*PhD., Department of Management and Accounting Faculty of Environment, Social and Management Sciences Lead City University, Ibadan, Nigeria
**Department of Management and Accounting Faculty of Environment, Social and Management Sciences, Lead City University, Ibadan, Nigeria
The study evaluated the roles of Internal Controls in preventing and detecting fraud; in essence, the study assess the impact of internal control system as a means to maximize and prevent the occurrence of fraudulent practices in any form in the banking sectors. The researchers used two sources of data collection, the primary source which enable researchers to get first class information and the secondary method of data collection. In this research work, questionnaires were administered for collecting data using random sampling techniques. Results of this study shown that the major causes of fraud and actors that contributed to the incidence of fraud and forgery in commercial banks is job insecurity, and also revealed that overriding of control system in the banks by top management has also significantly contributed to the collapses of some banks in the past couple with poor or weak management control, monitoring and lack of supervision of internal control system and procedures which also caused fraud to be perpetrated. It has been established in this study that internal control system is paramount in ensuring effective operation of banks, and it has impact on prevention and detection of fraud and enhances the overall profitability of banks. From the study, it was cleared that Guaranty Trust Bank Plc, there control procedures and monitoring activities have shown conformity with good internal control system and staff job being highly secured.
Internal Controls, Fraudulent practices, Management control, Commercial Bank
