THE ROLE OF AUDITORS IN FRAUD PREVENTION IN COMMERCIAL BANKS IN NIGERIA
Abstract
This study examines the role of auditors in fraud prevention in commercial banks in Nigeria, using First Bank Nigeria as a case study. The main objective is to determine how effective auditing practices help in detecting and preventing fraudulent activities within the banking sector. Both primary and secondary data were used for the study. Questionnaires were distributed to staff members in selected departments of First Bank, while relevant literature and financial reports were also reviewed. The collected data were analyzed using descriptive and inferential statistical methods. The findings reveal that regular internal and external auditing significantly reduces the occurrence of fraud by strengthening internal control systems and promoting transparency in financial operations. The study concludes that auditors play a crucial role in safeguarding bank assets and maintaining stakeholders’ confidence. It recommends that commercial banks in Nigeria should enhance the independence of their audit departments, adopt modern auditing technologies, and provide continuous training for auditors to ensure effective fraud prevention.
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