Impact of Internal Control Systems on Minimizing Fraud: The Case of Lebanon

Abstract

Establishing reliable internal control systems in Lebanon is a challenge for businesses looking to reduce their vulnerability to fraud. The purpose of this research was to determine whether or not internal control measures were successful in reducing fraud in Lebanon’s commercial sector. The study polls 308 businesses to learn more about control methods such as division of responsibilities, audit frequency, and ethics education. The results illuminate the present status of internal controls in Lebanon, illuminating the country’s successes and failures in its efforts to prevent fraud. With the information from this research, businesses may improve their fraud prevention tactics and safeguard their assets in the Lebanese market.   Keywords: Internal Control, Monitoring, Controlling Activities, Controlling Environment, Information & Communication