THE EFFECTIVENESS OF VALUE FOR MONEY AUDIT IN FRAUD DETECTION AND PREVENTION IN NIGERIAN BANKS (A CASE STUDY OF SELECTED BANKS)

Globally the high incidence of mismanagement of resources has hindered development. The mismanagement affects organization’s growth, leading to issues such as non-execution of budgeted contracts, fraud and other irregularities. This study aimed to examine the effectiveness of value for money audit in fraud detection and prevention in Nigerian banks. This study employed a qualitative research approach through the distribution of well-structured one hundred and fifty questionnaires to selected respondents in five banking institutions in Ibadan, Oyo State. Data collected from the primary sources were analyzed using both ANOVA statistical techniques and regression analysis. This study showed that value for money audit is important for fraud detection and prevention in Nigerian banks. This study concluded that the implementation of effective value for money audit will bolster accountability and contribute to more sustainable and effective performance. This study recommends that business organizations should focus on enhancing their audit quality. This includes establishing robust systems, processes, and procedures that safeguard funds, prevent mismanagement, and ensure transparency in financial transactions. Keywords: Value for money audit, Fraud Detection and Prevention, Financial Accountability Organization Performance.