This study seeks to comprehensively examine the internal audit practices for fraud management within Centenary Bank, with the goal of evaluating the effectiveness of current approaches and identifying opportunities for improvement. As the perpetration of fraud continues to rise at an alarming rate within both public and private sector organizations in Uganda, resulting in massive financial losses each year, it has become imperative for companies like Centenary Bank to strengthen preventive and detective controls through enhanced internal audit functions. While internal audit represents a key line of defense against fraud, recent research indicates the internal audit roles in many Ugandan firms have yet to be fully developed and leveraged in combating fraudulent acts. Through a qualitative case study methodology utilizing documentary analysis and semi-structured interviews with Centenary Bank’s internal auditors and anticorruption officers, this research aims to provide a detailed assessment of the bank’s existing fraud risk management practices. From the findings, there was a positive correlation between internal auditing and fraud detection ( r= 0.615). Findings further indicated that there was a significance correlation between internal audit and fraud detection in cheap hardware. By benchmarking Centenary Bank’s approaches against fraud prevention best practices promulgated by leading standard-setting bodies, the study seeks to identify performance gaps. Recommendations will then be provided to strengthen the internal audit function’s role in supporting the organization’s antibribery and corruption efforts through advanced fraud detection, prevention and response protocols. The top management should give more attention f o r the fraud related asset and that fraud related to financial reporting.