Appraisal Of Internal Control System As A Means Of Preventing Fraud In Nigeria Financial Institutions

Appraisal Of Internal Control System As A Means Of Preventing Fraud In Nigeria Financial Institutions

Abstract

This exploration work was on the appraisal of internal control system as a means of precluding fraud in Nigerian Financial Institutions.

still for a more detailed study a case study was carried on First Bank Plc Onitsha Head Office. The bank understudy was named by simple arbitrary slice.

This study was needed because of the adding surge of Bank fraud in Nigerian in recent times as reported by the Nigerian domestics. thus the need to probe these reports and if verified, a fiscal institution and to what extent the operation of an effective internal control system can go to help matters.

All aspects of this work is veritably applicable in one way or the other to the Nigeria Banking Industry, as a whole, and for those who may be interested in carrying out farther study in this content.

The exploration design is the check approach that’s the cross sectional check type of descriptive exploration which requires the selection of repliers from a population. The population of the study is made up of the elderly Officer of the Bank under study who has worked in the Bank for further than five times.

In determining the sample size Bowleys formulars on slice was used while the allocation of questionnaires to the bank was done aimlessly.

Also data were collected through primary and secondary sources, the primary sources of data are substantially through particular interviews and distribution of questionnaires while the secondary source include Books, Journals, journals and Magazines.

The system of statically analysis includes the use tables, chance analysis and logical deductions while the significant tests of two means was used in testing the thesis.

From my finding, it was caught on that Banks have the stylish internal control system in Nigeria. The internal control system is both acceptable and effective, although more operative enhancement and reviews is vital. The operation of Bank should be at alert so as to close any loophole that may arise in their internal control system. Also it was discovered that the major cause of fraud is the employment of dishonest staff. The fore staff rates like integrity should be caught on before employment. There should be an increased enlightens on the legal counteraccusations of fraud among other.