This document discusses the role of forensic accounting in national development and transformation. It begins with introducing the concepts of economic growth, development, and transformation. Forensic accounting techniques can help solve economic problems and issues through investigating financial records, identifying fraud, and providing expert testimony. For example, forensic accountants helped a governor in Nigeria reclaim his electoral mandate by analyzing financial records and providing witnesses and evidence of voting irregularities. The document recommends that forensic accounting skills can contribute to national development by enhancing corporate success, identifying environmental damages, and helping resolve disputes.

1. The Role of Forensic Accounting in National
Development and Transformation
Compiled and Presented
By:
Godwin Emmanuel OYEDOKUN
(HND, BSc. Ed, MBA, MTP (SA), ACA, ACIB, FCTI, AMNIM, ACCA-CertIFR, CFA, CFE, CNA, FCFIP, FCE, CICA, ABR, CPFA)
godwinoye@yahoo.com +2348033737184, +2348055863944
Assistant Director (Head) Education, Research & Technical
The Chartered Institute of Taxation of Nigeria
Being a paper delivered at the Nigerian Students’ Economic and Finance Summit
(NISEF) 2015; of Obafemi Awolowo University’s Chapter of the Nigeria University
Accounting Students’ Association
Theme: Transformation Agenda and Good Leadership: A springboard for
Sustainable Economic Development

2. 2

3. 3
The Facilitator- “Nemo Dat Quod Non Habet”
Godwin Emmanuel Oyedokun, HND, BSc.Ed, MBA, MTP (SA), ACA, FCTI, ACIB, AMNIM, CAN, FCFIP, CICA, CFA,CFE, CPFA, ABR, CertIFR
Assistant Director (Head) – Education, Research & Technical Directorate of The Chartered Institute
of Taxation of Nigeria (CITN)
Godwin is an Experience Certified Fraud Examiner, Chartered Accountant, Chartered Tax Professional,
Certified Forensic Accountant, Chartered Banker, Chartered Manager, Insolvency Practitioner, and Financial
Analyst of good repute.
He also holds a Certificate in International Financial Reporting (CertIFR) of Association of Certified
Chartered Accountant (ACCA)
He is a seasoned professional who is currently serving as an Advisory Council Member of Association of
Fraud Examiner (ACFE), Austin, USA, and Vice President of Nigeria Chapter of same Association
Godwin is a leader in Forensic Accounting and Fraud Investigation, he is a sought after intellectual, who has
presented over 35 technical papers in various Training/Seminars on Forensic Accounting, Fraud
Investigation, Internal Audit & Control, Risk Management, IFRS, ICT, Strategic Management, Finance &
Accounting related subjects. He is also an Examiner to The Chartered Institute of Bankers of Nigeria (CIBN)
on “Introduction to Financial Accounting (FA)” and “Information Communication Technology (ICT)”
He has been trained on Forensic Accounting, Accountancy and Fraud Investigation and other Finance &
Accounting related courses, in Ghana, Senegal, Liberia, Cote d’Ivore, Canada- Toronto, at some States in
United State of American and in Nigeria including Lagos Business School of Pan Atlantic University.
He was the Assistant Director (Head) – Finance & ICT of The Chartered Institute of Taxation of Nigeria
(CITN).
He is the Chief Technical Consultant to OGE & CO Professional Services Ltd. (www.ogecops.com) and A &
D Forensic Consults Ltd. Nigeria (www.adforensicconsults.com).

4. This presentation will cover the following major sub topics :
• Protocol
• Appreciation
• Introduction
 Economic growth
 Economic development
 Economic transformation
 Forensic Accounting
 Role of Forensic accounting in Economic development and transformation
 Summary and Conclusion
 Recommendation
 end
Contents
Oyedokun Godwin Emmanuel

5. Protocol
 The Vice Chancellor Professor Bamitale Omole, PhD
 The Deputy Vice Chancellor
 The Registrar
 The Bursar
 Other Principal Officers of the University
 Professor T. A. A Agboola, PhD, FCA, the HOD Management and Accounting
Department
 Professor T. O. Asaolu, PhD, FCA, the former HOD Management and Accounting
Department
 All my Senior Colleagues and Lecturers in Accounting Department
 Invited Guests and Speakers
 Mr. Adeoba Oluwadamilola V, The President, NUASA OAU
 Mr. Agbalagba Dennis, The Chairman Local Organizing Committee
 Other Executive/Representatives/members of NUASA OAU Chapter
 Ladies and gentle men
 Great Nigeria Students!!!

