The Role Of Professional Accountants In Fraud Detection And Prevention. (A Survey Of Some Selected Firms In Imo State)

ABSTRACT

The purpose of this study was to find out the and role professional accountants play in fraud detection and prevention. A sample of four firms/establishments was drawn from Imo State. Nigeria. From the population a sample size of sixty respondents was selected, thirty internal auditors and twenty external auditors. Questionnaire were administrated and prepared out of the sixty administered, fifty were returned representing 83% response. Personal interview were also conducted. In analyzing and interpreting the data collected from respondents, chi-square method was used. The result showed that it was internal auditors that had the impact and role to play in fraud detection and prevention and not external auditors since internal audit is to maintain a system of internal check that prevents and detects fraud and errors. External auditors role being to give professional opinion on the truth and fairness of the account. From the findings however, it can be stated that the responsibility for the prevention and detection of irregularities and fraud rests with management, who may obtain reasonable assurance by instituting an adequate system of internal control and internal audit being under management, it therefore makes them responsible to management for the prevention and detection of fraud and irregularities.