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ANALYSIS OF FRAUD DETECTION AND PREVENTION STRATEGIES IN THE INDIAN PUBLIC SECTOR
This research paper particularly tries to understand and analyze how the frauds take place and what triggers such fraudulent activities with respect to the Indian public sector. The paper also tries to analyze what are the strategies and means by which the successful prevention and identification of such frauds can be managed beforehand. In order to find how in public sector in India the frauds start to occur, The researchers with the help of research questions, tries to achieve the objective of causes and reasons towards the incidence of fraudulent activities. In this paper various hypothesis were made and for that, review of the secondary literature related to the concerned topic was made. The formulated hypothesis Was put to pilot study, by taking the sample from the population. In this paper the public sector organizations in India Chosen for the pilot test were 30 companies from NCR. The major aim of the study was to Find out if there exists any relationship between the strategies, policies and procedures of these public sector organizations with respect to the scams and frauds happening in them. The researchers jaws 30 public-sector organizations and took out the sample size as 28 organize Asians using the “YaroYamane” formula. Further, the researchers used the questionnaire survey tool for primary data collection and distributed 392 questionnaires to the respondents. Out of these questionnaires filled, The researchers could use and file 350 surveys from which the data was collected , being coded using SPSS 21.0. The required data analysis was done in order to approve or disapprove the major objective of this research. The main tests used were chi square and Analysis of variance. The researchers found that because of lack of the internal control and a vigilance system, the Indian public sector management is poor and lacks integrity due to which they are more prone to fraud happening. It was also found that there is a positively significant relationship between the use of management fraud prevention policies and the occurrence of these frauds. Hands in the public sector it is the very strong internal control mechanism that is required along with latest auditing methods in order to prevent the fraudulent activities. It was further found that because of lack of integrity and genuineness, the individuals get resorted and take advantage by using various deceptive means that causes loss to another party.
Keywords: Corporate scam, fraud prevention, public sector, prevention audits, public perception.