International Journal For Multidisciplinary Research

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Assessing the Impact of Effective Internal Controls in Fraud Prevention in Zambian Beverage Companies, a Case of Falls Beverages Zambia Limited

Author(s) Loti Saidi
Country Zambia
Abstract Internal controls encompass policies, procedures, and organizational structures designed to provide reasonable assurance that a company achieves its business objectives and prevents or detects undesired risk events, whether initiated by management concerns or compliance requirements. The study aimed to evaluate how effective internal controls impact fraud prevention, using a survey to collect data from 109 employees, including an internal auditor. Findings revealed that existing internal controls significantly aided in preventing major fraudulent activities and ensuring measures were in place to detect and deter fraud. Over 50% of respondents confirmed effective monitoring and implementation of internal controls capable of uncovering fraudulent behaviors within the company. The study emphasized that fraudulent activities adversely affected company operations and recommended measures such as fostering better management-staff relations, strengthening the audit department, offering incentives for fraud reporting, and implementing stringent controls. In conclusion, improving internal controls was identified as crucial for preventing fraud and safeguarding Falls Beverages from financial losses and resource mismanagement.
Keywords: Internal Controls, Fraud Prevention
Keywords Internal Controls, Fraud Prevention
Field Sociology > Banking / Finance
Published In Volume 6, Issue 4, July-August 2024
Published On 2024-08-22
Cite This Assessing the Impact of Effective Internal Controls in Fraud Prevention in Zambian Beverage Companies, a Case of Falls Beverages Zambia Limited - Loti Saidi - IJFMR Volume 6, Issue 4, July-August 2024. DOI 10.36948/ijfmr.2024.v06i04.24935
DOI https://doi.org/10.36948/ijfmr.2024.v06i04.24935
Short DOI https://doi.org/gt8g73
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