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Effect of internal control system on operations of banks in Nigeria - case study of First Bank of Nigeria Plc

 Department: Banking and Finance  
 By: usericon bobyuzee  

 Project ID: 5030
   Rating:  (5.0) votes: 1
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   Price:₦2000
Abstract
This study exposed the researcher to the evaluation of the effectiveness of the internal control system in the banking industry“internal control is the whole system of financial and otherwise established by the management in order to carry out on their business of the enterprise is an orderly and efficient manner, ensure adherence to management policies, safeguard the assets and secure as far as possible the completeness and accuracy of the records internal control system have the following element.  Organization: the enterprises must have a clear objective plan policy and duties of the employee should be clearly defined segregation of duties basic to the concept of internal control system that is the segregation of duties to the employee to ensure that one person is able to record and process complete transaction physical: these involve procedural and security measures designed to ensure the access to asset is limited to authorized personnel. Authorization and approach: all transitions require authorization and approval by appropriate and responsible personnel. Personnel there should be procedures to ensure that personnel has capabilities commensurate with their responsibilities. Supervisor: any system of internal control should have means of supervisor by responsibility officials for the day to day transactions and accounting, these are the transaction to be recorded and processed have been. Arithmetical accounting: these are the controls within the recorded and processed have been authorized and that they are complete and accurately processed. Internal control which can be likened to the heart which regulates the business, it helps to adhere to prescribed managerial policy, it also promotes operational efficiently.   ...
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