Role Of The Independent Auditors In Fraud Detection, Prevention And Reporting In Corporate Organizations (A Study Of Oceanc/Ecobank Plc, Umuaha, Abia State)

ABSTRACT

The purpose of this study was to flnd1the role the independent auditor in fraud detection prevention and reporting in corporate organization data were obtained from fifty respondents in Oceanic/Ecobank Plc Umuahia, questionnaires were administer and prepared out of the sixty administered, fifty were returned personal interview were also conducted. In analyzing and interpreting the data also collected from respondents, chi-square (x2) method was used. The result showed that it was internal auditors that has the impact and role to play in fraud detecting, preventing and reporting and not the independent auditors since internal auditor is to maintain a system of internal check that prevents, report and detects fraud. Independent auditor role being to give opinion on the truth and fairness of the account. From the findings however, it can be stated that the responsibility for the preventing, detecting and reporting of irregularities and fraud rests with management who may obtain reasonable assurance by instituting an adequate system of internal control and internal audit being under management. It therefore makes them responsible to management for the prevention and detection of fraud and irregularities.