Fraud Control Practices Adopted by Small and Medium Scale Enterprises for Business Sustainability in Enugu Sate, Nigeria

Abstract

The study's primary focus is on the strategies small and medium-sized businesses in Enugu State employ to combat fraud. The study was produced using a descriptive survey research methodology. 104 SME managers participated in the survey, which was conducted in the state of Enugu. A questionnaire was employed as the data collection tool. Three experts in the field validated the gadget. Twenty copies of the questionnaire were distributed to respondents who possessed the same features in order to determine the internal consistency of the instrument in Anambra State. Cronbach's alpha was then used to assess the results. Together, the four instrument clusters' dependability coefficient was 0.979. The data that the respondents gave was analyzed using the Statistical Package for the Social Sciences (SPSS). According to the report, fraud makes it difficult for small and medium-sized enterprises (SMEs) to grow and survive because it encourages dishonest activity, including account manipulation and theft, which are typically followed by theft cover-ups. The paper provides guidance on effective and remedial fraud control procedures for long-term economic viability for managers of small and medium-sized enterprises (SMEs). These managers should also strategically disseminate the necessary ICT warnings around their workplace to demonstrate their intention to prevent the complexity and difficulties of business activities.