Abstract

Author:
Johanah P. Alisen

Doi: 10.26480/mbmj.01.2025.20.32

This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

The potential of fraud is one of the typical governance concerns faced by monetary institutions, such as rural banks, regardless of size, location, or operational complexity. Having robust internal control systems and establishing a risk management program is critical in combating fraud. This study explores the implementation of Internal Control Systems of the firm RB concerning the principles prescribed by the COSO framework. The research method used in the study was quantitative. The participants of the study comprised55 stakeholders of the institution selected based on purposive sampling. Findings show that the business has internal control systems in place which are generally implemented to a great extent as prevention and detection controls. The recommendation includes that the company should consider studying and investing in fraud prevention software and designs, integrating its best practices and existing regulatory standards with technological advancements to combat new probable fraud schemes.