Appraisal Of Internal Control As A Tool For Cost Reduction In The Banking Industry. (A Study Of Uvuoma And Umuchukwu Microfinance Bank Umuahia)
ABSTRACT
This research work dealt on the
Appraisal of Internal Control as a tool to cost reduction in the Bank industry
(a case study of Uvuoma Micro-Finance. The main objective of this work was to
find out if banks have efficient and effective control system which contributes
to cost reduction in the banking sector. It was noted that internal control is
essential for banking operation and efficient in both financial and
non-financial matters. Chi-square was used for the testing of the first, second
and third hypothesis which is that effective internal control system does not reduces
operation cost of banks. The second hypothesis which is that internal auditing
function does not assists management in effective control of assets and general
operation of the bank and finally the third hypothesis which is that banking
industry does not have effective internal control system. The result of the
analysis of the first hypothesis revealed that effective internal control
system reduces operation cost of banks. The result of the second hypothesis
shows that internal auditing function assists management to achieve effective
control of assets and general operation in the bank. The last result reveals
that there is effective internal control in the system. It was observed that it
is improper to allow a single person to safeguard the firm's assets. The
recommendation was that Micro-Finance management should take note of audit care
for the financial stresses of their employees and assist them as much as
possible. This will help workers (bankers) not to engage in sharp practices.
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ONWUKA, A (2021). Appraisal Of Internal Control As A Tool For Cost Reduction In The Banking Industry. (A Study Of Uvuoma And Umuchukwu Microfinance Bank Umuahia). Mouau.afribary.org: Retrieved Nov 28, 2024, from https://repository.mouau.edu.ng/work/view/appraisal-of-internal-control-as-a-tool-for-cost-reduction-in-the-banking-industry-a-study-of-uvuoma-and-umuchukwu-microfinance-bank-umuahia-7-2
A, ONWUKA. "Appraisal Of Internal Control As A Tool For Cost Reduction In The Banking Industry. (A Study Of Uvuoma And Umuchukwu Microfinance Bank Umuahia)" Mouau.afribary.org. Mouau.afribary.org, 18 Aug. 2021, https://repository.mouau.edu.ng/work/view/appraisal-of-internal-control-as-a-tool-for-cost-reduction-in-the-banking-industry-a-study-of-uvuoma-and-umuchukwu-microfinance-bank-umuahia-7-2. Accessed 28 Nov. 2024.
A, ONWUKA. "Appraisal Of Internal Control As A Tool For Cost Reduction In The Banking Industry. (A Study Of Uvuoma And Umuchukwu Microfinance Bank Umuahia)". Mouau.afribary.org, Mouau.afribary.org, 18 Aug. 2021. Web. 28 Nov. 2024. < https://repository.mouau.edu.ng/work/view/appraisal-of-internal-control-as-a-tool-for-cost-reduction-in-the-banking-industry-a-study-of-uvuoma-and-umuchukwu-microfinance-bank-umuahia-7-2 >.
A, ONWUKA. "Appraisal Of Internal Control As A Tool For Cost Reduction In The Banking Industry. (A Study Of Uvuoma And Umuchukwu Microfinance Bank Umuahia)" Mouau.afribary.org (2021). Accessed 28 Nov. 2024. https://repository.mouau.edu.ng/work/view/appraisal-of-internal-control-as-a-tool-for-cost-reduction-in-the-banking-industry-a-study-of-uvuoma-and-umuchukwu-microfinance-bank-umuahia-7-2