1.1 BACKGROUND OF THE STUDY
Internal control is control within the company. In this type of control employees within the establishment can be useful sources which could be very helpful of more effectiveness of the desired goal. This means that it must be within the establishment’s restraints, authority or command. It involves a check within the banking industry to facilitate the effectiveness of its management.
The banking industry of every economy consists of all the activeness of financial institutions geared towards setting and maintaining a healthy cash flow and management policy in such economy.
Banking industry cannot perform their functions very well without maintaining a sound internal control. This is the reason for the study of internal control and its role in the effective management of the banking industry.
According to the Canadian institute of chartered accountants, exposure draft of proposed auditing recommendations, internal central comprise of the plan of an organization and all the co-ordinate systems established by the management of the enterprise to achieve management’s objective of ensuring as far as it is practical. The orderly and efficient conduct of its business including the preparation of reliable financial information.
E. Murphy in her text described internal control as the plan of organization and all of the co-ordinate methods and measures adopted within a business to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency and encourage adherence to prescribed managerial policies.
Internal control system could be viewed as a firms organization plan including all methods and measures the firm takes to:-
1. Safeguard it’s assets
2. Ensure the accuracy and reliability of its accounting data.
3. Promote operational efficiency and
4. To encourage compliance with organization policies.
It is the responsibility of management to determine the internally control system which is appropriate to the organization. The nature and extent of controls will vary between organizations.
Can't find what you are looking for?
Call (+234) 07030248044.
OTHER SIMILAR ACCOUNTING PROJECTS AND MATERIALS
AN APPRAISAL OF THE IMPLICATION OF ELECTRONIC BANKING IN NIGERIA BANKS (A CASE STUDY OF ACCESS BANK)
CHAPTER TWO REVIEW OF RELATED LITERATURE Electronic banking in Nigeria has overtime been viewed by many especially economists as having a lot of implications on the economy of Nigeria and especially...Continue reading »
A CRITICAL ANALYSIS OF THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)
ABSTRACT The study was carried out to analyse how an organization performs making use of the financial statements with First Bank of Nigeria Plc serving as the case study. the study disclosed that th...Continue reading »
AN EVALUATION OF THE PERFORMANCE OF NIGERIAN STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIA ( A CASE STUDY OF NIGERIAN STOCK EXCHANGE)
HISTORICAL BACKGROUND OF THE NIGERIA STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIAN. The nigeria stock excahnge denoted by NSE is a government establishment where stocks are traded on a daill...Continue reading »
APPLICATION OF BUDGETS AND BUDGETARY CONTROL MEASURES IN A NON-PROFIT ORGANIZATION: A CASE STUDY OF APOSTOLIC CHURCH, DELTA
2.1 CONCEPTUAL FRAMEWORK A budget is can be defined by accountants as “a planned outcome to be generated and for the expenditure to ensure during that period and the capital to be employed to a...Continue reading »
ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN CALABAR LOCAL GOVERNMENT AREA
ABSTRACT The economy of Nigeria cannot function properly or thrive without the micro, small and medium scale enterprises (SMEs). These small scale enterprises cannot function properly if they are not ...Continue reading »
ASSESSMENT OF ADEQUATE RISK RECOGNITION AND MANAGEMENT IN NIGERIAN INSURANCE COMPANIES (A CASE STUDY OF UNION ASSURANCE COMPANY, UYO)
THE CONCEPT OF RISK Risk has been the subject of study by different scholars over the years with several meaning and definitions. But the most accepted definitions are that of J.E Banister and P.A Baw...Continue reading »
What are looking for today?
THE IMPACT OF HUMAN RESOURCE PLANNING ON ORGANIZATIONAL PERFORMANCE
79,146 people found this useful
IMPACT OF E-LEARNING ON THE ACADEMIC PERFORMANCE OF UNDERGRADUATE STUDENTS (A CASE STUDY OF NATIONAL...
59,411 people found this useful
THE EFFECT OF SOCIAL MEDIA ON STUDENTS PERFORMANCE IN LEARNING LISTENING COMPREHENSION
54,265 people found this useful
IMPACT OF SOCIAL MEDIA ON CONSUMER BEHAVIOR
53,782 people found this useful
TAX ADMINISTRATION IN NIGERIA: CHALLENGES AND PROSPECTS, A CASE STUDY OF LAGOS STATE BOARD OF INTERN...
51,372 people found this useful
THE EFFECT OF ADVERTISEMENT ON CONSUMER BRAND PREFERENCE
49,301 people found this useful