ROLE OF INTERNAL AUDIT IN FRAUD DETECTION AND PREVENTION IN GUARANTEE TRUST BANK PLC

ROLE OF INTERNAL AUDIT IN FRAUD DETECTION AND PREVENTION IN GUARANTEE TRUST BANK PLC

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TABLE OF CONTENTS

Title page -      -           -           -           -           -           -           -           -           -           -           -i

Declaration -   -           -           -           -           -           -           -           -           -           -           -ii

Certification-   -           -           -           -           -           -           -           -           -           -           -iii

Approval -       -           -           -           -           -           -           -           -           -           -           -iv

Dedication-     -           -           -           -           -           -           -           -           -           -           -v

Acknowledgements-   -           -           -           -           -           -           -           -           -           -vi

Table of contents -      -           -           -           -           -           -           -           -           -           -viii

Abstracts-        -           -           -           -           -           -           -           -           -           -           -xii

CHAPTER ONE

1.1    Background to the study-            -           -           -           -           -           -           -           -           -1

1.2    Statement of the problem-           -           -           -           -           -           -           -           -4

1.3    Research objectives-        -           -           -           -           -           -           -           -           -4

1.4    Research hypothesis-       -           -           -           -           -           -           -           -           -5

1.5    Significance to the study-            -           -           -           -           -           -           -           -           -5

1.6    Scope and limitation to the study-           -           -           -           -           -           -           -6

1.7    Definition of terms. -       -           -           -           -           -           -           -           -           -6

CHAPTER TWO: LITERATURE REVIEW

2.1   Introduction -      -           -           -           -           -           -           -           -           -           -8

2.2   Concept of Internal Audit and Internal Control -          -           -           -           -           -8

2.3   Internal Audit Functions -          -           -           -           -           -           -           -           -10

2.4   Theories of Fraud-          -           -           -           -           -           -           -           -           -12

2.5   Internal Audit Function- -           -           -           -           -           -           -           -           -22

2.6   Effect of Fraud on Banks-          -           -           -           -           -           -           -           -26

2.7   Elements of Fraud Auditing-      -           -           -           -           -           -           -           -27

2.8   Measures of controlling Fraud in Banks-            -           -           -           -           -           -29

2.9   Empirical Literature Review-      -           -           -           -           -           -           -           -32

2.10 Summary of the Chapter -          -           -           -           -           -           -           -           -35

CHAPTER THREE: RESEARCH METHODOLOGY

3.1   Area of study-     -           -           -           -           -           -           -           -           -           -37

3.2   Method of investigation-            -           -           -           -           -           -           -           -           -37

3.3   Population, sample size and sampling technique-           -           -           -           -           -38

3.4   Sources of Data Collection         -           -           -           -           -           -           -           -38

3.5   Methods of Data Collection-      -           -           -           -           -           -           -           -38

3.6   Validation of research instrument and testing -  -           -           -           -           -           -38

3.7   Measurement of variables -         -           -           -           -           -           -           -           -38

3.7.1 Dependent variable-       -           -           -           -           -           -           -           -           -39

3.7.2 Independent variable-    -           -           -           -           -           -           -           -           -39

3.8   Research instrument-      -           -           -           -           -           -           -           -           -39

3.7  Method of  Data analysis -          -           -           -           -           -           -           -           -39

CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND INTERPRETATION

4.1   Introduction -      -           -           -           -           -           -           -           -           -           -41

4.2   Demographic data of the respondents-   -           -           -           -           -           -           -41

4.3    Data  presentation -        -           -           -           -           -           -           -           -           -47

4.4   Test of Hypothesis-         -           -           -           -           -           -           -           -           -52

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1   Summary-            -           -           -           -           -           -           -           -           -           -57

5.2   Conclusion-         -           -           -           -           -           -           -           -           -           -58

5.3   Recommendations-         -           -           -           -           -           -           -           -           -59

         Bibliography-     -           -           -           -           -           -           -           -           -           -62

         Appendix -         -           -           -           -           -           -           -           -           -           -66

ABSTRACT

 

The ongoing global crisis and the importance of the banking system stability as a dominant sector within Nigerian financial system, makes the role of internal audit crucial. Despite the importance of this function, is internal audit at the required professional level to protect the banks from the complexity of risks they are exposed? Fraud is a major problem in the banking sector. It effect on the survival and continuous operation of the bank cannot be overemphasized. It is against this background that this study assessed the role of internal audit in fraud detection prevention in Guarantee Trust Bank Nigeria Plc. The descriptive research method was adopted for this study and data collected through questionnaire and oral interview. The data was analyzed and presented using tables and percentages while chi-square was used to test the hypotheses formulated for the study. The findings of this study revealed that internal audit has a significant role in fraud detection and prevention.  It also revealed that, fraud occurrence is largely due to poor management, poor internal control system and corruption. Based on these findings, it is recommended that management should ensure continuous policies and strategies aimed at effective and efficient management of resources. That management should continually engage the services of qualified and experienced internal auditors which will not only put in place an effective internal control system but which will equally enhance it. Finally, education, proper enlightenment and above all self discipline is recommended to step down the level of corruption not only in banks but also in Nigeria as a whole.

 

 

 

 

 

 

 

 

 

 

 

 

CHAPTER ONE

INTRODUCTION

1.1          Background to the Study

A well-organized and efficient banking system is an essential pre-requisite for overall economic growth of every country. Banking industry plays an important role in the functioning of organized money markets, and also acts as a conduit for mobilizing funds and channelizing them for productive purposes. But it has been observed during the last 50 years that even the sophisticated markets and long-functioning banking systems have had significant bank failures and bank crisis on account of increasing magnitude of frauds. According to the Association of Certified Fraud Examiners’ (ACFE, 2012) ‘Report to the Nations,’ “the cost of fraud to the US organizations is extensive—5 percent of annual revenues, despite increased emphasis on anti-fraud controls and recent legislation to combat fraud.” Indeed, bank failures are a direct threat to the economy of any country, and hence, urgent regulatory changes are required to be designed to decrease the probability of future bank failures and lessen the cost of bank failures. Fraud detection in banking industry is a critical activity that can span a series of fraud schemes and fraudulent activity from bank employees and customers alike. Banks, therefore, need to get their customers actively involved in their fraud prevention efforts as customers may be willing to switch to competing banks if they feel left in the dark about those efforts. Thus, banking industry’s risk mitigation and fraud prevention efforts must support a financial institution’s strategic goals of increasing customer satisfaction and contributing additional revenue—all while protecting customers and the organization’s reputation. Since banking industry is a highly-regulated industry, there are also a number of external compliance requirements that banks must adhere to in the combat movement against fraudulent and criminal activity.

Fraud is a major economic crime which our banking industries faces today. In discussing frauds in banks, it is pertinent to ask questions; What is fraud? Who a


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