The effectiveness of internal control system as a tool for preventing and detecting fraud and errors in financial institution - a case study of First bank Plc Department: Accountancy By: HadjiEedriz207 Project ID: 795 Rating: (3.3) votes: 6Rate this project12345 Price:₦3000 Get the Complete MaterialAbstractThe central bank of Nigeria reported that the backward development in Nigeria was attributable to weakness in the internal control systems of the Financial Institutions. This has clearly pointed out the picture of how fraud has been penetrated in the financial strength of Nigeria financia institution (Banks). In a nut shell, the damage which this menace, called fraud has done to the banks is innumerable and needs urgent attention. Therefore, the attempt to put an end to this economic degradation, give rise to the topic of this research study, the effectiveness of internal control system as a tool for preventing and detecting fraud and errors in financial institutions with First Bank of Nigeria Plc as a case study. However, this study is aimed at verifying the conception that an effective and efficient internal control system is the best control measure for preventing and detecting fraud and errors, especially in the banking sectors. Data captures for this study are drawn largely from the organization by the instrument of questionnaire. The data captured were analysed through descriptive analysis involves the use of percentages and tabulation presentation, while the inferential statistical methods involved the use of chi-square. The functions of fraud prevention, detection and control are interwoven, as the three works together to eliminate fraud and fraudulent tendencies. Therefore, internal control is highly significant in fraud and error detection and prevention in financial institutions in Nigeria. ...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»The effects of computerized accounting system on the performance of banking industry in Nigeria»Effective internal control as an aid to management efficiency ( Case Study of Nigeria Bottling Company Owerri )»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 )