An Assessment Of The Prevention And Detection of Fraud In Small Scale Industries
|BANKING AND FINANCE|
No of pages
|MS Word & PDF|
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The term fraud, refer to an international misrepresentation of financial information by one of more individual among management employees or third parties.
The issue of fraud has become a serious food for times.
Consevently more time is spent on board meeting in an attempt to find section to the president fraudulent practice among management and non management staffs.
The issue of standard transaction practice in any organization should not be left lying occurs in any establishment will determine the long term survival and growth of the company.
If not handled with care it can lead to corporate failure.
The restorability for the prevention and detection of fraud rests within management through effective implementation and continues operation of an adequate system of internal control.
The internal control system is defied in the audit standard and guideline approved by the council that the association of certified accountant (ACA as the whole system of control, financial and otherwise established by the management in order to carry on the business of the enterprises in orderly and efficient management and also adherence to policies of the management.
The internal control of an organization can be in following
i. organization control (source) (Ayeni A.P, 2007)
ii. physical control
iii. segregation of duties
iv. personnel control
v. supervision control
vi. arithmetic and accounting control.
SCOPE OF THE STUDY
The small scale industry covers a relation scope and in a project of this nature a large representations sample of banky government or private institution and compare should have been studied. In order to get an under knowledge of the management procedure and techniques employed in the industries to prevent and detect fraud,
The study has however been confirmed to the small industries in Oyo state Ibadan and its environment.
While a descriptive and theoretical approach have been adopted in the analysis of office field work approach have been adopted.
It is the intention of the twitter to focus on internal control system in the small scale industries.
PROBLEM OF THE STUDY
In carry out the study the following problems were encountered.
i. for effective manipulation: the topic was restricted to small scale industries organization.
These industries are both governmentally and privately owned because of this and the secretive nature of most of the private and government industries, certain factual information reoccurred were considered very sensitive.
ii. In choosing the industries, effort were made to secure industries with those product on hand which will reflect their organization techniques few met up with this reavirement where this is possible.
However very little corporate was received from the officer notwithstanding with all these problems it was possible to highlight the performance of the industries.
THE BACKGROUND OF THE STUDY
The advance learners dictionary defined fraud as criminal reception an act of a particular person or things that receives.
According to the international auditing guidelines, fraud is defined as irregularities involving the use of people to obtain an illegal or unjust advantage which may involve the following.
1. supposing or transactions from records of document.
2. misapplication of accounting policies, if this is intentional and deceive full.
The issue of fraud ahs become a serious food for through for many corporate bodies in the recent times.
Consequently more time is spent on toward meeting in an attempts to find solution to the persistent fraudulent practice among management and non management staffs.
The issue of standard transaction practice in any organization should be left lying low.
The fervency with which it be rears is highly leads in any growth of the company and if not handed with care can lead to corporate failure.
In the recent years, the general and of the essential product is increasing fairly in Nigeria and this will mentally continue.
Both the federal, state and local government carrot fold their arms then resulted into various measures like the introduction of small scale industries in Nigeria.
Also, in order to meet such unprecedented demand of a reasonable cost and efficiently here is need to implore fraud prevention and reflection techniques in organization so as to prevent them from dying off.
THE PROBLEM OF THE STUDY
In carryout of the study the following problems were encountered.
1. for effective manipulation, the topic was restricted to small scale industries organizations. These industries are both government and private owned. Because of this and the secretive nature of most of the private and government industries, certain factual information required were considered very sensitive and confidential started that there was no adequate structured or ground to be developed to improve performance in the industries.
2. in choosing the industries, effort were made to secure industries which new product on hand which will reflect their organization techniques, few met this requirement, where this was possible very little cooperation was received from the officers.
Not withstanding with all these problems, it was possible to highlight the performance of the industries.
The study was conducted and a set of recommendations to help in minimizing fraud in the small scale industries.
THE PROBLEM OF THE STUDY
In carryout the study, the following problem were encountered.
1. for effective coverage, the topic was restricted to small scale organization.
These industries are both government and private owned.
Because of this and the secretive nature of most of the private and government industries, certain factual information received were considered very creative and confidential issue that could not be obtained factual information received were considered very sanative and confidential issue that could not be obtained.
The industries stated that there was no adequate structure on ground to be developed to improve performance in the or industries.
2. in choosing the industries, effort were made to secure industries with new products on hand which will reelect their organization techniques few me it this requirement, where this was possible very little cooperation was relived from the officers.
Not withstanding all these problem, it was possible to highlight the performance of the industries.
The study was conducted a set of recommendations to help in minimizing fraud in the small scale industries.
SIGNIFICANCE OF THE STUDY
All organizations whether profit oriented or not operate within conditions of resources constrain.
As a result, various steps are taken and procedures established to ensure that fraud in a small scale industries are prevented and detected in achieving and maximizing the organization goals.
Primarily among the steps. Taken to the setting up a structure of internal control within which on orderly operation can take place.