The role of auditors in the detection and prevention of fraud in the retail sector. A survey of Bindura retail shops
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All organizations are vulnerable to white collar crimes regardless of their size or nature of business and fraud has been rampant in the retail sector of lately. The study aimed at documenting the nature of fraudulent activities in the retail sector of Bindura and exploring the role of auditors in the detection and prevention in the retail sector. It also aimed at the effectiveness of auditors in the detection and prevention of fraud in retail sector and also to recommend measures to curb fraud. The study adopted a descriptive survey design. A total of 50 respondents were invited to participate through stratified random sampling and judgemental sampling techniques with the interview guide and the questionnaire in the research instruments. The data gathered was analyzed and presented using tables, pie chart and graphs using Microsoft excel. The research findings indicated that inventory fraud and embezzlement dominated in the retail sector. The role of auditors was to detect error and misstatements and it is not solely the responsibility of the auditors to detect and prevent fraud but also the duty of the management as they run the day to day activities of the business. The auditors were effective as they conducted surprise audit visits. The research concluded that the management has a bigger play to detect and prevent fraud and auditors are there to help them. Recommendations derived that there should be authorization and authentication and also there should installation of surveillance cameras around the firm so as to curb fraud.