THE ROLE OF AUDITORS IN PREVENTION OF FRAUD IN BANKING INDUSTRY OR BANKS

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ABSTRACT

 

Chapter one contains the introduction and analysis of fraud. So many people define fraud in different way because of its inexplicit meaning. It also concentrate on the limitation, objectives and importance of auditing in our banking industry

While chapter two deals with the definition of Auditors and their duties in banking industry. It also  discussed about various types, causes, effects of frauds in banks as well as the role of Auditors to hip it in the bud.

The paper equally looked into the means of preventing or reducing the incidence of fraud in the banking industry or operation. From the analysis, it was established that there are incidence of fraud in our banks. It was equally discovered that fraud occurs more frequently on current account department than in any other departments and this is normally done through forged cheques. It was also discovered that bank frauds can hardly succeeded without the aid of bank staff.

Finally, it was discovered that frauds have effects in operation and progress of the frauds have effects in operation and progress of the banks despite the control technique that have been instituted by the management of the bank.

 

TABLE OF CONTENT

 

Title page

Approval page

Dedication

Acknowledgement

Abstract

Table of contents.

 

CHAPTER ONE

• Introduction
• Background of the study

 

CHAPTER TWO

2.1 Who is an auditor and duties of an auditor

2.2 Types of fraud

2.3 Causes of frauds in banking industry

2.4 Effect of fraud in banks

2.5 The role of auditors in fraud prevention

 

CHAPTER THREE

3.1 Summary / findings

3.2 Conclusion

3.3 Recommendations

CHAPTER ONE

 

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

The last two decade have witnessed an alarming increase in the incidence of commercial bank fraud in Nigeria which result in heavy lost to the banks and its customers. Nigeria, being a developing economy with increasing level of mechanization developing market as well as low level of competence in management. Experienced one of the most serious threat to the spread and practice of banking within the period.

Nigeria is one of the societies where corruption is the rule. Values are grossly misplaced and emphasis an wealth are able to accumulate. Undoubtedly bank frauds posses both economic and social problems and huge sum of capital has been lost by banks. Most Nigeria wants to be classified and included into the class of wealth millionaires even when they have not worked hard to be classified as rich people.

These are numerous existing laws targeted at controlling fraud but the general attitude of some Nigerians seem to make nonsense of the statutes existence. Most times, the law are visited only when the less privileged ones are involved (IKPE DENNIS NNAMDI). There is also a strain in the bank customer relationship and the image of the bank as a trust worthy financial center has been adversely affected. It is necessary the problem of bank fraud should be critically viewed and handled with perception considering the geometric rise in fraud want activities in commercial banks so as to restore a fraud free banking.

 

1.2     STATEMENT OF PROBLEM

It is necessary to highlight that many organization fail to report cases of fraud to the appropriate authorities as they believe doing so will give undue publicity or negative image of the organization lack of discipline and inability of the law enforcement agents to prosecute 044 enders accordingly encourage fraudulent practices among individuals.

      Some people are over-ambitious hence prone to country fraud. They dismiss morality