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INTERNAL AUDITING AND FRAUD PREVENTION IN THE NIGERIAN PUBLIC SERVICE: A CONCEPTUAL REVIEW
Abstract
The paper sets out to review the effect of internal auditing in the detection and prevention of fraud and financial crime in the Nigeria public service. The paper relies mostly on secondary documentation, where scholarly articles on the subject matter were reviewed in line with the objective of the study. The reviewed articles revealed that auditing plays a significant role in the detection and prevention of fraud and financial crime in both private and government owned institutions. Internal auditing has been the traditional method of checking discrepancies in the accounting books of any organization mostly government owned institutions with the view of curbing fraud and financial crime. But fraud and financial crime has assume a geometric proportion as observed in many of the articles reviewed. Based on the findings, it was recommended that public service institutions should engage in outsourcing of auditing services to stem the rising cases of fraud and financial crime in the public service as the traditional internal auditing has fail to curb fraud over the years.
Keywords: Internal Auditing, Fraud Detection, Financial Crime Prevention, Nigeria Public Service