MJAMR

Forensic Audit Practices and Fraud Detection on Financial Institutions in Uganda a Case Study of Absa Bank, Kampala, Jinja Road.

Kwagala Victory, Dr. Ariyo Kazaara Gracious, Kamugisha Nelson


Abstract

The study aimed at forensic audit practices and fraud detection on financial institutions in uganda and it was guided by the following objectives; To evaluate the impact of forensic Audit practices in fraud detection in financial institutions in Uganda, to ascertain and recommend corrective measures to be taken to ensure strong and satisfactory fraud detection in financial institutions and to identify the relationship between forensic auditing and fraud risk management. The target population included 1 proprietor, 15 finance officers, 2 managers, 18 workers and this sum up to 36 people from each department or management. From the findings, 63.5% were in agreement that the company should audit its books of finances on a regular basis. Following this were 33.3% of those who simply agreed, 2.1% of those who disapproved, and 1.0% of those who severely disagreed. The survey also demonstrated that the company typically keeps track of the debts owed to clients, with 60.4% of respondents highly agreeing, 34.4% agreeing, 3.1% disagreeing, and only 2.1% severely disagreeing. This contributed to the demonstration of rigorous bookkeeping during periods of forensic auditing. It is important to encourage various institutions, notably these private educational institutions, to prioritize forensic audits. This could be accomplished by setting up training sessions, conferences, and radio and newspaper advertisements to inform people about the benefits of having an in-house forensic auditing division.

Keywords

forensic audit practices fraud detection
Metropolitan Journal of Academic Multidisciplinary Research

Cite This Article

Kwagala Victory, Dr. Ariyo Kazaara Gracious & Kamugisha Nelson (2023). Forensic Audit Practices and Fraud Detection on Financial Institutions in Uganda a Case Study of Absa Bank, Kampala, Jinja Road. Metropolitan Journal of Academic Multidisciplinary Research, 2(7). https://journals.miu.ac.ug/pages/article.php?article_id=954

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