INTERNAL CONTROL SYSTEM IN BANKS PROSPECTS AND PROBLEMS

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INTERNAL CONTROL SYSTEM IN BANKS PROSPECTS AND PROBLEMS

TABLE OF CONTENT

Title page

Certification

Dedication

Acknowledgement

Abstract

CHAPTER ONE

INTRODUCTION

Background of the study

Statement of the problem

Justification of the study

Statement of hypothesis

Objective of the study

Scope of the study

Plan of the study.

CHAPTER TWO

LITERATURE REVIEW

Introduction

Concept of internal control

Classification of internal control

Types of internal control

Reliance on internal control

Axes on internal control

Objective of internal control

Environment of internal control

Requirement for effective control

Application of Internal Control

Limitation of internal control

CHAPTER THREE

RESEARCH METHODOLOGY

Types of Data

Research design

Sample procedure

Method of data analysis

CHAPTER FOUR

PRESENTATION AND ANALYSIS OF DATA

Data presentation

Data analysis

Findings.

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

Summary

Conclusion

Recommendations

Suggestion for further research

Bibliography

CHAPTER ONE

INTRODCUTION

1.1 BACKGROUND OF THE STUDY

Banks are very important in any nation; they are the backbone f the nation’s economy. Function of banks according to Ezeudiji (1997), including money creation, acceptance of deposit from the customers, provision of facilities for domestic and foreign remittance, help government in implementing monetary policies e.t.c.

According to Benaijee (2001) internal control system is whole system of control, financial and otherwise established by the government in order to carryon business of the enterprises in an orderly manner, ensure adherence to management policies safeguarding the assets and ensure as far as possible the completeness and accuracy of accounting records”.

The function of internal control system includes the detection of error, early detection of fraud and protection or safeguarding of business assets but despite the fact that all banks have internal control system, there have been a lot of problems in the banking sector. Ranging from bank liquidating to defrauding the banks, many banks have been liquidated example of such bank include Savannah bank Plc, National Bank Plc (although it is now being resuscitated) merchant bank Nigeria limited. Nigeria international bank limited to mention few.

According to Central Bank of Nigeria (CBN) annual report over (N16,billion) sixteen billion naira was defrauded from the banking sector, also recently a bank was suspended from the cleaning system by the central bank of Nigeria (CBN) because of mis-management of banks resources expert have given reasons as to what causes banks distress. According to Exeudiyi (1997) one of the causes of bank distress is the internal control system problems include poor or lack proper authorization of loan and contract, poor loan recovery, failure to collect proper collateral security, management override the control e.t.c.

According to Koroye (1989). It a bank interval control (detective in any significant way. then) that audit should be decline outright or opinion must qualified as strictly as possible. It is because of two main reasons.

(1) Banking transaction are very prone to fraud

(2) The auditor will take forever action to vouch the transaction to obtain substantive audit transaction.

1.2 STATEMENT OF THE PROBLEM

Internal control system many organization, including bank is very important because it ensures orderliness, in the organization, advance to management policies, early detection of error and fraud, protection of assets e.t.c internal control system problems have led to closure of many banks in Nigeria, Ezeudiji (1997) thereby making depositors customer to shareholder of such banks to loss his or her shares. It is inimical to nations economy because provide 90% of the capital employed in Nigeria. Due to the following problem it leads to the following questions. Does bank operation carried out in any orderly manner, and follow the procedure laid down? Does transactions recorded accurately and correctly?.

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