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INTERNAL CONTROL AND FRAUD PREVENTION
Abstract
The main objective of the study was to assess the effect of internal controls on fraud prevention. The questionnaire was used to obtain data for the study. A combination of purposive sampling and random sampling techniques were used to select the sample elements. A sample of ten (35) management staff including the internal auditor was selected for the study. The study revealed that, the internal control measures put in place by management have helped the bank in preventing fraud. It was again revealed that majority of the respondents agreed that management ensure that all necessary measures needed to prevent and detect fraud are provided. Also, majority of the respondents (91.4%) revealed that there is an effective supervision and implementation of internal control system capable of revealing fraudster’s mode of operations in the bank.
Keywords
Internal Control, Fraud, Prevention, Bank