TABLE OF CONTENT
- Title page
- Table of Content
- Background of the Study
- Statement of the Study
- Purpose of the Study
- Scope and Limitation of the Study
- The Signification of The Study
- Organization and Plan of The Study
- Definitions of Terms
- Literature Review
- Review of Related Control
- Definition of Internal Control
- Objective of Internal Control System in Banking Industry
- Cause and Prevention of Banking Industry Failure
- The Principle of Effective And Reliability of Internal control Banking Industry
- Research Methodology
- Historical Background of Guarantee Trust Bank
- Modification of The Research Question And Hypothesis
- Research Design
- Population Study
- Sampling Design and Procedures
- Pilot Study Validity and Reliability
- Procedures For Processing And Analysis Collection Data
- Administration of The Data Collection Schedule
- Limitation of Methodology
- Presentation and Analysis
- Respondent Characteristics And Classification
- Occupational Table Data
- Sample “sex” Table Data
- Sample “age” Table Data
- Sample “ Department” Data
- Sample “Level of Education” Table Data
- Comparison of Statement Reflecting Whether Internal Control Are In Place And How Can Them Be Improved.
- Comparison of Statement Reflecting Weather Effective And Reliable Internal control Can Help to Prevent Business failure.
- BACKGROUND OF THE STUDY
It is interesting to note those audits originated from the word audit are: which means of hear in the olden days, a person who was appointed to checks.
The accounts of the parties responsible for non financial transaction is used to be called and hear the explanations needed by the person who held the account come to be known as an auditor.
Originally, the objectives of an auditor was limited which include trust to ascertain the fact, whether the accounting party has properly receive the receipt and payment of cash on behalf of his principal which more cash audit but the scope of audits today as been widered, it ascertain whether the balance sheet and the profit and loss accounts exhibits a true and fair view of the financial statement of the concerned. This has therefore become the most important part of the auditors duties to the enlargement of size and complexity of business enterprises.
Today, the concept and scope of auditing has changed a comprehension definition of auditing given by Roberts E Schlessors and quoted by Jagdish Drakash in his book: Auding; principle practice and problem (1990) says, Auding is an examination of financial statements, records and related operation to determine adherence to generally accepted accounting principle, management policies or stated requirement.
In this definition, emphasis was laid on auditing being related to operations and how far they adhere to management policies or stated requirement in other words we find that was the need to introduce effective and reliable.
What then is this internal control? Internal is : the whole system of control financial and otherwise established by the management in order to carry on the business of the enterprise in an orderly and efficient manner ensuring adherence to management policies safer fguarding the assets and securing as far as possible the completeness and accuracy of records. The individual components as known as control or internal control.
Millicham A.H (1990) in his institution manual for accounting students. Also it was stated in paragraph 5 of the auditor operational standard requires, that for an audit to place reliable on any internal control, he should ascertain and evaluates those controls and perform compliance test on their control. We therefore see that to have a sound reliable and effective control system would be worth while for the organization and the possibility failure would be mine.
- THE STATEMENT OF THE STUDY
With reference to what was mentioned in the introduction that business failure could result from ineffective and unreliable controls, this research work therefore will look into ineffective and reliable controls system in the banking industry today. This posses as a problem because it bring so many associated problems which could be detrimental of working capital high debt equally ratio decline, profit decline, high labour turn over, low capital utilization, low quality services and finally fraud of which could be either sales fraud, purchases Wages of pretty cash fraud.