The Effect of Fraud Auditing on Insider Abuse in Nigerian Oil Companies: A Study of Total Nigeria Plc
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Background of the Study
Insider abuse, defined as unethical or fraudulent activities carried out by employees or executives, poses significant risks to corporate integrity and profitability. In Nigeria’s oil sector, the issue of insider abuse has been magnified by the scale and complexity of operations, creating vulnerabilities for fraud and mismanagement. Fraud auditing serves as a critical tool for detecting, preventing, and addressing insider abuse, ensuring compliance with corporate policies and regulatory standards (ACFE, 2023).
Total Nigeria Plc, a leading player in the oil and gas industry, operates in a highly regulated environment characterized by substantial financial transactions and operational complexities. The company has adopted fraud auditing as part of its internal control mechanisms to combat insider abuse. However, challenges such as inadequate whistleblowing frameworks, collusion among employees, and limited resources may hinder the effectiveness of fraud audits in mitigating insider abuse.
This study examines the role of fraud auditing in addressing insider abuse at Total Nigeria Plc, providing insights into its impact on corporate governance and operational efficiency in the oil sector.
Statement of the Problem
Insider abuse remains a pervasive issue in the Nigerian oil and gas sector, leading to financial losses, reputational damage, and regulatory penalties. While fraud auditing is an essential strategy for combating insider abuse, its effectiveness is often limited by challenges such as insufficient training, lack of forensic technology, and resistance to whistleblowing policies.
At Total Nigeria Plc, understanding the relationship between fraud auditing and insider abuse is critical for enhancing governance structures and reducing vulnerabilities to fraud. This study seeks to bridge the knowledge gap by analyzing the impact of fraud auditing on insider abuse and proposing strategies for improvement.
Objectives of the Study
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To assess the impact of fraud auditing on insider abuse at Total Nigeria Plc.
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To identify challenges affecting the effectiveness of fraud auditing in Nigerian oil companies.
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To recommend strategies for improving fraud audit practices to combat insider abuse in the oil sector.
Research Questions
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How does fraud auditing impact insider abuse at Total Nigeria Plc?
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What challenges hinder the effectiveness of fraud auditing in Nigerian oil companies?
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What strategies can improve fraud audit practices in the oil sector?
Research Hypotheses
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H₁: Fraud auditing significantly reduces insider abuse at Total Nigeria Plc.
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H₂: Challenges such as limited whistleblowing frameworks negatively impact the effectiveness of fraud auditing.
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H₃: Enhanced fraud audit practices lead to a reduction in insider abuse in Nigerian oil companies.
Scope and Limitations of the Study
The study focuses on Total Nigeria Plc, analyzing the effect of fraud auditing on insider abuse over the period 2023–2025. Limitations include potential reluctance of employees to disclose insider abuse incidents and restricted access to sensitive audit reports.
Definitions of Terms
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Fraud Auditing: Specialized audits aimed at detecting and preventing fraudulent activities within an organization.
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Insider Abuse: Unethical or fraudulent actions carried out by employees or executives, often involving misuse of resources.
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Total Nigeria Plc: A leading oil and gas company in Nigeria engaged in exploration, production, and distribution of petroleum products.
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