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

Shathurshna Rathakrishnan and Thirunavukkarasu Baskar
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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

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 6, 2168-2181

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.

Date: 2024
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