INTERNAL CONTROL SYSTEM AND BANK FRAUD PREVENTION IN NIGERIA BANKING INDUSTRY.
Abstract
This study mainly focuses on internal control system and bank fraud prevention in Nigeria banking industry. Internal control plays a significant role in the Nigeria banking industry. Internal control are policies, procedures, practices on organizational structure implemented to provide reasonable assurance that organization’s business objective will achieve and undesired risk event will be prevented or detected and corrected based on either compliance or management initiated concerns. The researcher uses survey design hence, the use of questionnaires, personal interview and observation in data collection. Hypotheses were formulated and analyzed with the use of chi-square test at 5% level of significance. The findings revealed that bank with internal control system can prevent the menace of fraud and a good internal control system has a significant affection on fraud detection and control. The study concludes that Lack of good internal control measure is a major cause of fraud in various banks and recommends among others that banks in Nigeria should pursue and effective internal control measures to prevent fraud.
TABLE OF CONTENTS
Title Page i
Certification ii
Dedication iii
Acknowledgements iv
Abstract v
Table of contents vi
Chapter One: Introduction
Background to the Study 1
Statement of Problems 2
Research Questions 3
Objectives of the Study 3
Statement of Hypothesis(es) 4
Significance of the Study 4
Scope of the Study 5
Limitation of the Study 5
Definition of Terms 6
Chapter Two: Review of Related Literature
Introduction 7
Definition of Fraud 7
2.3 Theory of Fraud 8
2.4 Types of Bank Fraud and Ways of Defrauding Bank 10
2.5 Causes of Fraud in Bank 12
2.6 Effect of Fraud in Bank 13
2.7 Prevention of Fraud in Banks 16
2.8 Measures for Controlling Fraud in Bank 18
2.9 What is Internal Control? 23
2.10 Components of Internal Control 25
2.11 Management Responsible for Internal Control 26
2.12 Application Measures of Internal Control 27
2.13 Objectives of Internal Control 28
2.14 Limitations on the Effectiveness of Internal Control 28
2.15 Period of Concealment of Fraud in Banks 29
2.16 Brief History of Unity Bank Plc 30
2.17 The Bank Strategy Focus 31
Chapter Three: Research Method and Design
Introduction 33
Research Design 33
Description of Population of the Study 33
Sample Size 34
Sampling Techniques 34
Sources of Data Collection 34
Method of Data Presentation 35
Method of Data Analysis 36
Chapter Four: Data Presentation, Analysis and Interpretation
4.1 Introduction 37
4.2 Data Presentation 37
4.3 Data Analysis 38
4.4 Hypothesis Testing 57
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