CONTINUOUS AUDITING, FORENSIC ACCOUNTING, AND CYBER-ENABLED DETECTION OF FINANCIAL FRAUD IN NIGERIAN DEPOSIT MONEY BANKS

Abstract

The increasing complexity of digital banking has created new opportunities for cyber-enabled financial fraud in Nigerian DM banks, necessitating effective mechanisms for timely detection and investigation. This study examined the effects of continuous auditing and FA on cyber-enabled financial fraud detection. A cross-sectional survey design was adopted. The population comprised 584 relevant staff of five selected deposit money banks in Calabar, Cross River State, from which a sample of 237 respondents was determined using the Taro Yamane formula. Data were collected through a structured questionnaire and analyzed using descriptive statistics, Pearson correlation, and multiple regression. The findings showed that continuous auditing had a positive and significant effect on cyber-enabled financial fraud detection (β = 0.512, t = 7.70, p < .001), while forensic accounting also had a positive and significant effect (β = 0.388, t = 5.84, p < .001). The two variables jointly had a significant effect on fraud detection (F = 91.82, p < .001), explaining 51.7% of its variation (R² = 0.517). The study concluded that integrating continuous auditing with FA strengthens cyber-enabled financial fraud detection. Banks should invest in automated monitoring, forensic expertise, and digital investigation capabilities.