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IMPACT OF INTERNAL
CONTROL MECHANISM FOR SUCCESSFUL OPERATION IN AN ORGANIZATION
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO
THE STUDY
In this chapter, the researcher intends to look and conduct
research on the Impact of Internal Control Mechanism for successful operation
in an organization particularly First Bank of Nigeria, Kaduna South Branch.
According to Weber (2010), define impact “as a powerful
effort that management has in order to perform their function effectively and
to achieved their goals or objective.
According to Benarivo De Guisppee (Augustan Gill, 1943), he
said that internal control is a plan of organization and all of the coordinate
methods and measures adopted within a business to safeguard its environment,
check it is effective and efficient and encourage adherence to prescribed
managerial policies.
Louis Fisher (2004) said that Operation is an organized
activity in an organization that involves several people performing different
task in order to meet organizational goals.
Some of the interesting areas about the topic is as follows:
1. Fraud and
Error Prevention: According to Adebayo Adedeji (1979), the responsibility for
the prevention of frauds and errors in organization is the responsibility of
management, which is usually achieved through the implementation and continuing
operation of adequate systems of internal control.
2. Discover
Good Internal Control System: Rober H. Haverman (2004) said that a good
internal control system should have a proper coordination and communication
network for decisions and policies of management to be effectively communicated
throughout the organization and the result thereby reported back efficiently.
1.2 STATEMENT OF THE
PROBLEM
The most serious problem hampering the smooth operation in
public and private sectors at all the levels has been fraud, errors,
defalcations, mismanagement and abuse of office.
Applicants are complaining bitterly that First Bank of
Nigeria, Kaduna South branch do not allow staff to go on training and
development having worked for specific period of time with the bank.
Another paramount problem facing the organization as regard
to the recruitment, selection, training and development of applicants or
candidates during and after an interview because of the pressure by the top
official to select their candidate of the applicants regardless of their
betterment.
No fair play for promotion and training in the organization
The condition of work is not adequate and the problems of
motivation and grievances settlements procedures are not adequate as well.
Over the years, various management has been trying to
institute a corrective measure. In spite of all these, a lasting solution is
still far reached. At times, one tends to wonder if at all the numerous
internal control measures instituted in public and private organizations do
function, and if they do, to what extent can one conveniently at attest to the
fact that internal controls and measures have contributing towards solving the
inherent problems that exist in the organization concerned.
The research examines the internal control mechanism of First
Bank of Nigeria Plc. With a view to identifying to what extent the controls
instituted were able to achieve the goal which they were meant to.
It is note worthy that what matters most is not only
instituting internal control mechanism in an organization but the system should
be subjected to a process of continuous review and appraisal if it is to
function properly and achieve the purpose for its installation.
1.3 OBJECTIVES OF
THE STUDY
The aim of this study is to assess the effectiveness of
internal control mechanism on the performance of workers in organization
particularly First Bank Kaduna South Branch.
The research is an effort to determine the prospects and
problems of internal control mechanism on the performance of workers in an
organization particularly First Bank of Nigeria, Kaduna South Branch are as
follows:
i) To
examine the impact of internal control mechanism in First Bank of Nigeria Plc.
ii) To find
out the problems of internal control mechanism face in implementing on the
performance of personnel working in First Bank of Nigeria Plc.
iii) To
determine the problems and prospect of internal control mechanism on the
performance of workers in First Bank of Nigeria Plc.
1.4 RESEARCH
QUESTIONS
i) What are the impact of internal
control mechanism in First Bank of Nigeria Plc?
ii) What are the problems of Internal
Control Mechanism faced in implementing on the performance of personnel?
iii) What are the problems and prospect
of internal control mechanism on the performance of workers in First Bank of
Nigeria Plc?
1.5 SIGNIFICANCE OF
THE STUDY
This project is very relevant and important to the following
categories of people:
i) Society
and the Public: Shareholders, customers and the public at large will benefit
from this project because it gives them insight to what internal control is all
about, its importance to the private sector and particularly First Bank of
Nigeria Plc.
ii) Tax
Authority: They will be interested in knowing how managements runs the company
particularly the company looses or gains profit.
iii) Academic
Community: The researcher will add to directly available knowledge in academic
world on internal control mechanism. Student, lecturers and other scholars will
find it very useful and make reference to it.
iv) Management:
The study will also provide management with suggestions and recommendations on
how best to improve the performance of the internal control mechanism. It is
only meant as a study, it can go a long way in alleviating similar problems for
some organization in the banking industry.
v) To the
Researcher: This is part of organized work for awarding HND in Human Resources
Management.
1.6 SCOPE OF THE
STUDY
This study is intended to cover internal control mechanism in
the Nigerian banking industry with particular reference study. The First Bank
of Nigeria Plc has various branches in the state of the country with the
headquarters in Lagos. This study will be restricted to the Kaduna branch.
The First Bank Plc has many branches in Kaduna and other
major towns of the state like Zaria, Zonkwa and Kafanchan. The study will focus
on the branch along Kakuri Kaduna South from the period of six years, that is
from 2006 to 2012.
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