Sustainable Forensic Accounting amidst Growing Sophisticated Technological Advancement and Corporate Fraud as Challenges
Abstract
Forensic accounting plays a crucial role in preventing and detecting financial fraud, com-binding investigative skills with accounting expertise to uncover financial record’s discrepancies. As corporate fraud schemes grow more sophisticated, forensic accountants utilize modern techniques such as data analytics, artificial intelligence (AI), and blockchain for fraud detection and prevention. Despite technological advancement, forensic accounting faces numerous challenges such as cyber-enabled financial fraud, the extent of fraud crime distribution, absence of specialized technology, and the cooperation among stakeholders. The objective of this research was to investigate how these challenges influences effective, comprehensive and sustainable forensic financial report in Nigeria, questionnaire was used for data collection from a random sample size of three hundred professional accountants in 30 auditing firms out of which 293 questionnaires were recovered forming a 97.7% response rate and was analysis using SPSS software. The descriptive statistics included frequency, percentage, means, and standard deviation were used to measure the demographic characteristics and sample trends for the different paragraphs of the questionnaire, The results showed that Despite technological progress, forensic accounting faces numerous challenges which include complexity of financial fraud, which often involves cross-border transactions and complicated concealment tactics., the growing volume of financial data, Legal and regulatory inconsistencies across jurisdictions further complicate fraud investigations, making enforcement cumbersome. Furthermore, fraudsters are increasingly using emerging technologies, such as cryptocurrency and cyber- enabled financial crimes, to circumvent traditional detection mechanisms. In view of the above, the researcher recommended that, forensic accountants should enhance their analytical capabilities, integrate AI and machine learning tools, and work with cybersecurity experts. Regulatory bodies should also implement strict compliance frameworks to check financial fraud in Nigeria. Key Words: Forensic accounting; Financial fraud; cyber-enabled financial fraud, Cross-border financial fraud and regulatory frameworks and legal challenges 1.0