IMPACT OF AUDITORS IN DETECTING FRAUD AND INVESTIGATION IN THE NIGERIA MANUFACTORING SECTOR

A STUDY OF HONEYWELL FLOUR MILLS PLC, APAPA, LAGOS

Abstract

The role of auditors in fraud control and monument is essential. Fraud has been one of the most problematic and unsolvable matter for business all over the world for a long time. This study examine the impact of auditors’ responsibility in fraud detection and investigation in Nigeria industries. The population of the study are staff of Honeywell Flour Mills Plc Apapa Lagos. Simple random sampling technique was used to determine the sample. The study use primary and secondary data, where questionnaires and interview are used to generate data. A sampled opinions of eighty (80) respondents were collected using structured questionnaires. Chi-square was used to test the hypotheses and the results were subsequently analyzed. Based on the findings, the study reveals that audit contributes significantly to fraud prevention and detection in Nigeria manufacturing industries. The study recommended that auditors should increase the scope of their activities and engagements on the efficiency of industries’ internal control system, risk assessment and system audit as this will enhance the detection of fraudulent activities. Also, management of industries should ensure strict compliance with their respective internal control system.