ABSTRACT
This study was carried out on the role of internal auditors in fraud detection and prevention in banks in Nigeria using Sky Bank as case study. To achieve this 4 research questions were formulated. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of the entire Staff of Polaris Bank, Mbgidi Branch Imo state. In determining the sample size, the researcher purposively selected 35 respondents while 30 respondents were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. While the hypothesis were tested using Chi-square statistical too. SPSS v23.
The result of the findings reveals that; the internal control system of skye bank is not effective; There is a relationship between internal auditors and fraud in Nigeria; Internal auditors can not solely prevent fraud in Nigeria banks; Internal auditors in Nigerian Banks are not very transparent and effective in detecting and preventing fraud in Nigeria banks.
Based on the findings, the researcher recommended that the management of the commercial banks should ensure that the available corporate fraud control and prevention systems are utilized, maintained and updated for effective fraud control and prevention; viable audit committee to evaluate and oversee everyday transactions of the bank and assist the management with oversight of reporting any lapses in the internal controls process of the bank; Anti-fraud seminars should be conducted on regular basis to employees; Job rotations within the bank should be planned by auditors and other senior officers to ensure effectiveness and the rotations should not be communicated ahead of time to the involved employee and to mention but a few.
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