IIARD International Institute of Academic Research and Development

IIARD INTERNATIONAL JOURNAL OF BANKING AND FINANCE RESEARCH (IJBFR )

E-ISSN 2695-1886
P-ISSN 2672-4979
VOL. 10 NO. 4 2024
DOI: 10.56201/ijbfr.v10.no4.2024.pg82.97

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Innovative Approaches to Combating Fraud: A Comparative Analysis of Cloud-Based Audit Solutions of Deposit Money Banks in Nigeria

Dr. Cyprian Okey Okoro, Festus Ndubuisi Nkwo and Edeh, Ijeoma Thelma

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Abstract

This study investigates innovative approaches to combating fraud: a comparative analysis of cloud-based audit solutions of deposit money banks in Nigeria." The research focuses on evaluating the effectiveness, technological features and implementation challenges associated with cloud-based audit solutions in Nigerian deposit money banks compared to traditional audit methods. Using a mixed-methods approach, data was collected through structured questionnaires and semi-structured interviews with audit professionals, IT personnel, and risk managers from selected Nigerian deposit money banks. Quantitative analysis involved the utilization of regression techniques to examine the relationships between cloud-based audit effectiveness, technological capabilities, and implementation challenges. Findings indicate that cloud-based audit solutions significantly enhance fraud detection and prevention compared to traditional methods. However, technological features did not significantly influence their effectiveness. Significant implementation challenges include regulatory compliance, data security concerns, and organizational resistance to technological change. Therefore, the study recommends enhancing staff training, developing adaptable regulatory frameworks and investing in robust technological infrastructure to optimize the integration and effectiveness of cloud-based audit solutions. These measures are crucial for advancing audit capabilities, ensuring compliance with evolving regulatory requirements, and leveraging technological advancements to achieve operational efficiencies and enhanced audit outcomes. By implementing these recommendations, organizations can strengthen their audit processes, mitigate risks more effectively, and adapt to the dynamic landscape of modern auditing practices.

keywords:

Financial fraud, Cloud-based audit solutions, Fraud detection, Prevention, Innovative & Financial risk.

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