Abstract:
This study determined the impact of ongoing function of internal audit on corporate fraud risk management. The specific objectives are to determine the impact of: Continuous assessment of audit plan CAAP; Periodic audit summary reports PASR; Updating risk assessment URA; and Performance and tracking issues PATI on corporate fraud risk management. To achieve this, fifteen banks were purposefully selected from the populations of the listed banks in Nigeria Security Exchange NSE; population of three categories of the banking officers who formed the respondents were 600; while the sample size came up to 400 approximately after applying Taro Yamane's formulae for sample size determination. The result shows that the overall P values of the independent variables is 0.21 and is > 0.05 level that rejects the null hypothesis and accepts the alternate hypothesis, that ongoing function of internal audit significantly impacts corporate fraud risk. The F-Statistics value of (45%) found in the criterion variable is explained by the four explanatory variables of the study and shows: internal audit ongoing function of CAAP; PASR; URA; and PATI impact corporate risk management. This study provides useful information for policy makers, regulators and various managers in improving the corporate fraud risk management policies in collaboration with ongoing internal audit function, and contributes to both local and international research indebt literatures and knowledge as regards risk management, and internal audit ongoing function in risk management practices.
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