ABSTRACT
The
purpose of the study was to establish the relationship between internal control
systems (!CS) and fraud prevention in financial institutions. Internal control
systems (ICS) was analyzed based on its component which include; internal
control and internal auditing. The Researcher set out to establish how internal
control systems (ICS) could be used to control fraud in Internal Board of
Revenue. The researcher set study objectives and hypotheses that assisted in
establishing the relationship sort. The research was conducted using both
quantitative and qualitative approaches using random sampling, ANOV A and
Descriptive Research Designs. Data was collected using Questionnaires from the
income tax department, planning department. other revenue department. A sample
of 40 respondents from a population of 45 was used for this study. Data was
analyzed using the Statistical Package for Social Scientists (SPSS) and
conclusions were drawn from tables and figures derived from the Package. The
study established a significant relationship between ICS and fraud prevention.
The researcher recommends that board of internal revenue should ensure that
effective internal control system is guaranteed, also directors of the board of
internal revenue should constantly evaluate the internal control system in
order to detect fraudulent practices which have the capacity of jeopardizing
the future of the board. The study also recommends that Managers and Directors
of board of intcrna! revenue should ensure recruitment of professionals in the
field of tax computation and proper maintenance of open and closed account
registers. Also, Managers and Directors of board of internal revenue should
ensure strict control on the movement of ledger card and books of account.
NWAOGU, C (2024). Effect of Internal Control System on Fraud Prevention in Nigeria:-Nwaogu Samuel C.. Repository.mouau.edu.ng: Retrieved Dec 09, 2024, from https://repository.mouau.edu.ng/work/view/effect-of-internal-control-system-on-fraud-prevention-in-nigeria-nwaogu-samuel-c-7-2
CHIEMELA, NWAOGU. "Effect of Internal Control System on Fraud Prevention in Nigeria:-Nwaogu Samuel C." Repository.mouau.edu.ng. Repository.mouau.edu.ng, 17 May. 2024, https://repository.mouau.edu.ng/work/view/effect-of-internal-control-system-on-fraud-prevention-in-nigeria-nwaogu-samuel-c-7-2. Accessed 09 Dec. 2024.
CHIEMELA, NWAOGU. "Effect of Internal Control System on Fraud Prevention in Nigeria:-Nwaogu Samuel C.". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 17 May. 2024. Web. 09 Dec. 2024. < https://repository.mouau.edu.ng/work/view/effect-of-internal-control-system-on-fraud-prevention-in-nigeria-nwaogu-samuel-c-7-2 >.
CHIEMELA, NWAOGU. "Effect of Internal Control System on Fraud Prevention in Nigeria:-Nwaogu Samuel C." Repository.mouau.edu.ng (2024). Accessed 09 Dec. 2024. https://repository.mouau.edu.ng/work/view/effect-of-internal-control-system-on-fraud-prevention-in-nigeria-nwaogu-samuel-c-7-2