The Role of Audit in Fraud Management: A Case Study of Global Paints Ltd Uganda

Abstract

Through a case study of Global Paints Ltd. in Uganda, the study examined the function of audit in fraud management. In particular, it looked at how audit standards contribute to fraud management, how professional competency contributes to fraud management, and how audit team independence contributes to fraud management at Global Paints Global Paints Ltd. Uganda. A cross-sectional survey research design was employed to conduct the study, and both quantitative and qualitative research methods were applied. Purposive and basic random sample techniques were employed together with questionnaires and interviews to gather the data. The study also made use of a sample size of eighty management and staff members of Global Paints Ltd. Uganda. The study's conclusions emphasized how complex Global Paints Ltd. Uganda's fraud management is. Regarding the beneficial contributions of audit standards, professional competency, and audit team independence to efficient fraud control, respondents showed a significant consensus. They understand the critical role that adherence to audit standards plays in preventing and detecting fraud, the value of ongoing professional development in improving skills related to fraud, and the critical role that audit team independence plays in creating an atmosphere that supports objective investigations and timely reporting. Together, these elements support an allencompassing strategy for managing fraud and demonstrate the organization's dedication to preventing fraud and maintaining financial integrity. The study concluded by recommending that Global Paints Ltd. Uganda continuously prioritize compliance with audit standards, invest in professional development programs to hone fraud detection skills, protect the independence of the audit team by having clear reporting channels, encourage cross-departmental collaboration, place a premium on professional certifications, and remain vigilant by updating fraud management policies on a regular basis to address changing risks.