FRAUD RISK ASSESSMENT AND PREVENTION IN FIDUCIARY ACCOUNTING
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- NGN 5000
FRAUD RISK ASSESSMENT AND PREVENTION IN FIDUCIARY ACCOUNTING
This research aims to (1) evaluate the methods used by fiduciary accountants to assess fraud risk, (2) assess the effectiveness of current fraud prevention strategies, and (3) explore challenges in implementing these strategies. A survey design was chosen to collect comprehensive data from fiduciary accountants. Using Taro Yamane's formula, a sample size of 130 accountants was calculated from a population of 210 in Lagos. A leading fiduciary accounting firm in Lagos was selected as the case study to provide specific insights. The survey instrument’s reliability coefficient score was 0.88, indicating high reliability. Findings indicate that while fiduciary accountants employ a variety of methods for fraud risk assessment and prevention, challenges such as limited resources and evolving fraud tactics persist. The study recommends the adoption of advanced fraud detection tools and continuous training to enhance the effectiveness of fraud prevention strategies in fiduciary accounting.
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