INTERNAL CONTROL AS AN EFFECTIVE MANAGEMENT TOOL IN THE BANKING INDUSTRY

INTERNAL CONTROL AS AN EFFECTIVE MANAGEMENT TOOL IN THE BANKING INDUSTRY

ABSTRACT

  This project was carried out with the sole aim of studying an evaluating the internal control system in a banking industry- using first Bank of Nigeria PLC, Enugu main as a case study.

    The project is written in five chapters: chapter one is the introduction which include the background of the study etc. chapter two enumerated literature Review, where the earlier views on internal controls were reviewed to avoid duplication chapter three is the Research Methodogy. Chapter for –data pre sanitation, Analysis and interpretation and finally, chapter five includes: summary, findings, recommendations, implications, limitations of the study and suggestions.

 In handling this project, the survey and historical research method was employed.

  A total of 50 workers were chosen as the population of this study since the project topic “internal control as an effective management tool in the banking industry” is an important topic, the staff population was chosen, since they are the one to understand the language of the project topic.

The study tools were mostly through questionnaires, oral interviews, reading which includes text books, journals, pas texts, newspapers, annual reports and statement of accounts, manuals, enclopedias, and other publication; and observations.

          The data collected were interpreted to the understanding of everybody through the use of tables, pie chart,

The study overviewed the following areas: definitions, categories, types and essentials of internal control system. others are plan of organization authorization, managerial supervision, internal check  and internal audit.

 The findings that, top management rely heavily on internal auditors and inspectors report for managing, controlling and decision making among other findings. The research made some recommendations which is hoped will help for the achievement of effective internal control system as well as effective management in FBN PLC.

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