Evaluation of effectiveness in internal control system in banking industry - case study of First Bank Nigeria plc, Aba Department: Accountancy By: mrdelight Project ID: 6038 Rating: (5.0) votes: 1Rate this project12345 Price:₦3000 Get the Complete MaterialAbstractThis 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 control, financial and otherwise, established by the management in order to carry on the business of the enterprise in 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 has the following element. Organization: The enterprises must have a clear corporate objective, plan policy and duties of the employee should be clearly defined segregation of duties: Basic to the concept of an internal control system is the segregation of duties of the employee to ensure that no one person is able to record and process a complete transaction. Physical: These involve procedural and security measures designed to ensure that access to assets is limited to authorized personnel. Authorization and approval: All transactions require authorization and approval by appropriate and responsible personnel. Personnel: there should be procedures to ensure that personnel has capabilities commensurate with their responsibilities. Supervision: any system of internal control should have means of supervision by responsible officials for the day-to-day transactions and their recording thereof. Arithmetical and Accounting are the controls within the recording function that check that transactions to be 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, helps to adhere to prescribed managerial policy, it also promotes operational efficiency. ...Preview Download Preview +Other Accountancy project topics and materials you might be interested in»The Impact of Accounting Ratio in Decision Making ( A Case Study of Nigeria Breweries Plc Enugu) »The impact of budget and budgetary control in tertiary institutions ( A Case study of imo state university )»Internal control as a tool for improving profitability»The role of financial institutions in the development of Nigeria economy»Impact of computerization of accounting system of commercial banks ( A case study of union bank plc )»The Impact of product development on banks performance ( A Case study of first bank plc )»Role of good accounting system in the management of private enterprise in Nigeria ( A Case Study of Nwaogo pam paper mills limited )»Effects of standard costing on the profitability of manufacturing companies (a case study of nigerian breweries plc, Ama, Udi local government of Enugu state) »The role of accounting system in measuring organizational performance of transport company ( A Case study of ABC Transport )»Auditing in Nigeria companies, problems and prospects»Effective internal control as an aid to management efficiency ( Case Study of Nigeria Bottling Company Owerri )»The effects of computerized accounting system on the performance of banking industry in Nigeria»Effect of misrepresentation of information in a financial statement»The impact of development finance institutions (DFIS) in economic development of Nigeria»An appraisal of fraud prevention measures in Nigerian banking sector ( Case study of access bank plc owerri )