"Internal Audit And Fraud Detection In The Banking Industry"

📄 Project Abstract

In a typical banking sector the auditors duties will be concerned with many departments apart from the normal department relating to accounting and finance, which means that the auditor is not only concerned with account and internal audit department but with the whole banking system or operations. Presently, there is a distressing increase in the extent of fraudulent activities in Banking Industry, in particular first bank. This has had a negative consequence on the confidence of bank clients. While international federation of accounting in (1984) defined internal audit as "an element of internal control system set up by the management of an enterprise to examine, evaluate and report on accounting and control operations". The necessity for internal audit can't be over emphasized in the records of the banking industry which may contain errors, undisclosed fraud and this will inadvertently mislead or fail to disclose relevant information to management for planning and decision making. T...