FORENSIC ACCOUNTING AND PREVENTION OF FRAUD AND FALSIFICATION IN LISTED INSURANCE COMPANIES IN NIGERIA
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TextPublisher: Mountain Top University ACCOUNTING AND FINANCE August,2023Edition: Dr. Olurin EnitanDescription: 91pSubject(s): ACCOUNTINGSummary: The study examined the effect of forensic accounting on the prevention of fraud and falsification in listed insurance companies in Nigeria. The independent variable was Forensic Accounting and the dependent variable was fraud and falsification. Assets Diversion (AD), Exaggerated Claims (EC), Falsified Medical History (FMH) and Premiums Diversion (PD) were used as proxies for fraud. The research design adopted was the descriptive research design. The researcher made use of primary data which was sourced from questionnaire that were administered to 10 listed insurance companies out of the 25 listed insurance companies
in Nigeria. Simple linear regression analysis was used to analyze the data. Findings from the study revealed that Forensic Accounting has a significant effect on Assets Diversion in listed insurance companies in Nigeria with a p value of .000, Forensic Accounting has a significant effect on Exaggerated Claims in listed insurance companies in Nigeria with a p value of .000,
Forensic Accounting has a significant effect on Falsified Medical History in listed insurance companies in Nigeria with a p value of .000, and Forensic Accounting has a significant effect on Premiums Diversion in listed insurance companies in Nigeria with a p value of .000. The results and the findings imply that forensic accounting has significant effect on assets diversion, exaggerated claims, premiums diversion and falsified medical history in listed insurance companies in Nigeria. It implies that forensic accounting has significant effect on prevention of fraud and falsification in listed insurance companies in Nigeria. The study concludes that Forensic Accounting has a significant effect on the Prevention of Fraud and Falsification in Listed Insurance Companies in Nigeria. The study recommends that listed insurance companies in Nigeria should train their staff and create awareness to reduce the
risk of assets diversion, engage the services of forensic accountants to reduce the incidence of these fraud, reduce the cost of health insurance, prevent premiums diversion by the insurance agents or brokers.
KEYWORDS: Assets Diversion, Exaggerated Claims, Falsified Medical History, Forensic
Accounting, Fraud, and Premiums Diversion.
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The study examined the effect of forensic accounting on the prevention of fraud and falsification in listed insurance companies in Nigeria. The independent variable was Forensic Accounting and the dependent variable was fraud and falsification. Assets Diversion (AD), Exaggerated Claims (EC), Falsified Medical History (FMH) and Premiums Diversion (PD) were used as proxies for fraud. The research design adopted was the descriptive research design. The researcher made use of primary data which was sourced from questionnaire that were administered to 10 listed insurance companies out of the 25 listed insurance companies
in Nigeria. Simple linear regression analysis was used to analyze the data. Findings from the study revealed that Forensic Accounting has a significant effect on Assets Diversion in listed insurance companies in Nigeria with a p value of .000, Forensic Accounting has a significant effect on Exaggerated Claims in listed insurance companies in Nigeria with a p value of .000,
Forensic Accounting has a significant effect on Falsified Medical History in listed insurance companies in Nigeria with a p value of .000, and Forensic Accounting has a significant effect on Premiums Diversion in listed insurance companies in Nigeria with a p value of .000. The results and the findings imply that forensic accounting has significant effect on assets diversion, exaggerated claims, premiums diversion and falsified medical history in listed insurance companies in Nigeria. It implies that forensic accounting has significant effect on prevention of fraud and falsification in listed insurance companies in Nigeria. The study concludes that Forensic Accounting has a significant effect on the Prevention of Fraud and Falsification in Listed Insurance Companies in Nigeria. The study recommends that listed insurance companies in Nigeria should train their staff and create awareness to reduce the
risk of assets diversion, engage the services of forensic accountants to reduce the incidence of these fraud, reduce the cost of health insurance, prevent premiums diversion by the insurance agents or brokers.
KEYWORDS: Assets Diversion, Exaggerated Claims, Falsified Medical History, Forensic
Accounting, Fraud, and Premiums Diversion.
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