ABSTRACT
Internal control is an integral
part of Accountancy and Auditing profession. It is also entirely an internal
management affairs. Problems which led to this study of internal control system
in the Nigerian Banking industry are: the frequent fraud which include
collusion at times with some outsiders and breaking of safeguards provided by
the separation of duties. Another problem include, the abuse of authorization
controls by personnel in whose hands are entrusted the assets of the bank. This
research work is aimed at establishing the effects of internal control systems
in our Banking Industry; it looked at the roles of internal control systems in
the Nigerian banking Industry and made relevant recommendations as a
contribution to normalize the conditions of the industry, restore efficiency
and effectiveness in the systems. In the review of the related literatures,
work of expects in the field of Banking, Auditing, Accounting and financial
management was properly reviewed. Methodology used in the data collection
include both primary and secondary data. The population of this study embraced
one hundred and twenty (120) staff of the three selected banks: First Bank,
Union Bank and United Bank of Africa Plc Umuahia: each bank shared the
population of fourty (40.) which gave grand total of 120 staff. A sample size
of ninety two (92) were chosen, using Tare Yameni's formula. Ninety two
questionnaires was administered to the selected banks while seventy four (74)
were returned and the data analysis procedure used include sire percentage
while Chi-square was used to test and analysis the formulate hypotheses. The
findings of the study showed that, the effect of proper maintenance of internal
control system in our Banking Industry in safeguarding the assets of banks in
adherence to management policy; the impact of adequate techniques of internal
control system in detecting fraud and error in banks. Then the researcher
therefore recommended as fellows in part: there should be segregation of
duties, so that no employee can begin a transaction from the start to the end.
or proper allocation of responsibilities will help to strengthen internal
control function. They should be adequate verification of the incoming staff
person's background to find out i.h person's character as this w) help in reducing
the incidence of frano in the industry where the rest of the recommendations
are contained in chapter five.
OSU, K (2021). An Appraisal Of Internal Control System In The Nigeria Banking Industry (A Case Study Of Selected Banks In Nigeria). Mouau.afribary.org: Retrieved Nov 01, 2024, from https://repository.mouau.edu.ng/work/view/an-appraisal-of-internal-control-system-in-the-nigeria-banking-industry-a-case-study-of-selected-banks-in-nigeria-7-2
KALU, OSU. "An Appraisal Of Internal Control System In The Nigeria Banking Industry (A Case Study Of Selected Banks In Nigeria)" Mouau.afribary.org. Mouau.afribary.org, 31 Aug. 2021, https://repository.mouau.edu.ng/work/view/an-appraisal-of-internal-control-system-in-the-nigeria-banking-industry-a-case-study-of-selected-banks-in-nigeria-7-2. Accessed 01 Nov. 2024.
KALU, OSU. "An Appraisal Of Internal Control System In The Nigeria Banking Industry (A Case Study Of Selected Banks In Nigeria)". Mouau.afribary.org, Mouau.afribary.org, 31 Aug. 2021. Web. 01 Nov. 2024. < https://repository.mouau.edu.ng/work/view/an-appraisal-of-internal-control-system-in-the-nigeria-banking-industry-a-case-study-of-selected-banks-in-nigeria-7-2 >.
KALU, OSU. "An Appraisal Of Internal Control System In The Nigeria Banking Industry (A Case Study Of Selected Banks In Nigeria)" Mouau.afribary.org (2021). Accessed 01 Nov. 2024. https://repository.mouau.edu.ng/work/view/an-appraisal-of-internal-control-system-in-the-nigeria-banking-industry-a-case-study-of-selected-banks-in-nigeria-7-2