6. Appreciation
 I wish to appreciate the entire students of management and accounting
department of Obafemi Awolowo University and most especially the
leadership of the University’s NUASA executives ably led by Mr. Adeoba
Oluwadamilola Vincent for continuing in this good initiative.
 I must also thank you all for the resolution of the members of the
Association at the congress held on March 27, 2014, where I was
nominated and appointed as one of the Patrons of Nigerian Universities
Accounting Students’ Association, Obafemi Awolowo University Ile Ife,
with effect from March 28, 2014.

 My appreciation also goes to my Dad and Senior Colleague, Professor T.
O. Asaolu, PhD, FCA, for his fatherly care on us all in the profession. His
work on Forensic Accounting with Professor A. A. Owojori, PhD, FCA
really helps in all my presentations on Forensic Accounting both here in
Nigeria and aboard. Thank you for being there for us.

7. Introduction
 The theme of this summit is “Transformation Agenda and
Good Leadership: A springboard for Sustainable Economic
Development” while my discussion today will be on the
topic; “Role of Forensic Accounting in National
Development and Transformation”.
 In order to do justices to both the theme in general, and my
allotted topic in particular, this presentation will therefore
be premised on National Development, Economic Growth,
Economic Transformation and Forensic Accounting
Techniques.
 We will look at how the techniques of forensic accounting
can help in national development and transformation for
better tomorrow.

8. Economic Growth
 Economic Growth is an increase in a country's real level of
national output which can be caused by an increase in the
quality of resources, and improvements in technology or in
another way an increase in the value of goods and services
produced by each and every sector of the economy.
 Economic Growth can be measured by an increase in a
country's GDP (i.e Gross Domestic Product) (Diffen.com).
 You will recall Nigeria’s rebased DGP makes it the largest
economy in Africa and the 26th largest in the world at $510
billion (GTBank outlook 2015).

9. Economic development
 Economic development is a normative concept which applies
in the context of people's sense of morality (i.e right and
wrong, good and bad). Economic development is an increase
in living standards, improvement in self-esteem needs and
freedom from oppression as well as a greater choice (Michael
Todaro).
 The most accurate method of measuring development is the
Human Development Index which takes into account the
literacy rates & life expectancy which affect productivity and
could lead to Economic Growth. It also leads to the creation
of more opportunities in the sectors of education,
healthcare, employment and the conservation of the
environment.
 It implies an increase in the per capita income of every
citizen.

10. Economic development
 Per capita income, also known as income per person, is
the mean income of the people in an economic unit such as
a country or city.
 It is calculated by taking a measure of all sources of income
in the aggregate (such as GDP or Gross national income)
and dividing it by the total population (diffen.com;
wikipedia.org).

11. Economic transformation
 Transformation could be said to mean the act or process of
transforming something (here nation or economy), or the
state of being transformed or change in form, appearance,
nature, or character.
 Economic transformation can also be liken to mean a
seemingly miraculous or deliberate change in the appearance
of a Nation or generally in national outlook.
 For Nigeria to achieve her desired development, growth and
economic transformation, she need a set of transformational
leaders.
 To a Psychology Expert, Cherry (nd), “transformational
leaders do or most inspire greater performance in group
members”.

12. Economic transformation
 Thus, “such leaders are/is someone who took control of the situation by conveying
a clear vision of the group's goals, a marked passion for the work, and an ability to
make the rest of the group feel recharged and energized.
 This person is just an ideal of persons or group of persons that are called
transformational leader(s)” (Cherry, nd).
 Transformational leadership is a type of leadership style that can inspire positive
changes in those who follow. Transformational leaders are generally energetic,
enthusiastic, and passionate. Also, they are also focused on helping everyone
succeed as well (Cherry, nd).
 Cherry, (nd) suggested the following as the components of Transformational
Leadership:
 Intellectual Stimulation
 Individualized Consideration
 Inspirational Motivation
 Idealized Influence
 If any of the above components of transformational leadership is lacking,
meaningful transformation may not exist in such economy.

