Interna Control

CHAPTER ONE INTRODUCTION 1.1Background to the Study Internal harbour, the strength of any organization has last of prevailing importance today in Nigerian vernaculars. The reason macrocosm that the lock trunk in any organization is a pillar for an efficient report scheme. The fate for an intrinsic control system in organizations, curiously banks cannot be undermined due to the feature that the banking firmament which has a life-and-death role to play in the economic development of a nation is now organism characterized by macro saving in stability, slow growth in real economic activities, turpitude and fraud risk. Organized annoyance and other violent behaviors go become synonymous in many another(prenominal) of the banks. This includes the money laundering, network fraud, credit card and indistinguishability fraud. All of the stained processes of the banks lead create difficulties for the financial domain and therefore, it is important to pay wariness o n the appropriate caution within the banks. Fraud which is the study reasons for setting up an inherent control system has become a great incommode in the neck of many Nigerian bank managers. It has excessively become an unfortunate raw material in Nigerias worldwide reputation.

Fraud is really feeding deep into the Nigerian banking system and that any bank with a weak immanent control system is dangerously undetermined 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 young years globalisation process. An internal co! ntrol system can help to examine that the goals and objectives of a banking organization ar met and that the bank will execute long term positivity 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 remediation to the banks...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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