ROLE OF AUDITORS IN MITIGATING FRAUD AND CORRUPTION IN CORPORATE FIRMS IN NIGERIA

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ROLE OF AUDITORS IN MITIGATING FRAUD AND CORRUPTION IN CORPORATE FIRMS IN NIGERIA

 

Abstract

In this research work on the role of auditors in mitigating fraud and corruption in Nigeria with particular reference to Nigerian Breweries Plc 9th mile corner Enugu. The researcher examined the importance of auditors in controlling fraud and corruption in Nigerian breweries plc. Evaluated the effect of fraud and corruption on the profitability of a corporate firm. Ascertained the extent at relationship between the duty of the auditor and the prevention of fraud in a corporate organization. The researcher also identified the challenges faced by the auditor in preventing fraud and corruption in Nigerian breweries plc.  The researcher sourced the data through Primary and Secondary sources of data Collection. Primary data: questionnaires and oral interviews were used to collect information from the respondents. Secondary data: journals, and other relevant materials relating to the area of my investigation will be review. Extensive literature review was carried out on the direct literature and indirect literature on books, journals and past works. The research instrument used in this study includes oral interview and questionnaire. The questionnaire is structural as to contain both close and open ended question. Simple tables and percentages were used in treatment of data. Chi-square was used in testing the hypotheses. At the end the researcher observed that Auditors are very important in controlling fraud and corruption in Nigerian breweries plc. It was also discovered that fraud and corruption has significant effect on the profitability of a corporate firm. The study equally revealed that there is significant relationship between the duty of the auditor and the prevention of fraud in a corporate organization. The study shows that there are so many challenges faced by the auditor in preventing fraud and corruption in Nigerian breweries plc. Based on the findings the study recommends that companies are to increase their requirements pertaining to qualifications and draw up more efficient screening techniques. They are to ensure that there is segregation of duties, efficient internal controls, jobs satisfactions and job enrichment. Awareness should also be created so as to ‘nip’ the situation in the ‘bud’ before anything serious occurs. This requires more than just sound judgment and dynamic action; it calls for commitment that can only be gained if the management has ensured that all the motivational incentives have been put in place. A total alertness that takes nothing for granted and awareness that trust could be misplaced, this being a diligent and painstaking approach.

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ROLE OF AUDITORS IN MITIGATING FRAUD AND CORRUPTION IN CORPORATE FIRMS IN NIGERIA

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