- The Complete Research Material is averagely 44 pages long and it is in Ms Word Format, it has 1-5 Chapters.
- Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦6,000
Get the complete project »
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF 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 every on carries out his schedules off duties in any manner he likes which consequently gives those wishing to commit fraud their long expend golden opportunity.
Prior to 1952, there was no forms of Banking art or ordinance to regulate the establishment and operations commercial banks or a central bank to supervise the control of banking Nigerian.
During that time many banks were registered some of which never operated and over since that period, fraud his remained a permanent feature in our banking industry. This resulted as a loss of faith and trust in the financial institutions by Nigerians and consequently, under- development of the banking habit in country.
However, with the introduction of the first bank ordinance in 1952, and the central bank of Nigeria (CBN) Act in 1959 and other, subsequent Acts and Ordinance with their amendments over these years, used to regulate and control the activities and operations of financial institutions in the country. Frauds in financial institution have rather increased in magnitude and the methods used to perpetrate them acquired greater sophistication day after day.
Now with the introduction of modern procedures and advancement in information technology such as those in communication system, automatic electric gadgets and computer into the banking system coupled with the various precautionary measures taken by bank agent rather than taken nuclear dimensions and the size of sums involved increased at a geometric rate.
Anikpitan (1976), a banker of repute maintained that: -
Discoveries during investments shows that banks now take extra precaution for clearing a cheque because of rampant incident of fraud and forgery which a bank boss placed on the average of N1m per working day of the year in Nigeria. I. Ashimi (1976 p.6) maintained that: -
Fraud has become sophisticated as to make a forged signature on a cheque leaf look good enough for the rightful owner to think that it was his signature.
But a situation, as is being experience now, where incessant cause of bank fraud are being reported, could if not immediately checked, erode depositors confidence in the in nation’s banking system. Such a situation could also scare foreign investors from the country.
Ughamadu. N. in his article on celebrating bank fraud “In Business Times 29 July 1991 observed that: -
The logic for establishing a viable and enabling environment for any country will be meaningless if its banking sector is very porous to fraud.
Ojo A.T. (1982) emphasized that; As an open secret, financial institution do not have very large resources of their own in relation to the total resources at their disposal. They depend mainly on other people’s funds which have been entrusted to them because of the confidence the people have on them as models of responsibility and safety. Consequently, the confirmed existence of financial institutions rest delicately on the maintenance of public confidence. This calls for the establishment of an effective system of internal control, which among other things will help to ensure that the organization’s accounting are in accordance with the lay down procedures standard and statutory requirements.
To establish a sound internal control system, various organization adopt various device and methods based on their nature of business and the scope of their operation.
Internal control system requires a continuous check and re-checking of day-to-day activities of the business; in order to ensure the correctness and farness of the accounting records and to defects and exposing deviation when it has occurred.
Most financial institutions loose confidence of the people not only through fraudulent use of funds but also through some detect in fraudulent practices/or syndication of some dishonest staff facilitated by defeats of the bank internal control. There in therefore, a great need to eliminate or minimize the defects or loopholes and make money effective and operational to guard against the occurrence and re-occurrence of fraud in our financial institutions.
1. STATEMENT OF PROBLEM
The problem of this study includes:
1. Robbers are employing scientific means of gaining access to the strong room (computer room).
2. Incidence of bank fraud reduces public confidence in banking and consequently slows down development of banking habit in Nigeria.
3. Fraud leads to unwanted loss of public funds and put the management of the affected bank on its toes.
4. The rising incidence of bank fraud has created a lot of distrust between banks and their customers.
1.3 PURPOSE OF STUDY
1. To identify possible defects and loopholes (if any) in the system.
2. To offer useful recommendation based on the findings on how best to prevent the occurrence of fraud through an effective internal control system
3. To ascertain the degree of compliance of the bank staff with the internal control measures
4. To examine the relevance and appropriateness of the presently adopted control measures in preventing fraud.
1.4 SCOPE OF THE STUDY
The scope of the study is limited to “Internal Control System as a Factor of Fraud Prevention in Financial Institutions” with reference to first bank of Nigeria PLC Enugu main.
1.5 RESEARCH QUESTIONS
1. How regular does the internal control system check the defects or loopholes in the system?
2. To what extent does fraud occurs in First Bank of Nigeria PLC Enugu main?
3. To what extent does the internal control measures the degree of compliance of the Bank staff?
4. How regular does the internal control measures the relevance and appropriateness of the adopted control in preventing fraud?
