IMPACT OF VALUE FOR MONEY AUDIT ON FRAUD DETECTECTION AND PREVENTION IN THE NIGERIAN PRIVATE SECTOR (A CASE STUDY OF IBADAN ELECTRICITY DISTRIBUTION COMPANY, CHALLENGE ILORIN)
Abstract
This study examines the impact of Value for Money (VFM) audit on fraud detection and prevention within Nigeria's private sector, with a case focus on the Ibadan Electricity Distribution Company, Challenge Unity Ilorin. As public sector accountability and efficient resource utilization become increasingly vital, VFM audit has emerged as a critical tool in assessing economy, efficiency, and effectiveness in organizational operations. The research employed a survey design, utilizing questionnaires distributed to staff members, and analyzed data through descriptive and inferential statistics, including regression analysis. Findings indicate a significant positive effect of VFM audit on fraud detection and control, as well as a strong relationship between internal control mechanisms and fraud prevention. The study underscores the importance of implementing robust VFM audits to enhance transparency, accountability, and operational effectiveness in Nigeria's private sector. Recommendations include establishing formal accounting systems, clear regulatory guidelines, staff reorientation, and regular reviews to optimize the utility of VFM audits in combating fraud.
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