AUDITING AND FRAUD CONTROL IN CORPORATE ORGANISATIONS IN NIGERIA

ABSTRACT

This study evaluated the impact of auditing on fraud control in the 22 microfinance banks in Benin City that are recognized by the Nigeria Deposit Insurance Corporation (NDIC) for the period 2023. The study was carried out with the use of primary data generated from questionnaires distributed to respondents for the period on which the descriptive statistics test and the multivariate regression analysis were used. Auditing was represented by internal auditing, forensic auditing, and external auditing, and three research hypotheses were formulated from each of the variables. The result of the findings revealed that all the variables (internal auditing, forensic auditing, and external auditing) had a positive and significant relationship with fraud control in the selected entities. The study recommends that corporate organizations strengthen internal audit functions, embrace forensic auditing techniques for proactive fraud detection, reinforce external auditor independence through measures like firm rotation and conflict policies, and implement robust confidential whistleblowing mechanisms. Adopting these measures can enhance fraud control, auditing practices, and cultivate an ethical business environment.