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Fortifying Financial Integrity: Insights into Fraud Detection and Prevention Strategies Across Various Financial Companies in Sri Lanka from the Perspectives of Accountants and Internal Auditors in an Analytical Review

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  • Shathurshna Rathakrishnan

    (Assistant Lecturer, Department of Business & Management Studies, Faculty of Communication & Business Studies, Trincomalee Campus, Eastern University, Sri Lanka)

  • Thirunavukkarasu Baskar

    (Senior Lecturer Gr-I, Department of Business & Management Studies, Faculty of Communication & Business Studies, Trincomalee Campus, Eastern University, Sri Lanka)

Abstract

Fraudulent activities in organizations pose a serious threat to financial integrity, sustainability, and trust. This research study examines in detail fraud detection and prevention strategies in financial institutions in Sri Lanka, as perceived by auditors and internal auditors. Using existing literature and empirical evidence, the study highlights the increasing complexity of fraud and the importance of proactive countermeasures to effectively combat it. Key findings highlight the critical role of good corporate governance practices, the use of IT tools and fostering a culture of integrity in reducing fraud risks. Collaboration between auditors, fraud analysts and internal audit teams emerges as an important element in identifying and addressing fraudulent activity The study highlights the need for a comprehensive approach that includes knowledge, collaboration, governance migration effectiveness, ethical culture, ICT, and transparency combine to effectively prevent fraud to strengthen financial integrity.

Suggested Citation

  • Shathurshna Rathakrishnan & Thirunavukkarasu Baskar, 2024. "Fortifying Financial Integrity: Insights into Fraud Detection and Prevention Strategies Across Various Financial Companies in Sri Lanka from the Perspectives of Accountants and Internal Auditors in an," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(6), pages 2168-2181, June.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:6:p:2168-2181
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    References listed on IDEAS

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    1. repec:eme:jfrcpp:13581980210810256 is not listed on IDEAS
    2. Ovidiu Constantin Bunget & Alin Constantin Dumitrescu, 2009. "Detecting And Reporting The Frauds And Errors By The Auditor," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-11.
    3. repec:eme:jbsedp:jbsed-03-2021-0026 is not listed on IDEAS
    4. repec:eme:majpps:maj-02-2015-1163 is not listed on IDEAS
    5. Khosrow Hassibi, 2000. "Detecting Payment Card Fraud with Neural Networks," World Scientific Book Chapters, in: Business Applications Of Neural Networks The State-of-the-Art of Real-World Applications, chapter 9, pages 141-157, World Scientific Publishing Co. Pte. Ltd..
    6. repec:eme:majpps:02686901111142558 is not listed on IDEAS
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