THE IMPACT OF FORENSIC ACCOUNTING ON REVENUE GENERATION IN THE PUBLIC SECTOR IN NIGERIA: A STUDY OF FEDERAL INLAND REVENUE SERVICE

OLUSOLA SILVANUS ABU

Abstract


Revenue generation is of great importance in ensuring the effective running of the various organs of government. To improve and increase revenue generation, various strategies and tools must be adopted by government agencies saddled with this responsibility. The objective of the study is to examine the impact of the application of Forensic Accounting on revenue generated by the Federal Inland Revenue Service. Although forensic accounting techniques have been adopted by many organizations and government agencies in many countries
worldwide, it is a relatively new phenomenon in Nigeria. It has been applied by the Central Bank of Nigeria and the Economic and Financial Crimes Commission in resolving many highprofile cases of financial fraud within country. The method used in this research work was the exploratory research design. Questionnaires were administered for collecting data using random sampling techniques. The results of this study showed that although there was an overall increase in the income generated by the Federal Inland Revenue Services during the study period forensic accounting was not a major contributing factor. Majority of officials of the Service are familiar with the techniques and practices of forensic accounting and they appreciate the impact it can make in helping the Service fulfill its mandate; they however acknowledged that forensic accounting is not readily applied by the Service. While majority of the respondents (68%) agree that FIRS has forensic accountants as part of its officials, many of them (49%) are of the opinion that forensic accounting has not contributed to the increased
revenue generated by FIRS over the study period. It is thus recommended that machinery be put in place by the Federal Inland Revenue to apply and maximize the potential benefits of Forensic accounting so that it can further achieve its mandate and increase the income being generated for government activities in the years to come. For example, FIRS could set up a special unit forensic accounting unit, charged with the responsibility of helping the service maximize the potential benefits of forensic accounting in boosting its income


Keywords


Revenue generation is of great importance in ensuring the effective running of the various organs of government. To improve and increase revenue generation, various strategies and tools must be adopted by government agencies saddled with this responsibili

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International Journal of Management Science Research ISSN ISSN 2536 – 605X(Print)

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