Curbing Fraudulent Practices through Accountability in Non-Profit Making Organizations

JOLOKO, Bisola Grace, AUDU, Solomon Ibrahim


This study seeks to examine the ways to curb fraudulent practices among Not for Profit Organizations (NPOs) through the accountability processes.  NPOs are one of the least regulated sectors of the economy making them prone to incidences of fraud which are often undetected within the poor accountability system. It is imperative to examine the nature and negative effects of fraud to stakeholders who have placed their trust on the activities of the non-profit organizations but are unable to obtain justification of their activities because funds are not judiciously utilized for the purpose they were raised. The study particular considered the perspective of chartered accountants by arguing that have a significant role in understanding the accountability framework for fraud prevention and control in NPOs. The population of the study consist of all chartered accountants of ICAN in Ikorodu and a questionnaire was administered to the participants. Regression analysis was used to test the relationship between accountability processes (internal audit, governance, external audit and regulatory process) and fraudulent practices among NPOs. The results of the analysis showed that there is no relationship between accountability framework variables - internal audit, governance and the regulatory process, however external audit showed a significant relationship with the fraudulent practices in NPOs. The study recommended that external audit be made mandatory for NPOs amongst other recommendation.

Keywords: Fraud, Accountability, Non-profit making organization, Governance, Stakeholders

DOI: 10.7176/RJFA/10-14-01

Publication date:July 31st 2019

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