ProjectClue.com WhatsApp or Call Us

projectclue whatsapp icon07030248044

Project Topic:

INTERNAL CONTROL AS AN EFFECTIVE MANAGEMENT TOOL IN THE BANKING INDUSTRY.(A CASE STUDY OF FIRST BANK OF NIGERIA PLC, ENUGU MAIN)

Project Information:

 Format: MS WORD ::   Chapters: 1 - 5  ::   Pages: 62 ::   Attributes: Abstract, Table Of Content, Questionnaire, Data Analysis  ::   4,141 people found this useful

Project Department:

BANKING FINANCE UNDERGRADUATE PROJECT TOPICS, RESEARCH WORKS AND MATERIALS

Project Body:

ABSTRACT

This project was carried out with the sole aim of studying an evaluating the internal control system in a banking industry- using first Bank of Nigeria PLC, Enugu main as a case study.

The project is written in five chapters: chapter one is the introduction which include the background of the study etc. chapter two enumerated literature Review, where the earlier views on internal controls were reviewed to avoid duplication chapter three is the Research Methodogy. Chapter for –data pre sanitation, Analysis and interpretation and finally, chapter five includes: summary, findings, recommendations, implications, limitations of the study and suggestions.

 In handling this project, the survey and historical research method was employed.

A total of 99 workers were chosen as the population of this study. The workers were grouped as staff and non-staff. The staff were 65 in number, which revealed that the 65 staff were made up of 13 management staff, 44 senior staff, 8 junior staff. While the non-staff were 34 in number which made up of 2 contract staff and 32 I.T Staff since the project topic “internal control as an effective management tool in the banking industry” is an important topic, the staff population was chosen, since they are the one to understand the language of the project topic.

The study tools were mostly through questionnaires, oral interviews, reading which includes text books, journals, pas texts, newspapers, annual reports and statement of accounts, manuals, enclopedias, and other publication; and observations.

The data collected were interpreted to the understanding of everybody through the use of tables, pie chart, and chi-square.

The study overviewed the following areas: definitions, categories, types and essentials of internal control system. others are plan of organization authorization, managerial supervision, internal check  and internal audit.

 

CHAPTER ONE

INTRODUCTION

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. That is, it differs from one organization to another. The control used will depend on the nature, size and volume of the activities and the degree of control which management are able to exercise personally, geographical distribution and many other factors.

1.2     STATEMENT OF PROBLEM:

Most business organizations in Nigeria of which banking industry is one of them are known for their inability to keep complete and accurate records, and quite often lose some of their assets both financial and others under their control to fraudulent workers, and other enemies of progress who adopt any strategy possible to satisfy their selfish interest at the detriment of the public interest.

The main problem of this research work are as follows:-

To identify the nature, weaknesses and limitations interest in the internal control system as regards the banking sector using the first Bank of Nigeria PLC, Enugu main as a case study.

 In the real sense, the banking system suppose to reap its full benefits, but the system cannot work where there is management and operational inefficiency among the workers an this will result to a general unprofitability in the banking system. this can only be remedied through the corrective measures which will be provided as this study proceeds.

1.3     THE PURPOSE OF THE STUDY

A good internal control system is essentially indispensable to every organization that has portfolio of assets and bulky transaction to undertake. It is with due knowledge of this indispensable nature of good internal control system to organizations mostly of the banking industry that this research work have designed to base the research to :-

  1. Evaluate how effectively the management has relied on internal control for decision making and corporate goal attainment.
  2. Ensure that proper and accurate accounting system is maintained.
  3. Appraise the cost-benefit of installation of internal control.
  4. Create awareness of the importance of internal control.
  5. Make recommendations where necessary.

1.4     SCOPE OF THE STUDY

This research work focuses on Banking industry, using the first Bank of Nigeria PLC, Enugu main as  a case study. First Band of Nigeria Plc has its headquarters at Lagos and five zonal banking units which includes central, East, North, West and Lagos Banking operations.

This study will look into banking operations especially the following aspects of internal control of the selected areas as:-

  1. The authorization custody and recording.
  2. The nature of segregation of duties
  3. The internal checks and internal audit in operation.
  4. The aspects of supervisory
  5. The other control measures being exercised and their adherent to management policies and guidelines

1.5     RESEARCH QUESTIONS

For the purpose of this research work to be achieved, the following hypothesis were formulated:-

HO:          Effective management and accountability is not independent of the internal control system.

H1:    Effective management and accountability is independent of the internal control system.

HO:   The profitability and operational efficiency of a bank has no relationship with its internal control system.

H11:  The profitability and operational efficiency of a bank has relationship with its internal control system.

