EFFECT OF FRAUD DETECTION TECHNOLOGIES ON AUDIT RISK ASSESSMENT

This study investigated the effect of fraud detection technologies on audit risk assessment in Nigerian organizations, focusing on the components of inherent risk, control risk, and detection risk. Guided by the Fraud Triangle Theory, the study employed a quantitative research design, using structured questionnaires administered to audit professionals across key sectors, including finance, manufacturing, and the public service. The findings demonstrate that fraud detection technologies enhance auditors' ability to identify potential misstatements and assess risk factors with greater accuracy. Data analytics was found to improve the detection of weaknesses in internal controls, while continuous auditing software supported real-time monitoring and early identification of irregularities. Collectively, these technologies strengthen the effectiveness of audit planning and execution by improving the identification and management of inherent, control, and detection risks. This research contributes to the growing body of knowledge on the intersection of technology and audit quality, particularly in developing economies. It highlights the need for organizations and audit firms in Nigeria to invest in modern fraud detection tools and equip audit personnel with the requisite skills to leverage these technologies effectively. Furthermore, the study calls for regulatory bodies to revise audit standards to reflect the realities of digital auditing. By addressing these gaps, the adoption of fraud detection technologies can significantly enhance the integrity, transparency, and reliability of financial reporting in Nigeria