Financial Statement Audit and Fraud Detection in Commercial Banks in ekiti state

This study was designed to examine financial statement audit and fraud detection in commercial banks in Ekiti State. Four objectives were raised for the study. The study make used of descriptive research design to carry out investigation on the study. The sample size of 120 respondents was sampled for the study. Simple random sampling technique was use to select 6 commercial banks. The instrument for data collection for the study was a self-designed questionnaire. The test-re-test method of reliability was used to ascertain the reliability of the instrument using Pearson’s Product Moment Correlation. Frequency and percentage, mean and standard deviation were used to analyse the demographic of respondents with the research questions while Correlation Coefficient were us to test the research hypotheses. The finding of the study shows that there is significant relationship between auditor independence on financial statement audit and fraud detection in commercial bank in Ekiti state; there is significant relationship between auditor professionalism on financial statement audit and fraud detection in commercial bank in Ekiti state; there is significant relationship between internal control system on financial statement audit and fraud detection in commercial bank in Ekiti state; and there is no significant relationship between incentive/pressure on financial statement audit and fraud detection in commercial bank in Ekiti state. Based on the findings of the study the study recommended that; Banks should invest in continuous professional development and training programs for auditors to improve their skills and keep them updated with the latest auditing standards; banks should not overlook the importance of internal control systems. Commercial banks should invest in strengthening their internal control frameworks, ensuring they are well designed, properly implemented, and regularly evaluated to prevent fraud.