THE IMPACT OF INTERNAL AUDITING IN CONTROLLING FRAUD AND OTHER FINANCIAL IRREGULARITIES

ABSTRACT

The objective of this study is to analyze the impact of internal auditing in controlling fraud and other financial irregularities in deposit money banks in Nigeria. To achieve the research objectives, a mixed-method approach was adopted in this project. Firstly, a comprehensive literature review was conducted, existing studies were analyzed and theories on internal auditing, fraud prevention and financial irregularities. This provided a theoretical framework for the research. Subsequently, the study used the primary research instrument through the administration of questionnaire to source data needed for the study. The study targeted a sample of one hundred (100) respondents, in which a total of 100 questionnaires were distributed and same number (100) was filled, retrieved, cleaned and used for this study. The data collected was analyzed using SPSS version 20.0 and descriptive statistics was used to present the results while regression test was employed to make findings on the research hypotheses. The study showed that the implementation of internal audit standards and internal audit efficiency, significantly affects the control of fraud and other financial irregularities in deposit money banks in Nigeria. The study also revealed that the professional internal audit competence and internal audit independence does not significantly influence the control of fraud and other financial irregularities. Based on the findings, the study recommends that deposit money banks in Nigeria, should prioritize adherence and implementation of internal audit standard.