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PROJECT TOPIC- MANAGEMENT OF FRAUD AND WASTAGES IN BUSINESS ORGANIZATIONS: IMPLICATIONS FOR INTERNAL AUDITORS

PROJECT TOPIC- MANAGEMENT OF FRAUD AND WASTAGES IN BUSINESS ORGANIZATIONS: IMPLICATIONS FOR INTERNAL AUDITORS

 

ABSTRACT

This study is on management of fraud and wastages in business organizations: implications for internal auditor. Many objectives were set among which are: to identify the nature, types and major causes of fraud and wastages in business organizations. To find out the factors that motivates workers to indulge in fraud and wastages in business organizations. To identify the effects of fraud and wastages in business organizations. To proffer solution on how to minimize fraud and wastage in business organizations using internal control measures and other accounting measures set aside for the detection of fraud and wastages. Hypotheses were also tested to determine if or not the hypotheses might be instrumental in fraud and wastages occurrences in business organizations. In arriving at the data used, both primary and secondary data were used. The primary data includes questionnaires distributed to sampled staffs and management of May and Baker Plc and Drugfield Specialty Product Plc. The secondary data includes materials form published textbooks, internet, articles and newspapers. These were tested using Chi square (x2) distribution. Data were analyzed and some of the findings include inadequate control measures took the most significant causes of fraud and wastages followed by deliberate intent and management ignorance. Finally, I recommended that proper internal control measure should be put in place, and other measures that will help to facilitate it like: inspection, review and observation. Trustworthiness, competence and integrity of employees and their understanding of prescribed policies and procedures.

CHAPTER ONE
INTRODUCTION

1.1 Background of the Study:-

Business organizations exist to achieve goals set for them for growth. They exist also to make profit through provision of various goods and services. This objective of profit making can be hindered through fraud and wastages. These occur at all levels of business organization. Fraud and wastages have threatened the survival and profitability of many business organizations. It is important to realize that the business owners/manager has the primary responsibility for the success and proper operations of their business.

The business owner/manager must recognize that they have responsibility for the establishment and maintenance of their own efficient and effective environment of operations that effectively pursue the goals and objectives of the organization. Business owners/managers must clearly understand that the solid system of internal control is a management tool, which is not an end in itself but a means to an end. Once established the system of control cannot be forgotten. Periodic review and assessment of the system must be performed by the business owner/manager to determine if the system is working as designed, accomplishing the intended goals, efficient given changes in business conditions, changes in business environment, expansion and addition of new product/services or changes in personnel.
What are fraud, wastages and their effects on business organizations? Fraud definition depends on the perspective it is seen. Legally fraud is seen in terms of dishonesty deceit, misappropriation, theft, diversion of funds and conversion. Fraud in the civil sense means:- That a representation is false, that the defendant has made a reputation in regards to a material fact. That it was made with the intent that it should be acted on. Non-legally, fraud to a layman means stealing intentionally. It is the withdrawal of fund from an account without the concept of the owner. It is also a criminal deception done with the intention of gaining an advantage.

Dictionary perspective, according to Oxford English learners’ dictionary, fraud is the crime of cheating somebody in order to get money or goods illegally. Corporate perspective, fraud is any act perpetuated by, for or against a business corporation. Management perspective, fraud is the intentional misrepresentation at corporate or unit performance levels, perpetuated by employees serving in management roles who seek to benefit from such fraud in terms of promotion, bonuses or other economic and status symbols.
Wastages as defined by Oxford Advanced Learner’s Dictionary is the act of losing or destroying something, especially because it has been used or dealt with carelessly, that is loss by deterioration, wear or destruction.

PROJECT TOPIC- MANAGEMENT OF FRAUD AND WASTAGES IN BUSINESS ORGANIZATIONS: IMPLICATIONS FOR INTERNAL AUDITORS

1.2 STATEMENT OF THE PROBLEM

Fraud and wastages are the major economic crime that leads to liquidation and distress in business organizations. No business organization operates with the intention of winding up but instead embraces the going concern. Internal auditing is an independent appraisal function that is performed in a wide variety of companies, institutions, and governments. What distinguishes internal auditors from governmental auditors and public accountants is the fact that they are employees of the same organizations they audit. Their allegiance is to their organization, not to an external authority.

Because internal auditing has evolved only within the last few decades, the roles and responsibilities of internal auditors vary greatly from one organization to another. Internal audit functions have been structured based on the differing perceptions and objectives of owners, directors, and managers. Internal control (theory) is an system of control that is establish by management while internal audit (practical) is an institution that is established by management to ensure strict compliance with the internal control measure established. In other words there will be no internal audit if there is no internal control and no internal auditor if there is no internal audit.
This study will look into how fraud and wastage lead to collapse and closure of many business organizations. Fraud and wastage impinge upon the accounting profession. Fraud and wastage result in huge financial losses to business organizations. It is based on the above that the researcher is carrying out this study. The massive failure of organization will drastically reduce if managers, accountants, internal auditors and other officers involved embrace the proper accounting principles or rules that guide against fraud and wastage perpetuation.

1.3 OBJECTIVES OF STUDY

Many organization both corporate and financial institution have being dealt with by cankerworm of fraud and wastages. This study is aimed at the role of internal auditors in managing fraud and wastages in business organizations. The main objectives of this study are:
i. To identify the nature, types and causes of fraud and wastages in business organization.
ii. To find out the factors that motivates workers to indulge in fraud and wastages.
iii. To identify the effects of fraud and wastages in business organizations.
iv. To highlight ways of detecting and minimizing fraud and wastages in business organizations.

1.4 RESEARCH QUESTIONS

PROJECT TOPIC- MANAGEMENT OF FRAUD AND WASTAGES IN BUSINESS ORGANIZATIONS: IMPLICATIONS FOR INTERNAL AUDITORS

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