ABSTRACT
The study examined the effect of
internal control system as a factor of fraud prevention in Nigeria financial
system. The study was carried out in Access Bank Plc and Ecobank Plc, in
Umuahia, Abia State. The specific objectives were to ascertain the effect of
control environment on fraud prevention in Nigeria financial system, to
determine the effect of risk assessment on fraud prevention in Nigeria
financial system, to examine the effect of information and communication on
fraud prevention in Nigeria financial system. The study adopted descriptive and
survey method. The data was sourced from the questionnaire that was issued to
staff of Access Bank and Ecobank Plc. The data was analyzed using simple
regression analysis. The result revealed that Control environment has a
significant effect on fraud prevention, risk assessment has a significant
effect on fraud prevent, information and communication has a significant effect
on fraud prevention. It was recommended that only qualified and experience
staff should be appointed to head internal audit department if internal control
should stand the test of time. Internal auditors should be well remunerated in
order to maintain their integrity in carrying out their work. 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.
UDUH, U (2021). Effects Of Internal Control System On Fraud Prevention In Nigeria Financial System. Mouau.afribary.org: Retrieved Nov 02, 2024, from https://repository.mouau.edu.ng/work/view/effects-of-internal-control-system-on-fraud-prevention-in-nigeria-financial-system-7-2
UDONNA, UDUH. "Effects Of Internal Control System On Fraud Prevention In Nigeria Financial System" Mouau.afribary.org. Mouau.afribary.org, 22 Jul. 2021, https://repository.mouau.edu.ng/work/view/effects-of-internal-control-system-on-fraud-prevention-in-nigeria-financial-system-7-2. Accessed 02 Nov. 2024.
UDONNA, UDUH. "Effects Of Internal Control System On Fraud Prevention In Nigeria Financial System". Mouau.afribary.org, Mouau.afribary.org, 22 Jul. 2021. Web. 02 Nov. 2024. < https://repository.mouau.edu.ng/work/view/effects-of-internal-control-system-on-fraud-prevention-in-nigeria-financial-system-7-2 >.
UDONNA, UDUH. "Effects Of Internal Control System On Fraud Prevention In Nigeria Financial System" Mouau.afribary.org (2021). Accessed 02 Nov. 2024. https://repository.mouau.edu.ng/work/view/effects-of-internal-control-system-on-fraud-prevention-in-nigeria-financial-system-7-2