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The Role of Forensic Accountants in Tax Fraud Prevention in Nigeria

Over the past decades, actual tax revenue generated has consistently fall short of the budgeted tax revenue expected due to tax fraud; this is issue has left government with little funds to finance the huge capital expenditure needed for economic development. It is important to address the issue of tax fraud in Nigeria. As such, this study examines the role of forensic accountants in prevention of tax fraud in Nigeria. The study adopts a survey research design. Data is collected with the aid of questionnaires (5 Likert’s scale) targeted at practicing financial accountants, forensic accountants, tax experts and academics. Out of 200 questionnaires sent online, 38 were returned which formed the sample for the study. Data gotten is analyzed with Descriptive statistics (mean and percentages). Findings revealed that the role of forensic accounting has not improved tax fraud detection and prevention in Nigeria which consequently has negative impact on tax revenue generation in Nigeria. In consonance with the study findings, the study recommends that, government should create a strong data base for all eligible tax payer that is electronical. Also, there should be data harmonization across all sectors of the economic so as to prevent easy facilitation of offshore account running, false payroll filing, payment of employees in cash and non-remittal of withholding tax. By doing this, tax payers can easily be tracked and any event of tax fraud easily be detected by forensic accounting experts. There should be creation of specific court by law for special and speedy prosecution of tax fraudsters aided by forensic evidence. This will improve the effectiveness of tax administration in Nigeria.