13. National Development and Economic Growth
 From the above, it is therefore clear that there is a clear-cut difference
between development and growth. In some cases, there might be
development without growth.
 Nigeria just like other nations is faced with the twin problem of National
Development and Economic growth, in the recent time some are even
taking of economic transformation!!! Why? Because it is generally believed
that the elites are always the beneficiaries of the “real things”.
 Based on this fact, this had made other countries to refer to Nigeria as a
“Third World Country”, underdeveloped and/or developing country.
 What could have led to this accolades for the country is basically lack of
some basic amenities that were supposed to be provided by the
Government such as; Electricity, Pipe-Borne water, hospital, education and
so on. This makes the country as laughing stock that is prone with poverty,
corruption, nepotism, low morals of the workforce and so on.

14. National Development and Forensic Accounting
 National Development could be likened to “Core Welfare Indicators”. For National
Development to occur in a Country, the following must be in place as scheduled
thus (Emerson, nd):
 Household Demographic indicators;
 Household welfare;
 Agriculture;
 Household Amenities;
 Employment Opportunities;
 Sound Education, Literacy and Enrolment Rates;
 Access to essential Health Facilities.
 Developmental issues had been described as very apt in all the societies. Without a
meaningful indicators of development, the citizens of a country would continue to
experienced abject poverty, continuous high level and/or white-collar of
corruption, health issues at the highest level, and other attendant factors that could
be discouraging to the citizenry.
 Any nation without a meaningful development that could be recognized as being
national could be referred to as a “Weak State”.

15. National Development and Forensic Accounting
 We all need to join our hands in building our Nation (Nigeria) so as to see
her developed as we all clamored for. Gambari (2008) highlighted five (5)
main nation-building challenges Nigeria faces viz: the challenge from our
history; the challenge of socio-economic inequalities; the challenges of an
appropriate constitutional settlement; the challenges of building
institutions for democracy and development; and the challenge of
leadership.
 Our quest for nation-building, have recorded some successes, such as
keeping the country together in the face of many challenges. However,
these challenges continue to keep us from achieving our full potential
(Gambari, 2008).
 Among possible solutions to the challenges faced in economic
transformation or and economic development is the introduction of
forensic accounting techniques.
 This may to some extent look strange, but it is a known fact that there exist
forensic accounting techniques and also there exist empirical research
showing how these techniques can be employed in solving vex economic
problem

16. National Development and Forensic Accounting
 According to Webster's Dictionary Forensic means, "belonging to, used
in or suitable to courts of judicature or to public discussion and debate."
Forensic Accounting, provides an accounting analysis that is suitable to the
court which will form the basis for discussion, debate and ultimately
dispute resolution (Zysman 2004).
 As noted in research conducted by Oyedokun (2014), the field of forensic
accounting is not a new concept, though it has grown in popularity in
recently, it has its root and basis on the understanding of the mind of the
fraudster in order to understand why frauds are committed (Oyedokun,
2014; Hecht and Redmond 2010).
 Forensic accounting is based upon the scientific detection, interpretation
and communication of evidences through a thorough investigation of
books and records of an accounting system. It is considered to be an
independent professional judgment, which can deliver findings as to
accounts, inventories, or the presentation thereof that is of such quality
and that would be sustainable in some adversarial legal proceeding, or
within some judicial or administrative review (Oyedokun, 2014).

