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Preventing and Detecting Fraud in Nigerian Banks Through Effective Internal Control: An Opinion Survey

Faboyede, Olusola Samuel and Ogundana, Oyebisi Mary. (2011) Preventing and Detecting Fraud in Nigerian Banks Through Effective Internal Control: An Opinion Survey. The Nigerian Accounting Horizon, 4 (1). pp. 165-181. ISSN 2006-1013

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Fraud has become a pervasive challenge in the banking sector in Nigeria. It has turned to an unfortunate staple in the nation’s international reputation. Weak internal control system has been identified as the major problem in fraud perpetration in Nigerian banks. This opinion and exploratory study aims at highlighting the role played by an effective and efficient internal control system in the survival banks. It establishes the extent to which good internal control can help prevent, detect, and deter banking fraud. The survey research design employs the use of both primary and secondary data. Sample population was based on four randomly selected Nigerian banks. Data collected was analyzed by using regression tests, Statistical Package for Social Sciences (SPSS), and descriptive statistics. Findings show that an effective and properly monitored control system is essential in preventing, deterring, and detecting any form of fraudulent activity in banks. The paper therefore recommends the management of banks should ensure that a properly designed evaluated and monitored internal control system with stricter enforcement and penalty measures is all the time existent and functional. Corporate governance stakeholders such as the government, regulatory bodies, and audit committees are also enjoined to provide regular checks and balances which would ensure that there are no deviation from sound internal control practices.

Item Type: Article
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Faculty of Law, Arts and Social Sciences > School of Humanities
Depositing User: Dr Samuel Olusola/S.O. Faboyede
Date Deposited: 31 Mar 2015 17:54
Last Modified: 31 Mar 2015 17:54

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