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INTERNAL CONTROL SYSTEM AND FRAUD DETECTION AND PREVENTION IN NIGERIA: EVIDENCE FROM ONDO STATE
This paper aims to empirically examine the effects of internal controls on fraud detection and prevention in Nigeria. In specific terms, the study investigates the relationship between segregation of duty, system authorization and fraud detection and prevention. Ordinary least square model estimation technique was employed to analyze the relationship between the explanatory variables and the dependent variable. Primary data derived from structured questionnaire was used for the study. Findings from the study show that system authorization exhibit a joint significant relationship with fraud detection and prevention given coefficient of determination (R2) being 0.281. The study recommends that adequate system authorisaton should be allowed as a procedure for internal control system so as to prevent or detect the element of fraud.
Keywords: Detection, Fraud, Internal control, Nigeria, Prevention, System.