EFFECT OF INTERNAL AUDIT FUNCTIONS IN FRAUD PREVENTION AND DETECTION IN FINANCIAL INSTITUTION (A STUDY OF ACCESS BANK PLC, 2017-2022)

This study was undertaken to discuss the “Effect of Internal Audit Functions in Fraud Prevention and Detection in Financial Institution (A Study of Access Bank Plc, 2017-2022)”.The study specific objectives were to: determine the effect of auditor remuneration(fees) on fraud prevention and detection in Access Bank Plc; evaluate the effect of audit committee reports on fraud prevention and detection in Access Bank Plc and investigate the effect of audit size on fraud prevention and detection in Access Bank Plc. The study used the ex-post factor research design. It sourced relevant data through secondary data, which consisted of data obtained from the annual report of Access Bank Plc covering a period of 2017-2022. Data collected were presented, analyzed while the regression analysis was adopted to test the hypotheses formulated with the aid of using regression analysis and the hypotheses formulated were tested using E-views 10. The study found that: Auditor Remuneration (AUR), Audit Committee Reports (ACR), Audit Size (AUS) have no significant effect on fraud prevention and detection in Access Bank Plc. it concludes that the audit practices under consideration, specifically auditor remuneration, audit committee reports, and audit size, do not have a substantial impact on fraud prevention and detection in Access Bank Plc during the study period (2017–2022). It therefore recommends that Access Bank Plc should enhance its internal control mechanisms and invest in advanced fraud detection technologies to strengthen fraud prevention efforts. Additionally, the bank should reevaluate the effectiveness of its audit committees and auditors by providing them with improved tools and training for better oversight. Implementing these recommendations can significantly enhance the bank's financial security and integrity.