Internalaudit And Fraud Prevention In Nigeria Banking Industry

This study examined Internal Audit and Fraud Prevention in Nigerian Banking Industry. The theory on which the subject of the study was based was the Concealment Theory. The Population of the study comprises 22 banks. The study's sample size is the Accounts and Internal Audit Department of Five (5) Banks. Six (6) Questionnaire items were drawn from Two (2) Research Questions which were administered directly to the sampled Banks using the method of Telephonic Interviewing and emailing. Mean and Rank Order Method statistical tools were used. The major findings are that Internal Control Systems should be put in place to Prevent Fraud in Nigeria's Banking Industry; to ensure that operational systems are designed with inbuilt control devices, established an encouraging work environment that propels employees to follow established policies and procedures, and operate in the best interest of the bank and the need to hire honest people and Perform expected- and unexpected- audits. It is therefore recommended that the government through its relevant ministries, agencies, and department, Nigeria Deposit Insurance Corporation (NDIC), and other Corporate Bodies should review the fraud detection and prevention policies not limited to just Internal Audit but automation using artificial intelligence relating to fraud detection and prevention should be adopted.