An investigation into the role of forensic auditing fraud detection in retail sector. A survey of retail shops Harare CBD

Author

Brighton Mutombwera

Title

An investigation into the role of forensic auditing fraud detection in retail sector. A survey of retail shops Harare CBD

Abstract

The retail sector is one of the most vulnerable industries to fraud due to its complex operations and high volume of transactions. Forensic auditing is a specialized examination that is used to investigate financial crimes, including fraud, and has become an essential tool in detecting and preventing these crimes in the retail sector. This research, therefore, sought to document the nature of fraudulent activities in the retail sector and exploring the role of forensic auditors in the detection and prevention in the retail sector, with specific focus on Harare CBD retail sector. The study was guided by the following objectives: to identify prevalent types of fraud in the retail sector in Harare's CBD, to establish the role of forensic auditing in fraud detection in the retail sector in the Harare CBD, to evaluate the effectiveness of forensic auditing in fraud detection in the retail sector in Harare CBD, and to recommend appropriate strategies for curbing fraud. The researcher used a descriptive survey research design on a sample size of 50 participants with the questionnaire and the interview as the main data collection instruments. Stratified random sampling and judgemental sampling techniques were used to select respondents for the study. Microsoft Excel 2013 was used to analyse data which was then presented using tables, pie charts and bar graphs. The research findings indicated that asset misappropriation, embezzlement, and electronic card fraud dominated in the retail sector. It was also discovered through the research that the role of forensic auditing in curbing fraud in the retail sector is very effective. The research concluded that using investigation services and litigation support will significantly reduce incidents of fraud in the retail industry. The researcher strongly recommended authorization and authentication, internal control, train staff on fraud prevention, organizations should have clear lines of authority, back up critical data, sound policies and procedures, use security cameras, and verify at the point of sale (POS) as effective measures against fraud in the retail sector.

Date

2023

Publisher

BUSE

Keywords

Forensic Auditing

Retail sector

Supervisor

N/A

Item sets

Department of Intelligence and Security Studies

Media

BRIGHTON MUTOMBWERA.docx

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