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CHAPTER ONE
1.0 INTRODUCTION
Internal control has
played a major role in risk management especially in the banking industry in
Nigeria.
According to British Auditing Guideline, which defined internal control as the
whole system of control financial and otherwise, established by the management
in order to carry out the business of the enterprise in an orderly and
efficient manner, ensure adherence to management policies, safeguard the assets
and secure as far as possible the completeness and accuracy of records. Where
as Hornaren and foster (1990:910) defined internal control as the set of
accounting and administrative controls and practice that helps to ensure that
approved and appropriate decisions are made in an organization.
Internal control as the organization of accounting duties is such a way as to
maximize the chance of accurate accounting and minimize the chance of risk or
the occurrence or impact of such losses if they occur.
The management has the duties in risk identification, evaluation, avoidance,
transfer, retention, recruiting and financing. However, Chris Aloma Osondu
(2008) emphasized on risk management whereby business can hardly operate
without an element of risk and defined Risk management as a ‘scientific
approach to dealing with pure risk by anticipating possible accidental losses
and feigning and implementing procedures that minimizes the occurrence or the
impact of such losses if they occur.
According to Anyanwu F.A. (2007) Risk can be designed as the general
uncertainty, doubt, chance of loss or insurance the insured object.
An organization like Zenith Bank Plc which is our case study is such that if
internal control system is not efficient there is every tendency that risks
cannot be managed properly in such an organization.
1.1 STATEMENT OF PROBLEM
When risks occur the
concern is always the economic loss associated with the loss. Hence it is
regarded as an involuntary parting of value. The economic loss may take many
forms such as a loss of property by physical perils as fire or thief. It may
also take the form of premature death of the key man of a business enterprise
or a family breadwinner. It may arise out of the ineffectiveness in the
management of an enterprise, or even as a result of law suit to recover damages
for some negligent act. Therefore, the problems intended to study are:
1. How management handles their risk;
2. How efficient is the internal control of the organization;
3. If the internal control system in that organization helps at all in
management;
4. If the organization is insured.
1.2 NEED FOR THE STUDY
There have been a lot
of study and sharp practices among directors, employees, accountants and other
high ranking personal of the business organization, which engender poor
performance output.
Furthermore, by virtue of the fact that Zenith Bank Plc has its stock in trade
as money (cash), which makes it sensitive and vulnerable to risk, the need for
the implementation of stringent control measures is necessary:
a. The study is aimed at helping to develop risk management technique within
the organization and ensure the formulation of a corporate policy on risk
management.
b. To train, advise and assist management in the effective management of
risk.
c. To implement the various programmes, as well as performance.
d. To identify the various exposures to loss as well as the probability of loss
from various losses.
e. To ascertain the most economical method of handling risk.
1.3 OBJECTIVE OF THE STUDY
The main objectives for
this research work can be stated as follows:
i. The ability to manage the past and present loss resources of the business in
order to preserve the effective operations of the business after any loss.
ii. The control of the resources needed after the loss by using systematic
programme of loss prevention and control.
iii. Planning, managing and controlling of assets and resources of the
enterprises so as to contain the outcome of disastrous events which can
seriously affect the effective operations of the business enterprises.
1.4 RESEARCH HYPOTHESIS
It will be worthwhile
to give the definition of hypothesis for better appreciation and understanding
of this piece of work.
A hypothesis is simply a claim of a proposition made about a population, which
is subject to test to determine its validity or otherwise.
H0:Internal control does not aid in risk management.
HI:Internal control aids in risk management.
H0: The company does not see the need in maintaining adequate segregation of
duties.
HI: The company sees need in maintaining adequate segregation of duties.
H0: There is no relationship between the internal control and risk management.
HI: There is
relationship between the internal control and risk management.
Based on the above, it is believed that the study will be able to reject or
accept the hypothesis.
1.5 SCOPE OF THE STUDY
This study is limited
to Zenith Bank Plc. Its focus is on the role of internal control on risk
management.
We should appreciate the fact that efficient internal control is necessary as
well as essential in the performance and growth of any organization.
Therefore, or the purpose of clarity, simplicity and avoidance of ambiguity,
this work will briefly elaborate the internal control and its roles in risk
management with reference to Zenith Bank Plc. However, this piece of work might
not be a hundred percent (100%) exhaustive treatment of the internal control
functions but a considerable work has been done.
1.6 ASSUMPTION OF THE STUDY
The following
assumptions were made concerning this work.
1. That companies institute sound internal control.
2. Companies formulate internal control policies.
3. Internal control polices can also be faulty.
4. That the internal control is independent of the management.
5. The company uses internal control to monitor and control business
operation.
6. Internal control units can help in risk management.
7. Internal control can also be deficient in some areas.
1.7 LIMITATION OF THE STUDY
A lot of limitations
and constraints hindered the work of the researcher. Some of these limitations
and constraints are as follows:
i. Time Constraint: Bearing in mind the time to carry out the research a result
of meeting up with the school calendar, the researcher has to combine both
normal academic work and the research work.
ii. Insufficient Fund: The high cost transportation as a result of hunting for
information to this research work, since the research was carried out solely
from the meager purse of the student, the much needed extensive travels to
other banks to examine the roles of internal controls in risk management.
However, information from such banks was collected through the questionnaire.
Coupled with the clash of lecture periods of the researcher with her research
appointment times at the bank continued as a constraint in this research
work.
iii. Problems of Gathering Data: Data Collection or gathering was characterized
by a lot of difficulties. It should be pointed out that the level of literacy
is still low in this country while that of illiteracy is high. This high
illiteracy rate credited a lot of obstacles, such as non-response to questionnaires
administered. However, these problems not withstanding, the researcher was able
to produce a presentable research work.
1.8 OPERATIONAL DEFINITION OF TERMS
1. Internal Control:
This is the whole system of control, finance and otherwise by the management in
order to carry on the business of the enterprise in an orderly and efficient
manner to ensure adherence to management policies, safeguard he assets and
secure as far possible the completeness and accuracy of the records.
2. Roles: Oxford Advance Learners dictionary (2000) defined role as the
function or position that has or is expected to have in an organization, in
society or in a relationship.
3. Risk: According to Anyanwu (2007) Risk can be defined as the general
uncertainty, doubt, and chance of, or in insuring the insured objects.
4. Management: Ejiofor (1984) defined management as art of science of working
in an organization through being directed by and by directing and coordinating
the activities of people to achieve the goals of an organization.
5. Risk Management: According to Anyanwu (2007) defines it as the
identification, measurement and the economic control of risks that threaten the
asset of any business. It can also be defined as the planning, managing and
controlling of activities and measures taken in order to minimize the impact of
uncertain events.
6. Vulnerable: Weak and easily hurt physically or emotionally. According to the
oxford learner’s dictionary (2000).
7. Auditor: According to B.N. Okezie (2004) Auditor can be defined as an
accountant who has undergone a recognized professional course and is a member
of the recognized Accountancy Bodies resident in Nigeria and who is carrying
out a professional Accountancy practice.
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