Title:
Accounting Software and Financial Irregularities in Selected Deposit Money Banks in Nigeria

Authors:
Ogundajo Grace Oyeyemi, Ogunsola Oluwatosin Adetutu, Omidiji David Olugbenga, Kassim Shamusideen Kehinde, Nigeria

Abstract:

Purpose:

The study examined the nexus between accounting software and financial irregularities using some selected deposit money banks in Nigeria. Specifically, the study examined the extent by which banks' fraud is detected, reduced and prevented by deployment of accounting software.

Methodology: The study population comprised of 13 money deposit banks listed on the Nigeria stock exchange as at 31^st December 2020. 70 respondents were sampled from 7 of the banks randomly selected from the entire population. Data was obtained using a well-structured questionnaire. Data collected were analyzed using descriptive statistics and analysis of variances.

Findings:

Findings disclosed significant relationship exists between accounting software and detection, reduction and prevention of banks financial irregularities. Though available statistics reflected an increase in both the number as well as amount of bank frauds, the study inversely showed that deployment, review and continuous upgrade of accounting software has been able to detect, reduce as well as prevent fraud in Nigerian Banks.

Recommendations:

Based on the study’s findings, it was suggested that banks should fund research into fraud management while at the same time investing more in highly sophisticated software that will be able to eliminate residual loopholes in banking operations that fraudsters often take advantage of to perpetrate fraud. They should engage in training and retraining of their employees while they should introduce more stringent measures in their staff recruitment exercise to reduce engagement of staff with high tendency for fraud.

DOI: https://doi.org/10.51505/IJEBMR.2025.9215