An Evaluation of the Effectiveness of Fraud Detection Audits in SMEs: A Study of Lagos-Based Enterprises
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Background of the Study
Small and Medium Enterprises (SMEs) play a pivotal role in Nigeria's economic development, contributing significantly to employment generation and GDP growth. However, these enterprises face challenges such as financial fraud, which undermines their sustainability and growth (Adeola & Sanni, 2024). Fraud detection audits are essential for identifying irregularities, assessing financial risks, and enhancing transparency within SMEs.
In Lagos, Nigeria's commercial hub, SMEs are particularly vulnerable to fraud due to weak internal controls, limited resources for advanced auditing, and a lack of financial literacy among business owners (Chukwu & Bello, 2025). This study evaluates the effectiveness of fraud detection audits in Lagos-based SMEs, providing insights into their role in fostering financial integrity and business growth.
Statement of the Problem
Fraudulent activities such as embezzlement, false invoicing, and payroll fraud are prevalent in Lagos-based SMEs, leading to significant financial losses. Despite the potential of fraud detection audits to mitigate these risks, their adoption and effectiveness remain limited due to high costs, lack of expertise, and resistance from business owners (Ogunleye & Ibrahim, 2023).
This study examines the effectiveness of fraud detection audits in addressing these challenges, focusing on their impact on financial performance and organizational sustainability.
Objectives of the Study
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To evaluate the effectiveness of fraud detection audits in Lagos-based SMEs.
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To identify the challenges affecting the implementation of fraud detection audits.
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To propose measures for enhancing the adoption of fraud detection audits in Lagos-based SMEs.
Research Questions
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How effective are fraud detection audits in Lagos-based SMEs?
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What challenges hinder the implementation of fraud detection audits in SMEs?
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What measures can enhance the adoption of fraud detection audits in Lagos-based SMEs?
Research Hypotheses
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Fraud detection audits significantly improve financial transparency in Lagos-based SMEs.
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The effectiveness of fraud detection audits is hindered by challenges such as cost and lack of expertise.
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Enhanced adoption of fraud detection audits promotes financial integrity in SMEs.
Scope and Limitations of the Study
The study focuses on Lagos-based SMEs, analyzing their adoption and effectiveness of fraud detection audits. Limitations include the reluctance of some SMEs to disclose financial information and the variability of audit practices across industries.
Definitions of Terms
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Fraud Detection Audit: An audit designed to uncover fraudulent activities and irregularities in financial records.
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SMEs: Small and Medium Enterprises, typically characterized by limited scale, resources, and workforce.
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Financial Transparency: The clear and honest disclosure of an organization’s financial activities.
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