employed to also closely co-monitor the maximization of voted funds to ensure that they are utilized for the intended purpose.

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