SOURCE:

Faculty: Management Sciences
Department: Accountancy

CONTRIBUTORS:

Nenyiaba, I. C.
Osisioma, B. C.
Okoye, E. I.

ABSTRACT:

This study examined White Collar Crimes in Nigeria with a view to determining the extent to which International Accounting Reporting Standards and other accounting measures can combat it.Ex-post facto and Descriptive research techniques were adopted. Nine null hypotheses centred on influence of International Accounting Standards and other accounting measures on financial reportswere formulated and tested.Data were obtained from survey in which questions were administered on public servants and bankers. Secondary data were obtained fromAnnual Accounts of banks and Nigerian governments, Nigeria Deposit Insurance Company and Factbook of the Nigerian Stock Exchange.The hypotheses were tested with the following Statistical tools;Karl Pearson Product Moment Correlation Coefficient, z-test for proportion, Anova, multiple regression, Chow tests using Eview 7, SPSS version 21 and Microsoft Excel toolpak 2010 packages. The study revealed that in Nigeria Auditors education level, International Financial Accounting Reporting Standards and Whistle Blowing, in descending order of importance, are significant contributors to obtainingFraud Free Financial Report (FFFR).Furthermore, thatrate of compliance with accounting standards in the public sector is below international bench mark. The study then recommends thatwhistle blowers should be protected in laws that created corporate regulatory agencies in Nigeria. Furthermore, entities in the public sector should file annual accounts with both the Corporate Affairs Commission and Financial Reporting Council of Nigeria and that the agencies should act as watch dogs on compliance with standards.Finally, the study contributes to knowledge by veeringaway from frauddetection models developed by prior researchers. Itevaluated key determinants of (contributor to) fraud free financial reportsand attached weight to each of them. Furthermore, in contrast to current global rave,the study decried unwholesome adoption of International Financial Reporting Standards and preferredadaptation of the standards by developing economies.