The Impact of IT Auditing on Fraud Detection in Financial Institutions: A Case Study of Union Bank of Nigeria
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Background of the Study
The increasing complexity of fraud in financial institutions necessitates robust mechanisms for its detection and prevention. Fraud in the banking sector often involves activities such as unauthorized transactions, embezzlement, and cyberattacks, which undermine public trust and financial stability (Okoroafor & Adetunji, 2024). In Nigeria, where financial fraud is a recurring issue, banks face heightened regulatory and reputational pressures to implement effective fraud detection systems.
IT auditing has emerged as a critical tool for financial institutions in their fight against fraud. By assessing the effectiveness of internal controls, evaluating IT infrastructure, and ensuring compliance with regulatory standards, IT audits provide a systematic approach to identifying and mitigating fraud risks (Oladejo & Ajayi, 2023). This study examines the role of IT auditing in fraud detection within Union Bank of Nigeria, highlighting its contributions to enhancing operational integrity and customer trust.
Statement of the Problem
Despite significant investments in IT infrastructure, Nigerian banks, including Union Bank of Nigeria, continue to experience cases of fraud. Weak internal controls, outdated IT systems, and limited compliance with auditing standards have been identified as contributing factors (Adedeji & Umar, 2025). While IT auditing has been widely adopted to address these challenges, its effectiveness in fraud detection within Nigerian banks remains underexplored.
Union Bank has faced allegations of financial irregularities in the past, which raises questions about the adequacy of its fraud detection mechanisms. This study investigates the impact of IT auditing on fraud detection in Union Bank, aiming to identify gaps and propose improvements to existing practices.
Objectives of the Study
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To evaluate the role of IT auditing in identifying fraud risks in Union Bank of Nigeria.
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To assess the effectiveness of IT auditing in enhancing fraud detection mechanisms.
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To recommend strategies for improving IT auditing practices to strengthen fraud detection.
Research Questions
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How does IT auditing help identify fraud risks in Union Bank of Nigeria?
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How effective is IT auditing in enhancing fraud detection mechanisms in Union Bank?
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What strategies can improve IT auditing practices for better fraud detection?
Research Hypotheses
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IT auditing significantly identifies fraud risks in Union Bank of Nigeria.
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IT auditing enhances the effectiveness of fraud detection mechanisms in Union Bank.
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Improved IT auditing practices lead to stronger fraud detection in Nigerian banks.
Scope and Limitations of the Study
The study focuses on IT auditing practices in Union Bank of Nigeria, with particular emphasis on their role in fraud detection. Limitations may include restricted access to confidential audit reports and potential biases in survey responses from bank employees.
Definitions of Terms
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IT Auditing: The process of evaluating IT systems and controls to ensure their effectiveness and compliance with standards.
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Fraud Detection: The identification of fraudulent activities or transactions within an organization.
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Internal Controls: Policies and procedures implemented to safeguard assets and ensure financial reporting accuracy.
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