1.6 STATEMENT OF HYPOTHESIS
H0: The present internal control system in financial institution is not appropriate in the present world of technology and sophistication in First Bank of Nigeria PLC.
Hi: The present internal control system in financial institution is appropriate in the present world of technology and sophistication in first bank of Nigeria PLC.
H0: The present internal control system in first bank of Nigeria PLC is not effective.
Hi: The present internal control system in first bank of Nigeria PLC is effective.
Ho: The present internal control system in first bank of Nigeria PLC cannot prevent fraud.
Hi: The present internal control system in firs bank of Nigeria PLC can prevent fraud.
1.7 SIGNIFICANCE OF STUDY
The study is significance for the following reasons:
The result of this study would help to expose the level of fraud in first bank plc Enugu main
The result would also help the financial institution especially first bank to see the extent of occurrence of fraud in the bank.
The result would expose the fraudulent staff thereby preventing fraud in the institution.
The result would also help the bank to access their overall performance through internal control check.
Student carrying out research in similar area can make use of the work.
You either get what you want or your money back. T&C Apply
You can find more project topics easily, just search
-
SIMILAR ACCOUNTING FINAL YEAR PROJECT RESEARCH TOPICS
-
1. ACCOUNTING RATIOS AS A TOOL FOR MANAGEMENT DECISION MAKING
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY Omuya (1990) defined “accounting as a language of business, it is used in the business worl...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
2. The Role Of Financial Management In A Co-operative Organization (a Case Of Study Of Union Bank (plc) Enugu)
» CHAPTER ONE 1.0 INTRODUCTION Financial management involves all the activity of the financial managers concern with the rising of capital lining cash a...Continue Reading »Item Type & Format: Project Material - Ms Word | 50 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
3. THE IMPACT OF PRIVATIZATION ON NIGERIA MONEY MARKET
» ABSTRACT The researcher looked into the impact of privatization on Nigeria money market with the Central Bank of Nigeria as the case study. For the pu...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
4. A CRITICAL ANALYSIS ON VALUE FOR MONEY AUDIT ON PUBLIC SECTOR OF AN ORGANIZATION
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY Auditing has existed as long as man has been required to account for their transactions. A famous...Continue Reading »Item Type & Format: Project Material - Ms Word | 51 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
5. THE EFFECT OF CORPORATE GOVERNANCE ON THE NIGERIAN BANKING SECTOR
» CHAPTER ONE INTRODUCTION The Nigerian banking sector since the inception of the first commercial bank in 1892 known as African Banking Corporation, ha...Continue Reading »Item Type & Format: Project Material - Ms Word | 59 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
6. CAUSES AND EFFECT OF DOMESTIC VIOLENCE IN NIGERIA (A CASE STUDY OF AJEGUNLE LAGOS)
» ABSTRACT The study investigated the causes and effects of domestic violence in Ajegunle Lagos State, Nigeria. The population of the study comprised al...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
7. EFFECT OF FRAUD IN NIGERIA BANKING INDUSTRY (A Case Study of First Bank Plc)
» ABSTRACT Fraud means an act of dishonesty, deceit and imposture. According to Kirk Patrick [1985], a person who pretends to the something he is not is...Continue Reading »Item Type & Format: Project Material - Ms Word | 50 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
8. INTERNAL CONTROL SYSTEM: A NECESSITY TO THE SURVIVAL AND GROWTH OF PUBLIC ORGANIZATION
» CHAPTER ONE 1.0 INTRODUCTION 1.1 BACKGROUND OF STUDY According to Oxford Learners Dictionary, Organization can be said to be a group of people who for...Continue Reading »Item Type & Format: Project Material - Ms Word | 54 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
9. E-PAYMENT SYSTEMS AND PROFITABILITY OF DEPOSIT MONEY BANKS IN NIGERIA (A STUDY OF ECOBANK NIGERIA PLC, UYO, AKWA IBOM STATE)
» ABSTRACT The advent of Information and Communication Technology (ICT) has brought about changes in bank operations. Nowadays, customers of banks are n...Continue Reading »Item Type & Format: Project Material - Ms Word | 113 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
10. THE EFFECTS OF BUDGETING AND CONTROL ACTIVITIES IN CORPORATE GOVERNANCE
» CHAPTER ONE 1.1 INTRODUCTION AND BACKGROUND OF STUDY Budgeting can be traced to the 18th century period when it was used to check the powers of the ki...Continue Reading »Item Type & Format: Project Material - Ms Word | 56 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT