Use of Control Activities in Fraud Control in Financial Institutions a Case of Financial Institutions in Meru Town, Kenya

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Abstract

The purpose of the study was to establish the relationship between Control Activities and Fraud Control in Financial Institutions (Banks and Microfinance Institutions). Control Activities analyzed were Internal Checks and Segregation of Duties. The researchers set study objectives and hypotheses that assisted in establishing the relationship that was required. The research study was conducted using both quantitative and qualitative approaches. Stratified random sampling was used and data was collected using Questionnaires from the managers and supervisors, in various financial institutions of Meru town, Kenya. A sample of 84 respondents from a population of 106 was used for this study. Data was analyzed through SPSS using Chi square and Descriptive statistics. In analyzing the selected control activities it was found there were enhanced internal checks that involved peer review and verifications of transactions to reduce chances of forgery, also it was revealed that proper segregation of duties and job rotation have been embraced to increase transparency. In conclusion Research study found that there are continuous checks to ensure controls are working well. The study established a significant relationship between control activities and fraud control.

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Use of Control Activities in Fraud Control in Financial Institutions a Case of Financial Institutions in Meru Town, Kenya

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