The Impact of Fraud Audits on Financial Integrity in Nigerian Banks: A Case Study of Access Bank Plc
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Background of the Study
Fraud remains a persistent challenge in the banking sector, threatening financial integrity, stakeholder trust, and organizational performance. In response, fraud audits have emerged as a vital mechanism for detecting and preventing fraudulent activities. These audits involve systematic reviews of financial transactions, internal controls, and compliance measures to identify potential fraud risks (Okechukwu & Adeyemi, 2024). The Nigerian banking sector, including Access Bank Plc., has faced significant challenges in maintaining financial integrity, with fraud cases linked to internal collusion, poor governance, and weak internal controls (Eze & Akande, 2025).
Access Bank Plc., as one of Nigeria's leading financial institutions, has implemented robust fraud auditing mechanisms to enhance transparency and accountability. Despite these efforts, questions remain regarding the effectiveness of these audits in reducing fraud and ensuring financial integrity. This study explores the impact of fraud audits on Access Bank’s financial integrity, contributing to the discourse on improving fraud prevention in Nigerian banks.
Statement of the Problem
Fraudulent activities in Nigerian banks have led to substantial financial losses, eroded public trust, and damaged the reputation of affected institutions. Access Bank Plc. has made considerable investments in fraud audits, but there is limited empirical evidence on their effectiveness in addressing systemic risks. Fraud audits are often hindered by factors such as technological inadequacies, lack of skilled auditors, and regulatory gaps (Afolabi & Oluwole, 2023).
This study addresses the need for a deeper understanding of how fraud audits influence financial integrity in Access Bank Plc., focusing on their ability to detect and prevent fraudulent activities.
Objectives of the Study
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To assess the role of fraud audits in improving financial integrity in Access Bank Plc.
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To evaluate the challenges affecting the effectiveness of fraud audits in the bank.
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To recommend strategies for enhancing fraud audit practices in Nigerian banks.
Research Questions
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How do fraud audits improve financial integrity in Access Bank Plc.?
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What challenges affect the effectiveness of fraud audits in Access Bank Plc.?
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What strategies can enhance fraud audit practices in Nigerian banks?
Research Hypotheses
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Fraud audits significantly improve financial integrity in Access Bank Plc.
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The effectiveness of fraud audits is affected by challenges such as technological inadequacies and lack of skilled auditors.
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Implementing advanced fraud audit practices enhances financial integrity in Nigerian banks.
Scope and Limitations of the Study
The study focuses on fraud audits conducted within Access Bank Plc., assessing their impact on financial integrity. Limitations include access to confidential audit data and potential biases in employee responses.
Definitions of Terms
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Fraud Audit: A systematic examination of financial records and internal controls to detect and prevent fraudulent activities.
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Financial Integrity: The adherence to ethical standards and transparency in financial reporting and operations.
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Internal Controls: Policies and procedures implemented by an organization to safeguard its assets and ensure financial accuracy.
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