FRAUD RISK ASSESSMENT AND MITIGATION IN PUBLIC ACCOUNTING AUDITS
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FRAUD RISK ASSESSMENT AND MITIGATION IN PUBLIC ACCOUNTING AUDITS
This study focuses on fraud risk assessment and mitigation in public accounting audits. The objectives are to identify effective fraud risk assessment techniques, to evaluate the role of public accountants in fraud prevention and detection, and to assess the challenges faced in implementing fraud risk mitigation strategies. A survey research design was adopted to collect data from auditors and forensic accountants. Using Taro Yamane's formula, a sample size of 220 respondents was determined to ensure representativeness. The study is based in Lagos, Nigeria, due to its high incidence of corporate fraud cases. The reliability coefficient score for the survey instrument was 0.89, indicating high reliability. Findings reveal that techniques such as risk assessment models, data analytics, and forensic audits are effective in identifying fraud risks. Public accountants play a pivotal role in implementing these techniques and recommending mitigation strategies. Challenges such as limited access to data, resistance from management, and the need for continuous professional development were identified. The study recommends that organizations invest in advanced fraud detection technologies and provide ongoing training for auditors to enhance their fraud risk assessment capabilities.
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