The Effect of Internal Audit on Fraud Detection and Prevention in Tertiary Institutions in Ekiti State

This study, internal audit on fraud detection and prevention in tertiary institutions in Ekiti state. The effectiveness of the internal audit were carefully examine and the aim of the study is to ascertain the contribution of internal audit in fraud prevention in tertiary institutions, to evaluate the contribution of internal audit in fraud detection in tertiary institutions, to evaluate the contribution of internal audit in fraud remediation in tertiary institutions. The survey research design was adopted and a sample size of eighty (80) was gotten using Taro Yamene’s 1964 formula out of the population of eight (80) staff in tertiary institutions in Ekiti state. In determining the number of questionnaire administered to the respondents, stratified random sampling and the kumar proportionate were adopted. The data for the study was gathered with a four point likert scale questionnaire. The study revealed that internal audit has statistical significance association on fraud prevention in tertiary institutions, also that internal audit has statistical significance association on fraud detection in tertiary institutions and finally, internal audit has no statistical significance association on fraud remediation in tertiary institutions. The study concludes the failure of the management to adopt the services of the internal auditor in an organization can lead to fraud, loss of finance and lack of accountability. The study recommends that since services of a qualified internal auditor has statistical association on fraud prevention, detection and remediation in tertiary institutions, management should always adopt the services of the Internal auditors in the firm so as to ensure no financial leakages and accountability in the institutions.