Managing fraud using internal controls: - A case study of Simbisa Brands Ltd fast foods retail sector (Period 2021-2022)
- Author
- Chamboko Prince I
- Title
- Managing fraud using internal controls: - A case study of Simbisa Brands Ltd fast foods retail sector (Period 2021-2022)
- Abstract
- The objective of this thesis will be to manage fraud using internal controls in the fast-foods restaurant (Simbisa Brands ltd). The aim of this research study was to investigate the effectiveness of internal control measures as a means of managing fraud within Simbisa Brands between 2021 and 2022. A descriptive study design was utilized for the research study with a sample size of 52 participants. The sample consisted of 11 participants who were interviewed, and 41 who completed a questionnaire survey that was designed based on the COSO framework. A thorough analysis of the responses was conducted using descriptive statistics within SPSS and the results were presented through tables, pie charts and graphs. It was found that Simbisa Brands had implemented internal control procedures to prevent fraud, but there were still some gaps in the system. The most significant challenges were noted to be skimming, financial statement fraud and electronic card fraud. It was also observed that there was a lack of awareness among employees in relation to the internal control procedures, leading to their failure to comply with the set rules and regulations. Based on the research findings, this study proposed a series of recommendations to manage fraud within Simbisa Brands. These included the need to enhance employee awareness of the internal control procedures through regular training sessions, establishment of independent internal audit function, and strengthening the collusion prevention mechanism through separation of duties. Overall, this study demonstrates the importance of implementing effective internal controls in managing fraud within organizations, and provides valuable insights into how Simbisa Brands (Quick Service Restaurants) can mitigate fraud risk.
- Date
- June 2023
- Publisher
- BUSE
- Keywords
- Simbisa Brands
- Fraud
- Supervisor
- N/A
