An Assessment of the Role of Internal Auditing in Reducing Fraud in Public Schools in Akwa Ibom State
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Background of the Study
Fraud in public schools is a significant problem in many developing nations, including Nigeria. The misuse or misallocation of funds in schools not only undermines the quality of education but also erodes public trust in educational institutions. Internal auditing, a process that examines and evaluates the financial operations of an organization, has become one of the most effective tools for detecting and preventing fraud (Eze & Okafor, 2024). In Akwa Ibom State, as in many other states in Nigeria, the education sector has faced challenges related to fraud, mismanagement, and corruption, particularly at the local government level.
Internal auditing provides an independent assessment of financial practices and helps ensure that resources are being used efficiently. By identifying weaknesses in financial systems and uncovering fraudulent activities, internal auditors contribute to greater transparency and accountability in public schools (Obi & Ibekwe, 2023). This study will assess the role of internal auditing in reducing fraud in public schools in Akwa Ibom State, examining how internal auditors can detect and prevent fraudulent activities and improve financial management practices within the education sector.
Statement of the Problem
Despite the potential of internal auditing to reduce fraud in public schools, there are concerns about the effectiveness of auditing practices in Akwa Ibom State. Instances of financial mismanagement and fraud in schools continue to hinder the educational sector, with limited research on the role of internal auditing in addressing these issues. This study will investigate the effectiveness of internal auditing in curbing fraud and improving financial management practices in public schools in Akwa Ibom State.
Objectives of the Study
- To assess the role of internal auditing in detecting and preventing fraud in public schools in Akwa Ibom State.
- To evaluate the effectiveness of internal auditing in improving financial management practices in public schools.
- To identify the challenges faced by internal auditors in preventing fraud in public schools in Akwa Ibom State.
Research Questions
- How effective is internal auditing in detecting and preventing fraud in public schools in Akwa Ibom State?
- What is the role of internal auditing in improving financial management practices in public schools in Akwa Ibom State?
- What challenges do internal auditors face in preventing fraud in public schools in Akwa Ibom State?
Research Hypotheses
- H₀: Internal auditing does not significantly reduce fraud in public schools in Akwa Ibom State.
- H₀: Internal auditing has no significant effect on improving financial management practices in public schools in Akwa Ibom State.
- H₀: Challenges faced by internal auditors do not significantly hinder their ability to prevent fraud in public schools in Akwa Ibom State.
Scope and Limitations of the Study
This study will focus on public schools in Akwa Ibom State and the role of internal auditing in fraud prevention. The study will be limited by challenges such as limited access to internal audit reports and potential resistance from school administrators.
Definitions of Terms
- Internal Auditing: The independent evaluation of an organization’s financial operations, focusing on compliance, accuracy, and efficiency.
- Fraud: The intentional misrepresentation or manipulation of financial information for personal gain.
- Public Schools: Schools that are funded and managed by the government.
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