17. National Development and Forensic Accounting
 Forensic Accounting is different from the old debit or credit accounting as it provides an
accounting analysis that is suitable to the organization which will help in resolving the
disputes that arise in the organization (Owojori and Asaolu, 2009).
 This resolution according to Oyedokun (2014) can be extended to our dear Nation Nigeria at
large.
 The political and electoral case of the State of Osun, Nigeria in the year 2007, where the
Governor, Ogbeni Rauf Aregbesola utilized forensic Accountants in proving his case in appeal
court and thereby reclaim his mandate as the Governor of the State. This was well report in
Wikipedia as follows:
 “Aregbesola was formerly an activist. He was Lagos Commissioner for Works and
Infrastructure when he ran for election in April 2007 on the Action Congress platform. In May
2008, Aregbesola called over 100 witnesses and tendered 168 exhibits in his petition before the
Election Petitions Tribunal, alleging violence and ballot boxes stuffing in the election.
………….He also claimed that 12 people had died in the election violence” (en.wikipedia.org).
 From the above, it was noted that the use of 100 witnesses, 168 exhibits and confirmed claim
that 12 people had died in the election violence earned Aregbesola his mandate where Justices
of the Federal Appeal Court, Ibadan finally declared him (Aregbesola) the winner of the 2007
election, ordering that he be sworn in as governor by noon on 27 November 2010.

18. National Development and Forensic Accounting
 Owojori and Asaolu (2009) concluded that forensic accounting is the bests ever growing areas
of accounting that enables in enhancing the chances of success in day to day life of corporate
firm by surmounting all the vexing and critical problems of corporate field as panacea.
 The Role of Forensic Accounting in Solving the Vexed Problem of Corporate World
according to Owojori and Asaolu (2009) are as follows:
 Giving preliminary advice as an initial appraisal of the pleading and evidence available at the
start of proceedings.
 Identifying the key documents which should be made available as evidence. This is important
when the forensic accountant is acting for the defense and lawyers are preparing lists of
documents to tender in court.
 Preparing a detailed balanced report on quantum of evidence, written in a language readily
understood by a non-accountant and dealing with all issue, irrespective of whether or not
they are favourable to the client.
 Reviewing expert accounting reports submitted by the other party which may have impact on
the quantum of evidence and advising lawyers on these reports.
 Briefing legal counsels on the financial and accounting aspects of the case during pre-trial
preparation.
 The other plane of the forensic accountant can initiate measure for introduction of
environment accounting to highlight the damage done to the environment by the possible
recoupment of such damages or replenishment of lost properties through environmental
management continually.

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A Forensic Accounting have skills in many areas viz:
Auditing skills
Investigative knowledge and skills
Criminology
Accounting knowledge
Legal knowledge
Information technology (IT) knowledge and skills
Communication skills
Report Writing Skill
Knowledge and Skill Set for Forensic Accountants

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24. Wednesday, February 18, 2015 24

26. Conclusion and Recommendation
 The development of any society is the interplay between man and his environment. This interplay
according to Gambari (2008) that ensure self-discovery plays a major role in energizing, conscientizing,
motivating and mobilizing the people towards a common goal. This paper looks at the role of Forensic
accounting in national development and transformation.
 Gambari (2008) opined that society with strong value system will experience high development and
discipline group of people while a society with weak value system will experience chaos and
underdevelopment. While transformation is not the same as development or growth, it is said to mean the
act or process of transforming something (here nation or economy), or the state of being transformed or
change in form, appearance, nature, or character. Economic transformation on the other hand as been seen
to mean a seemingly miraculous or deliberate change in the appearance of a Nation or generally in national
outlook. For a nation to transform meaningfully, such nation must have transformational leaders. As
postulated by Burns (1978), transformational leadership can be seen when "leaders and followers make
each other to advance to a higher level of moral and motivation." Through the strength of their vision and
personality, transformational leaders are able to inspire followers to change expectations, perceptions, and
motivations to work towards common goals.

 Umotong (nd) believed that most countries are faced with the challenge of National Development and that
Nigeria is grappling with this challenge which is blamed on leadership. National development can
therefore be seen as the sustainable improvement in both material and spiritual life of a nation, and which
must be realizable in ways consistent with the protection of human dignity (Umotong, nd).
 Forensic accounting been most growing field is said to have capacity to help in resolving the problem of
national development and economic transformation. Forensic accounting is sufficiently thorough and
complete according to Dada (2013) to, deliver findings in some adversarial legal proceeding, or within some
judicial or administrative review.

