COMBATING FRAUD – THE ROLE OF FORENSIC AUDITING IN FINANCIAL INSTITUTIONS, A CASE STUDY OF BARCLAYS BANK GHANA LIMITED, TAMALE MAIN BRANCH, IN THE NORTHERN REGION OF GHANA

Abstract

The study explores how forensic auditing tools have been employed to prevent and minimize financial fraud by Barclays Bank Tamale Main Branch in Tamale Metropolis in Northern Region of Ghana. The study adopted cross-sectional survey research design and was mainly descriptive in nature with both primary and secondary data collected for the study. The study used open ended questionnaires to gather data from 180 respondents. The findings revealed that 53.6 percent of the respondents strongly agreed that documents of value and liquid assets are exposed to ‘undisciplined’ staff or unauthorized person(s) like customer(s) in the Bank with attendant security risks. Additionally, the study established that 43.4 percent of the respondents strongly agreed that staff of the branch has some form of frustration in relation to the adequacy of measures aimed at combating fraud. Findings from the study further reveals that 40.4 percent of the respondents agreed that staff checks for identity of clients to be sure of the authenticity of the transaction and identity of the clients in order to detect fraudulent transactions in the bank, 40.0 percent of the respondents strongly agreed that staff compare the signature on identity cards against signature on cheques or any other specimen to be sure of the authenticity of the transaction and identity of the clients in order to detect fraudulent transaction in the bank. The study recommends that training and guidance is vital in maintaining the effectiveness of the strategy for the detection and prevention of fraud and corruption. Management of Barclays Bank needs to support induction and professional training, particularly for employees involved in internal control systems and the accounting sector, to ensure their responsibilities and duties are regularly highlighted, reinforced, and that best practices are followed across lines of duty.