Abstract:
The upsurge in fraud and the existential threat it poses to the corporate organisations has spurred
the interest of many academics, accountants, auditors and investors alike. The failure of audits to
detect fraud have resulted in the has called the integrity of the accountancy and the audit function
profession, resulted in lawsuits and set many corporate executives on the path to find the most
appropriate methods to address same. This study presents an examination fraud detection and
prevention mechanisms used by organisations in Ghana, as well as the perception of accountants
of their effectiveness. The research was carried out via s survey, with questionnaire administered
to 99 accountants and auditors. Analysis of the results indicate that accountants in Ghanaian
organisations perceive the use of appropriate oversight processes as effective in the prevention of
fraud, with the highest mean value of 5.11. Delving into these processes further reveals that
external audit as the most highly perceived as effective. This corresponds to the results of the type
of mechanisms used, where the appropriate oversight processes again emerge as the highest in use
and technological applications was the least used. Practical implications for this in Ghana points
to a lag in the adopting technological applications in the prevention and detection of fraud. With
the increased adoption if technology in business and the attendant risks it presents, it will be useful
to explore the benefits and the costs in the bid to address emerging risks in that area.
