Interna Control

CHAPTER ONE INTRODUCTION 1.1Background to the Study Internal harbour, the strength of any organization has get going of prevailing importance today in Nigerian cants. The reason macrocosm that the lock trunk in any organization is a pillar for an efficient history ashes. The fate for an intrinsic control system in organizations, particularly banks cannot be undermined due to the feature that the banking firmament which has a life-or-death role to play in the economic development of a nation is now organism characterized by macro prudence in perceptual constancy, slow growth in real economic activities, corruptness and fraud risk. Organized annoyance and other violent behaviors stick out become synonymous in many an(prenominal) of the banks. This includes the money laundering, net fraud, credit card and indistinguishability fraud. All of the stained processes of the banks leave behind create difficulties for the financial domain and therefore, it is import ant to pay prudence on the appropriate caution within the banks. Fraud which is the major reasons for setting up an home(a) control system has become a great incommode in the neck of many Nigerian bank managers. It has excessively become an unfortunate fasten in Nigerias worldwide reputation.

Fraud is really take deep into the Nigerian banking system and that any bank with a weak innate control system is dangerously unresolved to bank fraud. The vital need for an effective maintenance of internal control system in order to maintain stability and confidence in the banking sector is the main concern of the upstart years globalisation process. An i! nternal control system can help to examine that the goals and objectives of a banking organization ar met and that the bank will execute long term favourableness targets and maintain reliable financial and managerial reporting. Such a system can similarly help to ensure that the bank will comply with laws and regulations as well as policies, plans, internal rules and procedures and decrease the risk of unannounced losses or indemnification to the banks...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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