Impact Of Auditing In Detecting And Controlling Fraud In Nigeria Banking Industry

Human beings are often said to be the most difficult animal God created because it would always desire for something or conditions better than the one it find itself. The notion has proven itself to be true giving the incessant cases of financial frauds that have littered the history of human race. 

Funny enough, fraud and other financial irregularities are on the increase in the banking institutions where money are supposed to be keep safe and free from harms and troubles.  

This research work is therefore determined to access the impact of auditing fraud detection and control in the banking sector of Nigeria. In the cause of analysis and data presentation First bank Plc. Shall be used for better presentations.

From the study, such factors like poor staffing, poor remuneration, and weak internal control among other factors contributed immensely to the incidence of fraud in banks.  The study revealed that the most effective way of preventing fraud in banks is through an effective in-built control mechanism.  This internal control mechanism is designed in such a way to designate responsibilities so that a staff’s activities are checked by another which is in turn checked by a higher officer.  This calls for a strong and independent inspection and audit department in every bank comprising of staff with impeccable integrity.

This study applied necessary data collection techniques such as questionnaires.

 

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CHAPTER FIVE