Abstract
The purpose of the study is to find out the perceptions of Accountants and Auditors on effectiveness of corporate fraud detection and prevention methods among selected financial Institutions in Ghana. The population samples of the study comprising Accountants and Auditors in a selected financial Institutions in Ghana using a structured survey of questionnaires.It was revealed in the study that, organizational quite utilized data mining, digital analysis, internal Control and improvement and fraud prevention and detection training in combating fraud. However, the findings also shows that, organization use of password protection, Cash Review, Annual Auditing, Whistle blowing policy were less often utilized even though having the highest rating of effectiveness. Accountants, Auditors and management of Financial Organizations should considering using the most effective prevention and detection methods like Cash Review, Annual Auditing, whistle blowing and installation of Password protection on computers based on the findings.The study contributes to the literature on the effectiveness of fraud detection and prevention methods particularly for West African Countries and other emerging nations. The study may be terrific to Practitioners regarding the assessment of the contemporary level of fraud detection and prevention methods on financial Institutions in Ghana and beyond.
Highlights
Corporate fraud schemes go beyond the scope of an employee’s stated position, and are marked by their complexity and economic impact on the business, other employees and outside parties (Investopedia, n.d.) Corporate fraud is or are dishonest or illegal activities executed by a company or employees of a company in a manner to give an advantage to the perpetrating company or individual employees of the company
In the United States of America, the association of certified fraud examiners estimates that about five percent of firm revenues, that is, $660 billion per year are lost as a result of occupational fraud. (Association of Certified Fraud Examiners, 2017) The Association of Certified Fraud Examiners in their 2018 report to Nations on occupation fraud shown that Organizations alone lose 5 percent of their annual revenue to fraud amounting to US$4 billion in losses where applied to 2017 world Gross Product of US$79.6 trillion
In view of the harms brought by corporate fraud, the current study focuses on the perception of
Summary
Corporate fraud schemes go beyond the scope of an employee’s stated position, and are marked by their complexity and economic impact on the business, other employees and outside parties (Investopedia, n.d.) Corporate fraud is or are dishonest or illegal activities executed by a company or employees of a company in a manner to give an advantage to the perpetrating company or individual employees of the company. (Price Waterhouse Coopers (PWC), 2003) as cited by Biers taker et al (2006) shown that globally, the average estimated loss per organization from economic crimes is $2,199,930 over a two year period. In the United States of America, the association of certified fraud examiners estimates that about five percent of firm revenues, that is, $660 billion per year are lost as a result of occupational fraud. (Association of Certified Fraud Examiners, 2017) The Association of Certified Fraud Examiners in their 2018 report to Nations on occupation fraud shown that Organizations alone lose 5 percent of their annual revenue to fraud amounting to US$4 billion in losses where applied to 2017 world Gross Product of US$79.6 trillion.
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