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THE IMPACT OF INTERNAL CONTROL DESIGN ON BANKS’ ABILITY TO INVESTIGATE STAFF FRAUD, AND LIFE STYLE AND FRAUD DETECTION IN NIGERIA
Uket Eko Ewa & Joseph Offiong Udoayang
The aim of this study was to determine the impact of internal control design on banks’ ability to investigate staff fraud and staff life style and fraud detection in Nigeria. Data were collected from thirteen Nigerian banks using a Four Point Likert Scale questionnaire and analyses using percentages and ratios. Multiple regressions were used in testing the hypotheses. The study revealed that Internal control design influences staff attitude towards fraud, that a strong internal control mechanism is deterrence to staff fraud while a weak internal control mechanism exposes the system to fraud and creates opportunity for staff to commit fraud. That most Nigerian banks do not pay serious attention to the life style of their staff members and that most staff members are of the view that effective and efficient Internal control design could detect employee fraud schemes in the banking sector. The study concluded that effective and efficient internal control system is necessary to stem the malaise in the banking sector. Based on the findings, we recommend that banks in Nigeria should upgrade their internal control designs and pay serious attention to the life style of their staff members as this could be a red flag to identifying frauds.
Editorial
Published: 30 June 2021
115-125 (2021)
Author Information
Affiliations
Cross River University of Technology, Cross River State, Nigeria.
University Of Calabar, Cross River State, Nigeria.
University Of Calabar, Cross River State, Nigeria.
Uket Eko Ewa & Joseph Offiong Udoayang
Corresponding Author
Uket Eko Ewa
Cite this article
Uket Eko Ewa & Joseph Offiong Udoayang (2021). "The Impact of Internal Control Design on Banks’ Ability to Investigate Staff Fraud, and Life Style and Fraud Detection in Nigeria", Otuoke Journal of Management Sciences, 5(1) 115 - 125.
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