Mr. Okunrobo, S.O

This study examines the impact of forensic audit and investigation on quoted deposit money institutions in Nigeria, with a focus on the effectiveness of these measures in detecting and preventing financial fraud. The banking sector is a critical component of Nigeria's economy, and the integrity of financial reporting is essential for maintaining investor confidence and promoting financial stability. Forensic audit and investigation have become increasingly important tools in the fight against financial fraud, as they provide a detailed examination of financial transactions and accounting records to identify potential irregularities. However, the effectiveness of these measures in the Nigerian context remains largely unexplored. Using a mixed-methods approach, this research combines both quantitative and qualitative data to investigate the impact of forensic audit and investigation on quoted deposit money institutions in Nigeria. Our sample consists of 20 quoted banks listed on the Nigerian Stock Exchange, and we collect data on their financial performance, corporate governance characteristics, and forensic audit and investigation activities over a five-year period. Our findings suggest that forensic audit and investigation have a significant impact on the financial performance of quoted deposit money institutions in Nigeria. Specifically, we XII find that banks that undergo forensic audit and investigation experience a significant reduction in financial fraud, improved financial reporting quality, and enhanced governance structures. Additionally, our results indicate that forensic audit and investigation are effective in detecting and preventing financial fraud, particularly in case involving internal fraud and misappropriation of assets. Furthermore, our study reveals that the effectiveness of forensic audit and investigation is influenced by several factors, including the expertise and independence of forensic auditors, the scope and frequency of forensic audit and investigation activities, and the level of cooperation from bank management and regulators. this research provides valuable insights into the impact of forensic audit and investigation on quoted deposit money institutions in Nigeria, highlighting the importance of these measures in maintaining the integrity of financial reporting and promoting financial stability. Our findings have implications for bank regulators, audit committees, and internal auditors seeking to strengthen their oversight and control processes.