INTERNAL CONTROL SYSTEM IN NIGERIA DEPOSIT MONEY BANKS PROSPECTS AND PROBLEM (A CASE STUDY OF UNION BANK PLC)

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INTERNAL CONTROL SYSTEM IN NIGERIA DEPOSIT MONEY BANKS PROSPECTS AND PROBLEM (A CASE STUDY OF UNION BANK PLC)

TABLE OF CONTENT

CHAPTER ONE

1.1 introduction

1.2 statement of the problems

1.3 research questions

1.4 objectives of the study

1.5 research hypothesis

1.6 significance / justification of the study

1.7 scope and limitation of the study

1.8 Definition of key terms.

1.9 Organization plan

CHAPTER TWO

2.1 LITERATURE REVIEW

2.2 Concept of internal control system

2.3 Classification of internal control system

2.4 Types of internal control

2.5 Reliance on internal control system

2.6 Axes on internal control system

2.7 Objectives of internal control system

2.8 Environment of internal control system

2.9 Requirements for effective internal control system

2.11 Application of internal control system

2.13 Limitation of internal control system

CHAPTER THREE

3.1 RESEARCH METHODOLOGY

3.2 Historical of the case study

3.3 types of Data

3.4 research design

3.5 sample procedure

3.6 Method of Data Collection

CHAPTER FOUR

4.1 PRESENTATION ANALYSIS OF DATA

4.2 Data presentation

4.3 Data analysis

4 Findings

CHAPTER FIVE

5.0 SUMMARY,CONCLUSION AND RECOMMENDATIONS

5.1 Summary

5.2 Conclusion

5.3 Recommendation

References

CHAPTER ONE

1.1 INTRODUCTION

Banks are very important in nation; they are the backbone of the nation’s economy. Functions of the bank according to ezeuiji (1997), including money creation, acceptance of deposit from the customers, provision of facilities for domestic and foreign remittance, help government in implementing monetary policies etc.

According to Baner Jee (2001) define an internal control system in whole system of control, financial and otherwise established by the government in order to carry on business of the enterprises in an orderly manner, ensure adherence to management policies safeguarding the assets and ensure as far as possible the completeness and accuracy of accounting records.

The function of internal control system include, the detection or safeguarding of business asset but despite the fact a that all bank have internal control system, there have been a lot of problem in the banking sector. Ranging from bank liquidating to defrauding the banks, many bank have been liquidated example of such bank include savannah bank plc, national bank plc ( although it is now being resuscitated) merchant bank Nigeria limited Nigeria internal bank limited mention few

According to central bank of Nigeria (CBN) annual report over (N16 billion) sixteen billion naira was defrauded from the banking sector, also recently a bank was suspended from the clearing system by the central bank of Nigeria (CBN) because of mismanagement of banks resources expert have given reason as to what causes banks distress. According to ezeudiji (1997) one of the causes of bank distress is the internal control system problems include poor or lack of proper authorization of loan and contract, poor loan recovery, failure to collect proper collateral security, management override the control e.t.c.

1.2 STATEMENT OF PROBLEMS

Internal control system many organization, including bank is very important because it ensure orderliness, in the organization, advance to management polices, early detection of error and fraud, protection of assets e.t.c.

Internal control system problem have led to closure of many banks in Nigeria, ezudiji (1997) thereby making depositors customer to shareholder of such bank to loss his or her shares. It is inimical to nations economy because provide 90% of the capital employed in Nigeria. Due to the following problem it leads to the following question.

Does bank operation carried out in any orderly manner and follow the procedure laid down. Does transaction recorded accurately and correctly.

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