The impact of managerial accounting on fraud detection in Nigerian banks: A study of UBA Plc
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Background of the Study
Fraud detection in the banking sector is a crucial aspect of ensuring the financial integrity of institutions and protecting customer assets. In the Nigerian banking industry, where fraud and financial mismanagement have been significant concerns, the role of managerial accounting in fraud detection is increasingly critical. Managerial accounting, which involves the preparation of internal reports for decision-making, budgeting, cost management, and performance evaluation, can play a pivotal role in identifying and preventing fraudulent activities (Oluwadare & Adeoye, 2024). The United Bank for Africa (UBA) Plc, one of Nigeria’s largest financial institutions, has implemented various accounting practices to detect and prevent fraud within its operations. The effectiveness of managerial accounting practices such as internal control systems, variance analysis, and financial monitoring in detecting fraudulent activities, however, remains under-researched. This study aims to evaluate how managerial accounting techniques at UBA Plc contribute to fraud detection and prevention.
Statement of the Problem
Despite the adoption of sophisticated financial systems in Nigerian banks, including UBA Plc, fraud remains a significant challenge. The ability of managerial accounting to detect early signs of fraud through effective internal controls, variance analysis, and monitoring mechanisms is not fully understood. This study seeks to explore the relationship between managerial accounting practices and fraud detection in UBA Plc, addressing the gap in research regarding how these practices contribute to the prevention of fraudulent activities.
Objectives of the Study
- To assess the role of managerial accounting practices in fraud detection at UBA Plc.
- To evaluate the effectiveness of specific managerial accounting techniques in preventing fraud within UBA Plc.
- To provide recommendations on improving fraud detection practices using managerial accounting techniques at UBA Plc.
Research Questions
- How do managerial accounting practices contribute to fraud detection at UBA Plc?
- What specific managerial accounting techniques are employed by UBA Plc in fraud detection?
- How effective are these managerial accounting practices in preventing fraudulent activities at UBA Plc?
Research Hypotheses
- Managerial accounting practices significantly contribute to fraud detection at UBA Plc.
- Techniques such as variance analysis and internal controls are highly effective in preventing fraud within UBA Plc.
- The use of managerial accounting practices leads to a reduction in the incidence of fraud at UBA Plc.
Scope and Limitations of the Study
This study will focus on UBA Plc, examining its use of managerial accounting techniques in fraud detection. The study will collect data through interviews with key personnel, as well as through financial reports and internal audit records. Limitations may include difficulty accessing proprietary fraud detection data and the potential for biased responses from internal personnel.
Definitions of Terms
- Managerial Accounting: The process of preparing internal financial reports for managers to aid in decision-making, including cost control and performance evaluation.
- Fraud Detection: The process of identifying fraudulent activities, such as financial misstatements or embezzlement, within an organization.
- Internal Controls: Processes and procedures put in place to ensure the accuracy and integrity of financial reporting, as well as to prevent fraud and error.
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