IMPACT OF COMPUTER ASSISTED AUDIT TOOLS AND TECHNIQUES (CAATTS) ON FRAUD DETECTION: EVIDENCE FROM DEPOSIT MONEY BANKS IN NIGERIA
Businesses across the world have seen tremendous changes as a result of information technology and have drastically altered the way transactions are documented, tracked, and reported in the accounting profession. The study investigated the influence of Computer Assisted Audit Tools and Techniques (CAATTs) on fraud detection in Nigerian Deposit Money Banks. Survey research design was adopted and a structured questionnaire was used to gather data from respondents through a conveniently sampling technique. 198 auditors and managers in the big-four audit firms and the twenty listed deposit money banks, were sampled. The data gathered was presented using descriptive statistical tools (frequency and percentages) and analyzed using the Partial Least Square-Structural Equation Modeling (PLS-SEM), with the aid of the SmartPLS-3 software. The result of the analysis revealed a significant and positive effect of CAATTs components on fraud detection (β=0.458, t = 6.172, p < 0.05). The study concluded that CAATTs significantly influence the detection of fraud, among Deposit Money Banks in Nigeria. Therefore, it was recommended that stakeholders should implement policies that will drive the use of CAATTs for forensic auditing activities in the Nigerian banking sector. Furthermore, the government should support the efforts of the banks in fighting fraud by facilitating whistle-blowing policies and encouraging the creation of fraud-hotlines in the banks.
CAATTs: Audit Software; Embedded Audit Software; Audit Command Language; Interactive data extraction and analysis; Bank Fraud.