INTERNAL CONTROL SYSTEM AS A MEANS OF PREVENTING FRAUD IN NIGERIA FINANCIAL INSTITUTIONS-A CASE STUDY OF FIRST BANK OF NIGERIAN PLC ONITSHA
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INTERNAL CONTROL SYSTEM AS A MEANS OF
PREVENTING FRAUD IN NIGERIA FINANCIAL INSTITUTIONS-A CASE STUDY OF FIRST BANK
OF NIGERIAN PLC ONITSHA
ABSTRACT
This
research work was on the internal control system as a means of preventing fraud
in Nigerian Financial Institutions.
However for a more detailed study a
case study was carried on First Bank Plc Onitsha Head Office. The bank understudy was selected by simple
random sampling.
This study was necessitated because
of the Increasing wave of Bank fraud in Nigerian in recent times as reported by
the Nigerian dailies. Therefore the need
to investigate these reports and if confirmed, a financial institution and to
what extent the application of an effective internal control system can go to
help matters.
All aspects of this work is very
relevant in one way or the other to the Nigeria Banking Industry, as a whole,
and for those who may be interested in carrying out further study in this
topic.
The research design is the survey
approach that is the cross sectional survey type of descriptive research which
requires the selection of respondents from a population. The population of the study is made up of the
Senior Officer of the Bank under study who has worked in the Bank for more than
five years.
In determining the sample size
Bowleys formulars on sampling was used while the allocation of questionnaires
to the bank was done randomly.
Also data were collected through
primary and secondary sources, the primary sources of data are mainly through
personal interviews and distribution of questionnaires while the secondary
source include Books, Journals, Newspapers and Magazines.
The method of statically analysis includes the use tables, percentage
analysis and logical deductions while the significant tests of two means was
used in testing the hypothesis.
From my finding, it was ascertained
that Banks have the best internal control system in Nigeria. The internal control system is both adequate
and effective, although more operative improvement and reviews is vital. The Management of Bank should be at alert so
as to close any loophole that may arise in their internal control system. Also it was discovered that the major cause
of fraud is the employment of dishonest staff.
The fore staff qualities like integrity should be ascertained before
employment. There should be an increased
enlightens on the legal implications of fraud among other.
Accountancy
Department
I.M.T Enugu.
July 2004.
PROPOSAL
This Project is on the Internal
Control System as a means of preventing fraud in Nigeria Financial Institutions
with special reference to First Bank Plc Onitsha Head Office.
This study is necessary because of
the increasing wave of Bank fraud in Nigeria in recent time as reported by the
Nigerian dialers. Therefore the need to
investigate these reports and if confirmed, a Financial Institution and to what
extend the application of an effective Internal control system can go to help
matters.
The research method which is going to
be use will be descriptive research which requires the selection of respondents
from a population.
In determining the sample size, I will use
Bowleys formular while the allocation of questionnaire as to the will done
randomly.
By the end of this my study, the
management of the Bank should be at alert so as to close any loophole that may
arise in their internal control system and know that, the major causes of fraud
is the employment of dishonest staff.
Therefore, staff qualities like integrity should be ascertained before
employment. There should also be an
increased enlightments on the legal implications of fraud among others.
TABLE OF CONTENT
Title
Page
II
Certification
III
Dedication
IV
Acknowledgement
V
Abstract
IX
Content
XI
CHAPTER I
1.1 Introduction
1
1.2 An Overview of First Bank Plc 5
1.3 Statement of Problem
7
1.4 Objective of the Study
9
1.5 Statement of Hypothesis 11
1.6 Research Question
1.7 Significance of the Study 12
1.8 Scope and Limitation of the Study 14
1.9 Reference/ Note
16
1.10 Definition of Terms 16
CHAPTER II
2.0 Review of related Literature
18
2.1 Definition of Fraud
19
2.2 Types and Causes of Bank Fraud 20
2.3 Concept and definition of Internal
Control 26
2.4 Types of Controls
34
2.5 Internal Control system In financial
Institution
(Fisrt Bank Plc)
38
2.6 Internal Control measures for
controlling Fraud in Financial Institution.
45
2.7 Expected Qualities of a Bank staff for
Effective Internal control system.
49
2.8 Computers and Internal Control
System 53
2.9 Reference / Note.
56
CHAPTER III
3.0 Research Decision and Methodology. 61
3.1 Methods of data Collection 61
3.2 The Research Population 63
3.3 The Sample Technique
64
3.4 The Sample Size
64
3.5 The Statistical tools used. 66
CHAPTER IV
4.0 Data presentation and Analysis 73
CHAPTER V
5.0 Findings, Recommendation and
Conclusion 115
5.1 Discussion of Findings
115
5.2 Recommendation
119
5.3 Conclusion
125
5.4 Bibliography
127
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
It is feared that the inability of
management to ensure effective enforcement of rules and regulation have
rendered that operations of Internal control system as the Banking Industry
Open to abuse. The net effect could be
that everyone carries out his schedule off duties in any manner he likes which
consequently gives those wishing to commit fraud their long expected golden
Opportunity.
Prior to 1952, there was no form of
Banking art or ordinance to regulate the establishment and operations of
Commercial Banks or a Central Banks to supervise the control of Banking
Nigerian. During that time many Banks
was registered some of which never operated and ever since that period, fraud
has remained a permanent feature in our Banking Industry. This resulted in a loss of faith and trust in
the financial Institutions by Nigerians and consequently, under-development of
the banking habit in the country.
However with the Introduction of the
first baking Ordinance in 1952, and the Central Bank of Nigeria (CBN) Act in
1959 and other, subsequent Acts and ordinances with their amendments over the
years, used to regulate and control the activities and operations of financial
Institutions in the country fraud in financial Institution have rather
increased in magnitude and the methods used to perpetrate them acquire grater
sophistication day after day. Now with
the introduction of modern procedures and advancement in information technology
such as those in communication system, automatic electronic gadgets and
computers into the banking system coupled with the various precautionary
measures taken by bank agent, fraud have rather taken nuclear dimensions and
the size of sums involved increased at a geometric rate Anikpitan (1976), a
banker of repute, maintained.
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