Abstract
Occupational fraud has persistently become a hurtful problem in micro-financial institutions (MFIs) in Cameroon lately. Staff and management of some MFIs are suspended, terminated, or litigated after they are suspected of involvement in occupational fraud over the years. Such delayed detections have caused huge losses to the organisations. In this respect, a study was carried out to examine strategies for timely detection and control of occupational fraud in MFIs in Cameroon. An online survey was opened to experienced certified fraud examiners and auditors to give their experiences of strategies for timely occupational fraud detection and control in micro-financial institutions in Cameroon. The data generated was analysed, regressed, and interpreted to produce empirical results that MFIs in Cameroon apart of installing sound internal control systems, need to adopt and implement monitoring and surprise audits, tips and notifications, rotation of duty and abrogation of paid annual leave in order to secure timely detection and control of occupational fraud before it wreaks heavy losses on the institution. Furthermore, MFIs in Cameroon are cautioned to use information technology control and surveillance strategies with reservation because the facilities that support their operation are poorly developed, yet politicised. MFIs should not hope to discover an occupational fraud through accidents and/or a confessions. They are encouraged to treat their workers fairly but bearing in mind that no matter how well workers are kept comfortable occupational fraud could still be committed by management and staff who suffer from insatiable greed and/or psychosis.
Highlights
1.1 Problem and its ImportancePublic awareness about the shocking consequences of occupational fraud in both private and public establishments has multiplied the interest that organisations have to timely detect fraud and nip it in the bud
Appendix 1 shows that 41% of the respondents have experience in occupational fraud detection scheme measures for 5 to 10 years. 37% of them have gotten experience in occupational fraud detection scheme measures for more than 10 years
There were about 80% of the respondents who were well experienced in occupational fraud detection scheme measures
Summary
1.1 Problem and its ImportancePublic awareness about the shocking consequences of occupational fraud in both private and public establishments has multiplied the interest that organisations have to timely detect fraud and nip it in the bud. Occupational fraud is defined by the Association of Certified Fraud Examiners (ACFE, 2018) as “the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organisation’s resources or assets”. It is a type of fraud committed against the organisation from within. As a result many fraud cases go partially or fully unnoticed, and the precise magnitude of losses are difficult to quantify (Seetharaman, et al 2004) In this regard, it can only be reasonably estimated to quantify the losses (ACFE, 2012)
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