Browsing by Author "WALUBITSA PATRICK"

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    ASSESSING THE EFFECTIVENESS OF INTERNAL CONTROLS IN PREVENTING FINANCIAL FRAUD: A CASE OF EQUITY BANK, MUKONO BRANCH
    (UGANDA CHRISTIAN UNIVERSITY, 2025-09-15) WALUBITSA PATRICK
    The study aimed at assessing the effectiveness of internal controls in preventing financial fraud: a case of Equity Bank, Mukono Branch. It specifically focused on; examining the relationship between control environment and preventing financial fraud, establishing the relationship between risk assessment and preventing financial fraud, and exploring the relationship between control activities and preventing financial fraud in Equity Bank, Mukono. In addition to using both quantitative and qualitative research methods, the study was conducted using a cross sectional study design. Both basic random and selective sampling techniques were applied during the data gathering process, which involved the use of questionnaires and interviews. The study also employed a sample size of 44 respondents who work for Equity Bank in Mukono and the bank's top management. The study findings revealed that internal controls in Equity Bank, Mukono are significant in preventing financial fraud, with the control environment, risk assessment, and control activities being significant. Respondents agreed that strong control environment reinforces ethical behavior, responsibility, and openness (r = .521**, β = 0.225, t = 3.693, p = 0.000), and risk assessment ensures frauds are discovered earlier and better internal controls (r = .587**, β = 0.243, t = 3.668, p = 0.000). In addition, rigid control procedures like appropriate policies, segregation of duties, transaction authorization, compliance monitoring, and regular revision were determined to have the greatest effect on fraud prevention (r = .680**, β = 0.496, t = 7.426, p = 0.000). The above findings highlight the evidence that systematic internal controls are strategic and very effective in anti-fraud prevention at the bank. Finally, the study recommended the need for strengthening the control environment, refining the risk assessment procedures, implementing robust control activities, maintaining effective monitoring mechanisms, and providing continuous staff training to facilitate timely detection, evasion, and minimization of financial fraud, thus increasing accountability, transparency, and the overall effectiveness of the internal controls of the bank.