AUDIT DIGITALIZATION AND ITS IMPACT ON FRAUD PREVENTION AND DETECTION: EVIDENCE FROM NIGERIA
Keywords:
Audit digitalization, fraud prevention, fraud detection, technology adoption, NigeriaAbstract
The rapid evolution of digitalisation has led to an increase in fraud, making the role of digital audit tools crucial in preventing and detecting fraudulent activities. n this study on audit digitalization and its impact on fraud prevention and detection with emphasis on its adoption, benefits and challenges among sole/partnership audit firms in Nigeria. To address this dissensus, we used questionnaire to elicit responses from participants where descriptive statistics and regression analysis were adopted. Findings suggest moderate adoption rates with variations in integration into audit processes. Skill gaps, regulatory constraints, technological limitations, and cybersecurity vulnerabilities emerge as significant challenges. However, audit digitalization demonstrates a significant positive impact on enhancing audit practices and stakeholder confidence. We present ideas for addressing these challenges based on our research and lessons from other fields.References
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