CAATs on Fraud Detection and Control: Computer Assisted Audit Techniques as a Panacea for Fraud Detection and Control in Deposit Money Banks in Nigeria

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Publisher ‏ : ‎ LAP LAMBERT Academic Publishing (July 18, 2020)
Language ‏ : ‎ English
Paperback ‏ : ‎ 128 pages
ISBN-10 ‏ : ‎ 6202681403
ISBN-13 ‏ : ‎ 978-6202681407
Item Weight ‏ : ‎ 7.4 ounces
Dimensions ‏ : ‎ 5.91 x 0.29 x 8.66 inches

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In recent years, the banking sector in Nigeria has been plagued by various cases of fraud and financial misconduct. Deposit Money Banks (DMBs) in the country are constantly under pressure to detect and prevent fraudulent activities in order to protect their customers and maintain the integrity of the financial system.

One of the key tools that can be used to combat fraud in DMBs is Computer Assisted Audit Techniques (CAATs). CAATs are software tools that can be used to automate the auditing process and detect anomalies in financial transactions. These tools can analyze large volumes of data quickly and accurately, making them an invaluable resource for auditors looking to identify potential instances of fraud.

By using CAATs, DMBs can improve their ability to detect and prevent fraud in a timely manner. These tools can help auditors identify patterns of suspicious activity, flag unusual transactions, and provide insights into potential fraudulent behavior. This can help DMBs take proactive measures to prevent fraud before it escalates and causes significant financial losses.

In addition to detecting fraud, CAATs can also help DMBs improve their overall control environment. By automating the auditing process, these tools can help DMBs identify weaknesses in their internal controls and implement measures to strengthen their control environment. This can help DMBs reduce the risk of fraud and improve their overall operational efficiency.

In conclusion, CAATs can be a powerful tool for DMBs looking to enhance their fraud detection and control capabilities. By leveraging the power of technology, DMBs can improve their ability to detect and prevent fraud, protect their customers, and maintain the integrity of the financial system.
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