ABSTRACT
The aim of this study was to investigate the effectiveness of internal audit in fraud detection and prevention in the Ministry of Finance. Specifically, the study was guided by the following objectives: (1) To determining whether internal control and internal audit control systems exist and their effectiveness. (2) To identify the extent to which internal audit standards are adhered to at the Ministry of Finance in terms of accountability, transparency, expertise and the effeteness of fraud detection and prevention. (3) To recommend to the MoF the best strategy on prevention and fraud detection. The study was carried out in Windhoek, at the MoF headquarters. To achieve these objectives, the researcher used a mixed method approach though more weight was put towards the qualitative approach which used non-structured questions to capture the opinions of the respondents. The data was analysed and interpreted using graphs, charts and statistics to enable the researcher to examine the relationships and trends with regards to the effectiveness of internal audit in fraud detection and prevention in the MoF. The findings revealed among other things that there is inadequate adherence to internal audit standards, lack of objectivity in the auditing exercise, lack of independence from employers, inadequate skills among internal auditors, and inadequate facilities at the internal audit division. The respondents also recommended strategies on how to enhance effectiveness on internal audit in fraud detection and prevention in the MoF.
KASHONA, S (2021). The Effectiveness Of Internal Control And Internal Audit In Fraud Detection And Prevention: A Case Study Of Ministry Of Finance-Namibia. Afribary. Retrieved from https://track.afribary.com/works/the-effectiveness-of-internal-control-and-internal-audit-in-fraud-detection-and-prevention-a-case-study-of-ministry-of-finance-namibia
KASHONA, SARAFINA "The Effectiveness Of Internal Control And Internal Audit In Fraud Detection And Prevention: A Case Study Of Ministry Of Finance-Namibia" Afribary. Afribary, 21 Apr. 2021, https://track.afribary.com/works/the-effectiveness-of-internal-control-and-internal-audit-in-fraud-detection-and-prevention-a-case-study-of-ministry-of-finance-namibia. Accessed 07 Oct. 2024.
KASHONA, SARAFINA . "The Effectiveness Of Internal Control And Internal Audit In Fraud Detection And Prevention: A Case Study Of Ministry Of Finance-Namibia". Afribary, Afribary, 21 Apr. 2021. Web. 07 Oct. 2024. < https://track.afribary.com/works/the-effectiveness-of-internal-control-and-internal-audit-in-fraud-detection-and-prevention-a-case-study-of-ministry-of-finance-namibia >.
KASHONA, SARAFINA . "The Effectiveness Of Internal Control And Internal Audit In Fraud Detection And Prevention: A Case Study Of Ministry Of Finance-Namibia" Afribary (2021). Accessed October 07, 2024. https://track.afribary.com/works/the-effectiveness-of-internal-control-and-internal-audit-in-fraud-detection-and-prevention-a-case-study-of-ministry-of-finance-namibia