The Role of Auditors in Fraud Detection, Prevention and Reporting in Nigeria

In: Business and Management

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University of Nebraska - Lincoln

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Ayobami Oluwagbemiga Oyinlola Mr
Tai Solarin University of education,Ijagun, Ijebu-Ode,

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OYINLOLA OLUWAGBEMIGA Tai Solarin University of Education, Ijagun , Ijebu-ode Ogun State.

This study investigates the role of auditors in the detection, prevention and reporting of fraud. Data were obtained from
184 respondents in Nigeria. The findings revealed that the respondents are very concerned about the problem of fraud.
In addition, the respondents placed very high expectation on auditors’ duties on fraud prevention and detection. This perception is in contrast with the stated primary objective of an audit, as stipulated in ISA 200, which merely required auditors to form an opinion on the financial statements, but not of fraud detection.
Keywords: Auditors, fraud, detection, prevention

That an auditor has the responsibility for the prevention, detection and reporting of fraud, other illegal acts and errors is one of the most controversial issues in auditing, and has been one of the most frequently debated areas amongst auditors, politicians, media, regulators and the public (Gay et al…...

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