HO:   Adherence to laid down rules does not help effective management.

H111 Adherence to laid down rules helps effect management. 

1.6     SIGNIFICANCE OF THE STUDY:-

This research work on “Internal control as an effective management tool in the banking industry” will be useful to bankers, insurers, Auditors, and other researchers.

(i)      To the insurers, bankers and other financers:

The operators of the banking system whose sector is being threatened to winding up, may learn some useful reasons from the findings of the research.

(ii)     To other Researchers:

People who may be carrying out research in this area will certainly find this work relevant. It can serve as a source of information to them. They can find it very useful during their research work.

(iii)    To the External Auditors:

The findings of this study will be of a great help to the external auditors in determine the extent of work to be carried out by them since they rely on internal control system of their clients.

(iv)    To the Students and the General Public:-

Students as well as the general public who want to acquire knowledge of internal control in the banking industry will equally benefit form this study.

 

Get the complete project »


Instant Share On Social Media:


Can't find what you are looking for?
Call (+234) 07030248044.

OTHER SIMILAR BANKING FINANCE PROJECTS AND MATERIALS

A CRITICAL ANALYSIS OF CAUSES AND PROBLEM OF FINANCIAL DISTRESS IN NIGERIA BANKING SECTOR (A CASE STUDY OF AFEX BANK PLC.)

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 68 ::   Attributes: Questionnaire, Data Analysis,Abstract

CHAPTER ONE INTRODUCTION The importance of capital as a necessity though not sufficient condition for economic growth is recognized in development economy where it is believed that the position of ...Continue reading »

A CRITICAL ANALYSIS OF THE USE OF FINANCIAL REPORT IN ASSESSING BANK PERFORMANCE. (A CASE STUDY UNION BANK OF NIGERIA PLC)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 72 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   6233 engagements

CHAPTER ONE INTRUDUCTION BACKGROUND OF STUDY A farmer, who plants corps, expects result, similarly to student who sits for examination expects results. The same 5 also true of an investor. For the ...Continue reading »

A CRITICAL ANALYSIS ON THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 72 ::   Attributes: Questionnaire, Data Analysis  ::   19171 engagements

ABSTRACT This project work is carried out to examine the contribution of micro finance banks to the development of Small and medium scale enterprises in Nigeria. The Brass micro finance bank is used a...Continue reading »

A CRITICAL APPRAISAL OF CURRENT ASSETS MANAGEMENT IN PUBLIC LIMITED LIABILITY COMPANIES

 Format: MS WORD ::   Chapters: 1 - 5  ::   Pages: 80 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   3640 engagements

ABSTRACT This project examined the management of current assets in public Limited Liability Company. It is obvious that no company can perform well without good current asset management. This cares f...Continue reading »

A CRITICAL APPRAISAL OF CURRENT ASSETS MANAGEMENT IN PUBLIC LIMITED LIABILITY COMPANIES

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 55 ::   Attributes: Questionnaire, Data Analysis, Abstract

CHAPTER ONE 1.0 INTRUDUCTION: Current assets as one of the management tolls of business organization are very important in the proper function of business and achievement of organizational goal. Cur...Continue reading »

A CRITICAL ASSESSMENT OF THE SURVIVAL STRATEGIES OF DEPOSIT MONEY BANKS IN A DEPRESSED ECONOMY

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 68 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   1808 engagements

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY Nigerian economy is faced with national and global economic challenges and as such, the financial institutions, especially the banking sector ha...Continue reading »

What are looking for today?

WHAT OUR CUSTOMERS ARE SAYING:
  • 1. Abubakar Sani from Nigerian Investment Promotion Commission said "I had a wonderful experience using ProjectClue, they delivered not only on time, but the content had good quality. I recommend ProjectClue for any project research work.".
    Rating: Excellent
  • 2. Ogunniran Olawale from Ekiti state university said "Projectclue is really safe and reliable Quick access to project works Nice customer service Fast delivery of request Recommend this toy fellow students ".
    Rating: Excellent
  • 3. Fahat Nasir from isa kaita college of education dutsinma said "Fish farming a solution unemployment ".
    Rating: Very Good
  • 4. Ajimbi Oluwarotimi from Theology school osun said "Good ".
    Rating: Very Good
  • 5. Clement Abdullahi Ogiji from National Open University of Nigeria said "I am a living witness and have recommended project clue to a lot of students, so far none have been disappointed, very reliable and, trustworthy and dependable".
    Rating: Excellent
  • 6. Jhuee from Sultan national high school said "Good quality. I recommend project clue for any project research work.".
    Rating: Excellent