COMPLIANCE AUDITS AND RISK ASSESSMENTS IN FIDUCIARY ACCOUNTING
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COMPLIANCE AUDITS AND RISK ASSESSMENTS IN FIDUCIARY ACCOUNTING
Abstract: Compliance audits and risk assessments are fundamental components of fiduciary accounting, ensuring adherence to legal standards and mitigating financial risks. This research aims to (1) explore the impact of compliance audits on the overall risk profile of organizations, (2) evaluate the methodologies used by fiduciary accountants in conducting risk assessments, and (3) determine the effectiveness of compliance audits in preventing financial irregularities. A survey research design was employed, appropriate for collecting detailed feedback from a broad range of fiduciary accountants about their practices and experiences. The sample size, calculated using Taro Yamane’s formula, includes 250 fiduciary accountants, ensuring a 95% confidence level and a 5% margin of error. The case study focuses on a prominent financial institution in Abuja, known for its stringent compliance and risk management practices. The reliability coefficient score for the survey was 0.90, suggesting excellent reliability. Findings indicate that regular compliance audits significantly reduce the incidence of financial misconduct and enhance risk management frameworks. The study recommends that financial institutions integrate advanced analytical tools in their compliance audits and encourage a culture of continuous improvement in risk assessment processes.
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