Appraisal Of Internal Control As A Tool For Cost Reduction In The Banking Industry. (A Study Of Uvuoma And Umuchukwu Microfinance Bank Umuahia)

ONWUKA BRIDGET A | 68 pages (10127 words) | Projects

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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APA

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 01, 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

MLA 8th

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 01 Nov. 2024.

MLA7

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. 01 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 >.

Chicago

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 01 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

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