Internal Control and Fraud Detection in the Banking Industry (a Case Study of Guarantee Trust Bank Plc)

In the School of business at Centennial College my program of study I am enrolled into is “Business Accounting 2801”, it is a 2 year diploma program. The reason why I chose to pursue Business Accounting as a profession is due to the various career paths and employment is abundant. The accounting field is broad and touches all businesses and industries, I also selected this program because I have a good grasp for numbers and logic. In addition, to completion of Business Accounting I hope to further my skills with all the knowledge I obtained by finding a suitable career

Through FRA, an organization can identify where fraud is most likely to occur, take proactive measures to implement and reduce the chance that it could happen (Wells, 2014). The FRA framework is also of prime interest to management of an organization because it helps staff members and managers in assessment of the reliability of existing internal controls. An effective internal control system helps to prevent and detect fraud. However, in a dynamic system, the internal controls must be revaluated constantly to check for weaknesses. With FRA, an organization can determine whether an organization needs to implement counter measures to prevent fraudulent activity (Wells,

In the case of BSU’s fraud, a feat to this severity should never have occurred, There are several internal controls that can help a business or entity avoid this kind of fraud. Once this fraud case was discovered, BSU implemented several new internal controls. These internal controls include 1) requiring a direct report from the

This paper describes financial statement fraud (FSF) and how it may occur within companies. The reason of this study was to research FSF detection and prevention. Research was also done to determine any influences that SAS (Statement on Auditing Standards) No. 82 and SAS No. 99 had on audit programs and the analysis from external auditors. Thirteen scholarly journals were

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For a business to limit fraud capabilities, it is important to have a strong set of internal control. “Internal control is the organizational plan and all the related measures designed to . . . safeguard assets, encourage employees to follow company policies, promote operational efficiency and ensure accurate reliable accounting records” (Miller-Nobels, Mattison, & Matsumura, 2016).

Fraud is present in all aspect of life. It is very common in business environment. Business organizations try to do their best to ensure that fraudulent practices do not put them out of business. Case study is used to establish the value of internal anti-fraud control and to point out that a small business can implement it with common sense and solid auditor’s advice.

Management is aware of the increased requirements for a public company to maintain a system of internal control to help prevent and detect fraud. The CEO, Mary Moore, is also interested in using a proactive posture toward

Being a Dissertation submitted in partial fulfilment of the requirements for the Degree of Master of Business Administration (General) in the University of Hull

As long as there are opportunities, there are fraudsters. The crucial commitment of a company is to try to prevent a potential fraud, rather than recovering the losses after its occurrence. And in order for such risks to be eliminated or reduced to the least, effective and efficient information systems and internal control systems must be in place. The following report is going to be based on the new sales and sales returns system that will be implemented in Karla Kay plc, identifying and addressing its principal risks using an effective internal control system. Then, a description of the work that KK’s external auditors will have to undertake in respect of the internal controls of the new sales system and the new sales

Submitted in partial fulfilment of the duly performed requirement of International Business Finance, School of Economics and Finance, University of KwaZulu-Natal

UNIVERSITY OF OULU ABSTRACT OF THE MASTER 'S THESIS Faculty of Economics and Business Administration

The banks are governed by some regulations and policies, yet it does have a scope for the well-equipped sophisticated fraudsters to function with seeming impunity. Besides, the complexity that governs these frauds is even more baffling. A bank fraud can cause notable damage at an unprecedented scale, be it to an individual customer or the complete organization. Over and above, today a bank fraud cannot be claimed as furtiveness and anonymity are apparent rewards of choosing Internet as the base platform. Every niche of our socio-economic environment is technology dependent which proportionately increases the vulnerability of the entire plot to frauds. Threat such as breach of certitude necessitates constant awareness and diligence for mitigating and preventing unseen frauds. Definitely we cannot suppress these frauds but their

This project has been fully supervised, read and approved as having satisfied the necessary conditions for the award of Bachelor of Science Degree in Banking and Finance of the Department of Banking and Finance, University of Abuja.

This research work has been read and approved as meeting the requirement for the award of Bachelor of Science (Hons.) degree in the Department of Accounting, College of Management sciences, Al-Hikmah University of Ilorin, Ilorin.