Accounting Ethics and Minimization of Financial Crimes in the Nigerian Banking Sector

Authors

  • Etim Osim Etim University of Uyo, Uyo Nigeria https://orcid.org/0000-0003-0529-3212
  • Ihenyen Joel Confidence Niger Delta University, Bayelsa State, Nigeria
  • Usen Paul Umo Akwa Ibom State University Nigeria
  • Augustine Brendan Inyang Topfaith University, Mkpatak, Nigeria
  • Seth Woulf Tueridei Niger Delta University, Bayelsa State, Nigeria

Keywords:

Accounting Ethics, Fraud, Financial Crime, Fraud Prevention

Abstract

This study examined the role of accounting ethics in minimizing financial crimes in the Nigerian banking industry. Regression analysis found a significant positive influence of ethics on fraud prevention. Also, an independent samples t-test revealed a significant difference in financial crime rates between high versus low ethics compliance banks. The findings revealed that improving employee awareness of regulations reduces violations, but ethical breaches still occur due to ignorance, rationalization and pressure. Regular training programs on compliance are lacking. The study concludes that accounting ethics compliance plays a pivotal role in preventing financial crimes but concerted efforts are required to strengthen frameworks, monitoring, deterrence and continuous education to entrench ethical values. Key recommendations include regulatory agencies enhancing their oversight of banks' ethics compliance, mandatory ethics training for employees, establishing confidential whistleblowing channels, and management exemplifying ethical conduct.

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Published

2024-09-30

How to Cite

Etim, E. O., Confidence, I. J., Umo, U. P., Inyang, A. B., & Tueridei, S. W. (2024). Accounting Ethics and Minimization of Financial Crimes in the Nigerian Banking Sector. International Journal of Accounting Intelligence (IJAI), 2(3), 75–94. Retrieved from http://icidr.org.ng/index.php/Ijai/article/view/1700

Issue

Vol. 2 No. 3 (2024): International Journal of Accounting Intelligence

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Articles

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