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ACCOUNTING INFORMATION SYSTEM TECHNIQUES AND FRAUD PREVENTION IN NIGERIAN BUSINESS ORGANISATION

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CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

The basic task of both accounting and the accounting information system in a business enterprise is to ensure sufficient information required by statutory regulations for the requirements of the tax administration, various statistics, and executives/managers when making decisions at all levels while at the same time reducing or preventing fraud or related practices. The accounting information from the accounting information system (AIS) helps managers at all levels in business organizations to determine and manage all problems in the process of achieving organizational goals. The information from the accounting information system helps them in all four stages of problem-solving and decision-making (i.e., recognize the problem, identify alternatives, evaluate the alternatives, and make the decision). Accounting captures and records the financial effects of transactions. The accounting also distributes transaction information to operations personnel to coordinate many of their daily key tasks. In addition to employees, managers, and shareholders, the operation of a business enterprise is also significant for the customers, suppliers, tax administration, and other authorities. Each of the above users has specific areas of interest in the operation of an enterprise, and they all use information obtained from the accounting information system. In short, the accounting information system(AIS) produce information for internal and external users so as to prevent fraudulent practices.

The widespread frauds in modern organizations have made traditional auditing and investigation inefficient and ineffective in the detection and prevention of the various types of frauds confronting businesses world-wide. (Onuorah and Appah, 2012) The incidence of fraud continues to increase across private and public sector organizations and across nations. Fraud is a universal problem as no nations is resistant, although developing countries and their various states suer the most pain. Today; modern organized financial crimes have appeared. Financial crimes such as employee the, payroll frauds, fraudulent billing systems, management the, corporate frauds, insurance fraud, embezzlement, bribery, bankruptcy, security fraud (EFCC, 2004), among others, have taken the centre stage in the scheme of things; and on the scale of private, public and governmental preference. Financial crimes today have grown wild, and the emergence of computer software coupled with the advent of internet facilities has compounded the problem of financial crimes. Besides, the detection or minimization of these crimes are made more difficult and committing these crimes much easier. (Izedonmi, and Ibadin, 2012). All these, no doubt, remain outside the ambit of the statutory auditor to report on except he is placed on inquiry. T

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ACCOUNTING INFORMATION SYSTEM TECHNIQUES AND FRAUD PREVENTION IN NIGERIAN BUSINESS ORGANISATION
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