An Evaluation of Forensic Accountants to Planning Management Fraud Risk Detection Procedures

The study of the evaluation of forensic accountants to planning management fraud risk detection procedures aimed at investigating the relative merits of involving forensic accountants during the planning stage of developing an audit plan that will effectively identify management fraud. Both primary and secondary sources of data were used for the study. Thirty five copies questionnaire were distributed to accountants in Kogi state, out of which 31 were filled and returned. Simple percentages mean and standard deviation were used to quantify the height of the variable. Multivariate Analysis of Variance (MANOVA) and Analysis of Variance (ANOVA) were used for the comparison of the study with Asare and Wright (2004) study. The study found out that, Forensic Accountants effectively modify the extent and nature of audit test when the risk of management fraud is high, Forensic accountants propose unique procedures that are not proposed by auditors when the risk of management fraud is high, Forensic Accountants can make to the effectiveness of an audit plan when the risk of management fraud is high, involving forensic accountants in the risk management fraud assessment process leads to better results than simply consulting them. The study recommended that forensic accountants should be involved n the planning state of an audit, before and after the auditor has identified management fraud risk factors. There is need for more training and accreditation of forensic accountants in Nigeria