1.1 BACKGROUND OF THE STUDY
Internal control is control within the company. In this type of control employees within the establishment can be useful sources which could be very helpful of more effectiveness of the desired goal. This means that it must be within the establishment’s restraints, authority or command. It involves a check within the banking industry to facilitate the effectiveness of its management.
The banking industry of every economy consists of all the activeness of financial institutions geared towards setting and maintaining a healthy cash flow and management policy in such economy.
Banking industry cannot perform their functions very well without maintaining a sound internal control. This is the reason for the study of internal control and its role in the effective management of the banking industry.
According to the Canadian institute of chartered accountants, exposure draft of proposed auditing recommendations, internal central comprise of the plan of an organization and all the co-ordinate systems established by the management of the enterprise to achieve management’s objective of ensuring as far as it is practical. The orderly and efficient conduct of its business including the preparation of reliable financial information.
E. Murphy in her text described internal control as the plan of organization and all of the co-ordinate methods and measures adopted within a business to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency and encourage adherence to prescribed managerial policies.
Internal control system could be viewed as a firms organization plan including all methods and measures the firm takes to:-
1. Safeguard it’s assets
2. Ensure the accuracy and reliability of its accounting data.
3. Promote operational efficiency and
4. To encourage compliance with organization policies.
It is the responsibility of management to determine the internally control system which is appropriate to the organization. The nature and extent of controls will vary between organizations.
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