27. Recommendation
 This paper agree with Umotong (nd) that:
 …for Nigeria to experience real National Development, there must be genuine and
sincere effort to substitute love for domination, for equality; for love of victory, we
must substitute justice; and for dichotomous greed, we must substitute
cooperation. Our elite must be sensitive and considerate and must think of the
nation as one family and further our common interest by the intelligent use of
natural resources towards prosperity. Our elite must believe in the worth of the
human person and live above the materialistic and exploitative tendencies, which our
founding fathers inherited from the colonialists.
 Corruption and economic self-indulgence impact negatively on the effort to
transform Economic, therefore, economic transformational leadership must ensure
they observe the components of transformational leadership as postulated by
Cherry, (nd) viz: Intellectual, Individualized Consideration, Inspirational
Motivation, and Idealized influence
 Both leadership and followership should be morally upright, to achieve socio-
political stability, which in turn ensure national development and transformation.
 Forensic accounting techniques should be integrated in developmental effort by
transformational leadership to bring about desired national development.

28. Thank you

29.  Adekoya, H. O. & Ajilore, K. (2012) Empowering National Development in Nigeria through
Appropriate National Communication Policy. Kuwait Chapter of Arabian Journal of Business
and Management Review Vol. 2, No.3; Nov. 2012
 Association of Certified Fraud Examiners (Year 2013): 2013 International Fraud Examiners Manual
 Burns, J. M. (1978). Leadership. N.Y: Harper and Raw.
 Cherry K. (nd). How Transformational Leadership Inspire;
downloaded from http://psychology.about.com/od/leadership/a/transformational.htm
 Dada, S. O. (2013); Forensic Accounting and the Fight against Corruption in Nigeria (1999
– 2010): Being A Doctoral Degree Thesis Presented to the Department of Business
Administration, School Of Postgraduate Studies , Babcock University, Ilishan Remo Ogun
State. Nigeria
 Economic Development vs. Economic Growth
http://www.diffen.com/difference/Economic_Development_vs_Economic_Growth
 Enyi, E.P (2008): Detecting Causes of Variances in Operational Outputs of Manufacturing
Organizations: A Forensic Accounting Investigation Approach. Downloaded from
http://ssrn.com/abstract=1144783 on 17/03/2014
 Gambari I. A. (2008), The Challenges of Nations Building: the case of Nigeria: Being paper
presentation Under-Secretary-General and Special Adviser to the United Nations Secretary-
General First year Anniversary Lecture; Mustapha Akanbi Foundation; Sheraton Hotel Abuja,
Nigeria on 7 February 2008:
http://www.mafng.org/anniversary/challenges_nation_building_nigeria.htm
 GTBank Nigeria Macroeconomic ad banking sector themes for 2015
References & Further Reading

30.  Hopwood, Leiner and Young (2009); Forensic Accounting, McGraw-Hill International.
 Nigeria Youth And National Development http://saharareporters.com/article/nigeria-youth-and-
national-development
 Owojori, A.A and T. O. Asaolu (2009), The Role of Forensic Accounting in Solving the Vexed Problem of
Corporate World; European Journal of Scientific Research ISSN 1450-216X Vol.29 No.2 (2009), pp.183-187 ©
EuroJournals Publishing, Inc. 2009 http://www.eurojournals.com/ejsr.htm
 Oyedokun, G. E (2013). Audit, investigation and forensic accounting: Similarities and
differences. Being a lecture delivered at the Institute of Chartered Accountants of Nigeria’s
forensic accounting certification programme
 Oyedokun, G. E (2014). Integrity of Financial Statement and Forensic Accounting Techniques in
Internal Control of Business Organization: Being a pre-field Master of Science in Accounting
Thesis presented at the Department of Accounting, Babcock University (Unpublished): Ilishan-
Remo Ogun State on December 4, 2014
 Rasey. M, (nd), History of Forensic Accounting; retrieved on August 21, 2014 from
http://www.ehow.com/about_5005763_history-forensic-accounting.html
 Shanikat M. and A. Khan (2013), Culture-Specific Forensic Accounting Conceptual
Framework: A Skills Set Theoretical Analysis: International Journal of Business and
Management; Vol. 8, No. 15; 2013 ISSN 1833-3850 E-ISSN 1833-8119 Published by Canadian
Centre of Science and Education
 Zysman, A., (2004). Forensic accounting demystified. World investigators network standard
practice for investigative and forensic accounting engagement? Canadian Institute of Chartered
Accountants.
References & Further Reading