ABSTRACT
The study focused on internal auditing as an
effective tool for fraud detection and prevention of commercial banks in
Nigeria. Problem such as misappropriation of public funds, theft, and
embezzlement fraud could arise in banks where there is no auditing. The problem
of fraud in the banking industry is caused by lack of cognizance between the
aspiration of staff and corporative objective, little or inadequate experience
ofemployees in relation to the function assigned to them, lack of training and
lack of internal control system. To curb or eliminate these faults, internal
control measures would be employed. The study made used of a survey research design
and data collected were analyzed using regression analysis. The study revealed
that that there is a sign flcant relationshzp between internal auditing and
fraud detection and prevention. Additionally, the study revealed that there is
a signfIcant relationshzp between internal control system and fraud detection
and prevention. Based on the findings ofthe study, it is concluded that, to
ensure effective prevention and control offraud in micro-finance ban Jci,
management of the banks should ensure that internal auditing is well recognized
and established in all department to match that of the commercial banks. It is
recommended that to ensure internal auditing stand the test of time, only
qualified and experience accountants should be appointed to head internal audit
department in banks. Internal auditors should be well remunerated in order to
maintain their integrity in carrying out their work. Finally, Internal checks,
such as operational control should be built into banking system to simplify the
processing of entries in order to secure prompt services, to help in minimizing
errors and to act as insurance against possible collusion.
GABRIEL, E (2021). Effect Of Internal Auditing On Fraud Detection And Prevention Of Commercial Banks In Nigeria . Mouau.afribary.org: Retrieved Nov 01, 2024, from https://repository.mouau.edu.ng/work/view/effect-of-internal-auditing-on-fraud-detection-and-prevention-of-commercial-banks-in-nigeria-7-2
EDET, GABRIEL. "Effect Of Internal Auditing On Fraud Detection And Prevention Of Commercial Banks In Nigeria " Mouau.afribary.org. Mouau.afribary.org, 07 Jul. 2021, https://repository.mouau.edu.ng/work/view/effect-of-internal-auditing-on-fraud-detection-and-prevention-of-commercial-banks-in-nigeria-7-2. Accessed 01 Nov. 2024.
EDET, GABRIEL. "Effect Of Internal Auditing On Fraud Detection And Prevention Of Commercial Banks In Nigeria ". Mouau.afribary.org, Mouau.afribary.org, 07 Jul. 2021. Web. 01 Nov. 2024. < https://repository.mouau.edu.ng/work/view/effect-of-internal-auditing-on-fraud-detection-and-prevention-of-commercial-banks-in-nigeria-7-2 >.
EDET, GABRIEL. "Effect Of Internal Auditing On Fraud Detection And Prevention Of Commercial Banks In Nigeria " Mouau.afribary.org (2021). Accessed 01 Nov. 2024. https://repository.mouau.edu.ng/work/view/effect-of-internal-auditing-on-fraud-detection-and-prevention-of-commercial-banks-in-nigeria-7-2