The Role of internal controls in managing financial risk, fraud, and regulatory compliance in bureaux. A case of Wealthluc financial holdings
- Author
-
Museta, Kenchlow
- Title
- The Role of internal controls in managing financial risk, fraud, and regulatory compliance in bureaux. A case of Wealthluc financial holdings
- Abstract
- The study examined how internal controls help manage financial fraud, risks, and regulatory compliance in Zimbabwe’s bureau de change sector, focusing on Wealthluc Bureau de Change. Using a quantitative design and data from 133 employees, the research applied the COSO framework to evaluate five control components. Analysis with SPSS showed strong positive links between internal controls, compliance, and financial risk management, and a negative link with fraud. Regression results confirmed that internal controls significantly influence compliance (47.3%), risk mitigation (38.6%), and fraud reduction (30.6%). The study concludes that strong internal controls enhance governance and recommends improving whistleblower systems, AML training, risk monitoring tools, and adoption of the COSO framework
- Date
- June 2025
- Publisher
- BUSE
- Keywords
- Internal controls
- Managing financial risk
- Regulatory compliance
- Wealthluc Financial Holdings
- Supervisor
- Mr. N Hove
- Item sets
- Department of Accountancy
