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THE EFFECTIVENESS OF INTERNAL CONTROL SYSTEM AND PROCEDURE ON PRODUCT INNOVATION IN NIGERIAN BANKS

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THE EFFECTIVENESS OF INTERNAL CONTROL SYSTEM AND PROCEDURE ON PRODUCT INNOVATION IN NIGERIAN BANKS

TABLE OF CONTENT

Title Page                                                                                                                               i

Certification                                                                                                                          ii

Dedication                                                                                                                             iii

Acknowledgment                                                                                                                 iv

Abstract                                                                                                                                 v

 

Table of content                                                                                                                   vi-vii

CHAPTER ONE

 

  1. Introduction 1
  2. Statement of the Problem 1
  3. Significance of the Study 2
  4. Limitation of the Study 2
  5. Research Questions 3
  6. Definition of Terms 3-4CHAPTER TWO0        Historical Background                                                                                            5-7

2.1       Definition of Internal audit                                                                                               7-8

2.2       Objective of Internal Control System                                                                   8-10

2.3       Internal Control System                                                                                          10

2.4       Types of Internal Control                                                                                        10-12

2.5       Function of Internal Control Department                                                                         12

2.6       Internal Audits Report                                                                                             13

2.7       Drafting Audit Reporting                                                                                        13

2.8       Appointment of Auditors                                                                                        13

2.9       Qualification of External Auditors                                                                        14

2.10    Qualification of Internal Auditors                                                                         14

2.11     Relationship Between Internal and                                                                       14

External Auditor Common Interest

2.12    Differences                                                                                                               15

2.13    Provision of CAMA ’90 on Independence of Auditors.                                     15

CHAPTER THREE

3.1       Research Methodology                                                                                           16

3.2       Sample Size and Procedure                                                                                                16

3.3       Method of Data Collection                                                                                     17

3.4       Research instrument                                                                                                17

CHAPTER FOUR

4.0       Data Presentation and Procedure                                                                          18-20

4.1       Discussion of Findings                                                                                            21

CHAPTER FIVE

5.0       Summary of Finding, Recommendation and Conclusion                                  22

5.1       Summary of Finding                                                                                                22-23

5.2       Recommendation                                                                                                     23

5.3       Conclusion                                                                                                                23

References                                                                                                                24

Appendix                                                                                                                   25

 

 

 

CHAPTER ONE

 

  1. INTRODUCTION

This research work is an attempt to review thoroughly the effectiveness or otherwise of internal control system and procedure in a banking environment. A case study of Wema Bank Plc.

The importance of an effective internal audit, internal check and control system cannot be overemphasized. More so with government policy of promoting accountability by others interested with government fund.

 

Auditing can be described as an activity carried out by an independent person with the sole aim of reporting on the truth. And fairness of a financial statement. It can be regarded as the activity embarked upon by the author when verifying accounting data. Determining the accuracy and reliability of accounting statement. Report and issue reports based on his finding.

 

Internal audit can be appropriately termed as one conducted by employee of an organization into any aspect of its affairs and work exclusively for the organization. Internal audit can be described as the eye of the board and the watch of the organization activities.

 

Internal control is the whole system of controlling financial and established by management in order to carry on 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.

1.2       STATEMENT OF THE PROBLEM

 

The role of internal auditors of an organization has been under estimated. If not totally relegated to the background when compared with their counterparts in the private practice.

 

That is the external auditor may be attributed to the fact that internal auditors are employees of the organization. The act of underestimating the role of internal auditor is not exhibited by the authority alone. Worker of the organization also underrate the work of the internal auditors.

 

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