Forensic Auditing and Accounting as Tools for Fraud Detection and Prevention: A Case Study of Ghana’s Ministry of Finance

The need for more comprehensive and investigative audit procedures has increased due to the rising incidence of financial fraud in Ghana's public sector. Accounting, auditing, and investigation skills are all integrated in forensic auditing and accounting, which has become a vital tool for identifying fraud that standard audit techniques have often overlooked. This research assessed the Ministry of Finance’s adoption of accounting and forensic auditing as standard tools for fraud identification and prevention. It considered forensic audit methods, including Forensic Audit Investigation Techniques (FAIT), Computer-Assisted Audit Tools (CAATs), and Forensic Audit Reporting Quality (FARQ). The study’s primary objective was to evaluate forensic auditing and accounting as tools for fraud detection and prevention using the Ministry of Finance as a case study. The study employed a survey research approach and collected primary data from 142 audit and finance professionals using structured questionnaires. Multiple regression analysis was used to analyse the data using SPSS version 23. The results indicated that, with p-values less than 0.05, all three variables; FAIT, CAATs, and FARQ, have a positive and statistically significant impact on fraud detection. This suggests that the Ministry’s capacity to identify and address fraudulent activity is significantly improved by the application of investigative methods, sophisticated audit tools, and excellent reporting. The research makes the following recommendations in light of these findings: (i) improving training in forensic investigation techniques; (ii) increasing the use of CAATs in all units; and (iii) improving the timeliness and evidentiary quality of forensic audit reports. In Ghana’s public sector, strengthening these areas will encourage accountability, transparency, and efficient fraud control.

Forensic Auditing, results, Case Study

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