INSPECTION AS AN AID TO EFFECTIVE BANK MANAGEMENT (A CASE STUDY OF UNION BANK OF NIGERIA PLC). A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
This research studied the contribution of inspectorate department as an effective measure to Union Bank of Nigeria Plc.
To guide the study research questions were formulated, using questionnaires as an instrument. The data collected were analyzed using sample percentages, some of the findings among others are:
1) Inspectorate department plays a significant role in effective utilization of organization find by management.
2) Internal audit (inspectorate) department enhances effective management control in banking organiztion.
3) The availability of inspectorate department encourages efficiency among employees in banking organization.
4) The existing statutory and other relevant regulation laid adequate consideration on the inspectorate functions.
5) Inspectorate department encloses financial accountability in banking organization.
1) Training and retaining of inspectorate department staff for efficiency.
2) Creation of internal audit (inspectorate) department in the bank.
3) To ensure that a professional heads the audit unit qualified inspectorate.
1.1 BACKGROUND OF THE STUDY
The banking system in Nigeria is made up of the central, commercial, merchant, development and agricultural bank.
These financial houses were established for the central of money, purchase and sale of securities, transfer and clearing and other banking transactions. Hence, banking as a profession has existed for several decades now, but unfortunately there was no generally accepted satisfactory meaning until 1958, when the banking act defined banking as the business of receiving monies, valuables and securities from outside sources. The purchase and sale of securities by bank or granting of loan in respect to maturity or the success of the business, this lead to Hart definition of bank or banker as a person or company carrying on the business of transferring money to assets and receiving monies from customers, subject to the collection of drafts and honouring of cheques drawn upon them from time to time by the customers, to the extent of the amount available on their current accounts.
These banking systems are closely monitored and regulated by the government agents known as Central Bank of Nigeria (CBN), international monetary fund (IMF). This is to ensure that they render services to their customers and also to keep proper account of the business.
Owing the need to accountability and effectiveness of the organization, the management personnel of the bank introduced the internal control (audit department). Among other department in the banking business, the management pays more attention to the internal control to enable them plan control the inflow of cash in the organization for efficiency and good management policy.