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1.2 STATEMENT OF PROBLEM
In spite of the Commercial Banks importance in building
economic growth and development, commercial banks are faced with
problems ranging from lack of adequate and sound accounting system,
procedures and for rendering returns and required information to Head
Office, lack of experienced, qualified and well exposed staff to render
bank accounting operations. Besides, some of the Bank appointees
studies courses that are not related to banking and accounting. These
staff that lack accounting skills are allowed to manage and handle
accounting records without realizing that banking business is a
professional and specialized business. No proper book keeping and
records, inconsistency and divergence of accounting operations and
reporting practices which create survival problems of troubled banks
and resulted in bank failures, bank distress and or lost of public
confidence in the banking sector. Disregard for existing banking
policies and guidelines, thereby making customers to lose confidence
occasioned by being, distressed among other things. These in view made
Central Bank of Nigeria (CBN) introduced stringent control in 1994.
The fact that Banking is in the service industry, therefore the
quality of services rendered by banks has direct relationship with its
survival via its accounting system, procedures and internal control
system.
1.3 OBJECTIVE OF THE STUDY
The main purpose of this study is to examined the effect of
accounting and internal control system in Commercial banks. In other
words to assess control measures that management of the Commercial
banks can adopt within their organizations to ensure the effectiveness
and efficiency of operations; reliability of financial and management
reporting; compliance with applicable accounting laws and regulations;
prevent fraud; intentional errors in accounting records and
misappropriation embezzlement of the organization’s assets in order to
achieve its goals effectively and efficiently.
Therefore the study intends to;
(i) Examine the adequacy or otherwise of the relevance of internal control system in Commercial banks.
(ii) Examine the contribution of internal control
components (prevent controls’ and defect controls’) to the
effectiveness and efficiency of Commercial Banks’ management.
(iii) To determine the level of correlation between
accounting internal control and the effectiveness and efficiency of
operation in Commercial Banks.
(iv) To determine whether accounting and internal control ensures compliance with applicable laws and regulations.
(v) To determine the degree of reliance to be placed on the
accounting system and internal control in commercial banks.
(vi) To identify and analyze the prevailing problems
associated with the accounting and internal control system and to
examine the extent to which these problems affect the banks.
(vii) To offer useful suggestions and recommendations on
how to improve the accounting system, procedures and internal control
system of commercial banks in order to be more effective in meeting
future challenges.
1.4 RESEARCH QUESTIONS
The research work would seek answer and clarification to some of the research questions as stated below:
(a) Does accounting and Internal Control System are sure
that errors and frauds can be discovered with reasonable promptness,
and whether the control procedures as prescribed and applied in
practice are successful in preventing and defecting material errors and
fraud in the accounting system.
(b) Can reliance be placed on accounting and internal control system of commercial banks in Nigeria?
(c) Is there any significance relationship between
accounting, internal control, profitability and liquidity of the banks
in Nigeria?
(d) Is there a positive correlation between the commercial
banks degree of compliance with accounting system, procedure,
applicable laws, regulations and internal control.
(e) Does accounting and internal control system aids management in decision making?
1.5 STATEMENT OF HYPOTHESIS
The following hypothesis was formulated and empirically tested
and make appropriate recommendation based on the findings:
1. HO: Reliance cannot be placed on accounting and internal control system of commercial banks in Nigeria.
HI: Reliance can be placed on Accounting of Commercial Bank in Nigeria.
2. HO: There is no significance
relationship between accounting, internal control, profitability and
liquidity of the banks in Nigeria.
HI: There is a significance relationship between accounting internal control, profitability and liquidity of the banks in Nigeria.
3. HO: Accounting and internal control system of banks does not ensure compliance with applicable laws and regulations.
HI: Accounting and Internal control system in Bank ensures compliances with applicable laws and regulations
4. HO: The accounting and Internal Control System does not aids management in decision making.
HI: The accounting and Internal Control System aid management in decision making.
1.6 SCOPE OF THE STUDY
The research tolerated some degree of possible risk or error in
testing the hypothesis formulated in the research study.
The level of significance of 5% or 95% confidence level is
permitted at 1 degree of freedom. Also expected frequency is 50% of
each option. The researcher makes decisions based on the decision rule
stated below.
(i) Decision Rule One: Reject the Null (Ho) hypothesis if the calculated value of the statistical test is greater than the tabulated critical value.
(ii) Decision Rule Two: Accept the null (Ho) hypothesis if the calculated value of the statistical test is less than the tabulated critical value
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