MJAMR

A Study On Examining Internal Audit Practices On Fraud Management In Organizations, A Case Study Of Centenary Bank

Dumbulu Musa, Zikusooka Enock


Abstract

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.

Keywords

Internal Audit Practices Fraud Management and Organizations
Metropolitan Journal of Academic Multidisciplinary Research

Cite This Article

Dumbulu Musa & Zikusooka Enock (2024). A Study On Examining Internal Audit Practices On Fraud Management In Organizations, A Case Study Of Centenary Bank. Metropolitan Journal of Academic Multidisciplinary Research, 3(6). https://journals.miu.ac.ug/pages/article.php?article_id=1762

More in This Issue

View full issue →
11
Financial Literacy, Incentives Terms, Retirement Planning And Social Security Compliance Among Small Medium Enterprise In Kampala, Uganda
Nakirya Oliver, Irumba Alex
Financial Literacy Incentives Terms Retirement Planning Social Security Compliance and Small
12
Financial Management Control And Performance Of Health Care Services: A Case Study Of Mulago Hospital Central Division Kampala, Uganda
Kaweesa Enock, Irumba Alex
Financial Management Control Performance and Health Care Services
13
Financial Planning And Growth Of Small And Medium Enterprises In Uganda. A Case Study Of Busia District Local Government.
Awino Vivian Okuku, Zikusooka Enock
Financial Planning Growth Small And Medium Enterprises
14
Financial Planning And Organisational Profitability. A Case Study of Mtn Uganda.
Nalukenge Pauline, Kabanda Richard
Financial Planning Organisational and Profitability
15
Internal Auditing And Fraud Prevention In Organization. A Case Study Of Nssf Kampala Area
Nakazibwe Halima, Mwesigwa Henry
Internal Auditing Fraud Prevention and Organization