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THE EFFECTIVENESS OF FORENSIC AUDITING IN DETECTING, INVESTIGATING, AND PREVENTING BANK FRAUDS
Abstract
The study dwelt on the effectiveness of forensic auditing in detecting, investigating, and preventing bank frauds. The study sought to find out to what level the forensic auditors are able to fulfill this mandate and investigate problems that hinder forensic auditors to make progress in their operations in developing countries. It also established the role of forensic auditing in banking operations. Questionnaires, personal interviews, and document review are the methods that were used to obtain data for this study. A sample of thirty forensic auditors was used from thirteen commercial banks, four building societies, and four audit firms in Zimbabwe. It was found that the forensic auditing departments suffer from multiple challenges, amongst them being the lack of material resources, technical know how, interference from management, and unclear recognition of the profession. Types of bank fraud were identified. The internationally recognized audit procedures used in detecting and investigating these frauds were discussed. In conclusion, forensic auditors must be capacitated materially and technically to improve their effectiveness. In addition, the forensic auditors should create a constituted body that serves their interests and regulate the activities just like any other profession.
Keywords: Bank fraud, Auditing, Detecting, Investigating, Preventing