The Effectiveness of Internal Auditing in Fraud Detection in Fagge Local Government Area
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Background of the Study
Fraud is a significant concern in both the private and public sectors, including local government operations. It undermines public trust, wastes resources, and disrupts the achievement of key objectives. In Fagge Local Government Area, fraudulent activities such as misappropriation of funds, payroll fraud, and procurement fraud have been observed, leading to the need for robust mechanisms to detect and prevent such activities.
Internal auditing is a critical tool in detecting and preventing fraud within organizations, including local government institutions. Internal auditors assess the effectiveness of internal controls, review financial transactions, and identify areas where fraud may occur. They also play an advisory role, recommending improvements to safeguard resources. In Fagge Local Government Area, the role of internal auditing in fraud detection remains underexplored, thus necessitating this study.
Statement of the Problem
Despite the presence of internal auditing mechanisms in Fagge Local Government Area, fraud remains a significant issue. This indicates the need for a comprehensive evaluation of how internal auditing contributes to the detection and prevention of fraudulent activities. This study investigates the effectiveness of internal auditing in identifying and addressing fraud in Fagge Local Government.
Aim and Objectives of the Study
Aim:
To assess the effectiveness of internal auditing in detecting fraud in Fagge Local Government Area.
Objectives:
- To examine the internal auditing practices used in Fagge Local Government Area.
- To evaluate the role of internal auditing in fraud detection.
- To recommend strategies for improving the effectiveness of internal auditing in fraud prevention.
Research Questions
- What internal auditing practices are used in Fagge Local Government Area to detect fraud?
- How effective are these internal auditing practices in identifying fraudulent activities?
- What measures can improve the effectiveness of internal auditing in fraud detection in Fagge Local Government Area?
Research Hypotheses
- Internal auditing practices significantly contribute to the detection of fraud in Fagge Local Government Area.
- There is a positive relationship between the effectiveness of internal auditing and the reduction of fraud in Fagge Local Government Area.
- The lack of adequate internal auditing practices leads to an increase in fraudulent activities in Fagge Local Government Area.
Significance of the Study
This study will provide insights into how internal auditing can be improved to enhance fraud detection and prevention in local government settings, contributing to better governance and financial management.
Scope and Limitation of the Study
The study focuses on internal auditing practices within Fagge Local Government Area. Limitations include access to sensitive financial data and possible variations in auditing practices across different departments.
Definition of Terms
Internal Auditing: The independent evaluation of an organization’s internal controls, financial transactions, and compliance with laws and regulations.
Fraud Detection: The process of identifying irregularities or fraudulent activities within an organization.
Local Government Area: A specific administrative region within a country, responsible for local governance and public service delivery.
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