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EFFECTIVE INTERNAL CONTROL AS A MEANS OF COMBATING FRAUD IN THE NIGERIA BANKING INDUSTRY

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EFFECTIVE INTERNAL CONTROL AS A MEANS OF COMBATING FRAUD IN THE NIGERIA BANKING INDUSTRY Powered By Docstoc
					EFFECTIVE INTERNAL CONTROL AS A MEANS OF
 COMBATING FRAUD IN THE NIGERIA BANKING
                   INDUSTRY


                       BY

     LAWAL RASHIDAT OMORONKE
                 10/DACN/0626



         BEING A PROJECT SUBMITTED TO
     THE DEPARTMENT OF ACCOUNTANCY,
       FACULTY OF FINANCIAL STUDIES,
       OSUN STATE POLYTECHNIC, IREE.



  IN PARTIAL FULFILLMENT OF THE AWARD OF NATIONAL
              DIPLOMA IN ACCOUNTING




                   January, 2013




                         i
                            CERTIFICATION

      This is to certify that this research work was carried out by LAWAL
RASIDAT,    Matric   number    10/DACN/0626       of   the    department   of
Accountancy, Osun state polytechnic, Iree. And was duly supervised and
approved as meeting the partial fulfillment of the requirement for award of
National Diploma (ND) in accounting, Osun state polytechnic, Iree.




      MR.K.B AJEIGBE                                   DATE
        SUPERVISOR




   COORDINATOR/H.O.D                                         DATE




                                     ii
                              DEDICATION


     This project work is affectionally dedicated to the Almighty Allah for
his infinite mercy and to my loving and caring parents Mr. and Mrs. LAWAL




                                     iii
                          ACKNOWLEDGEMENT
      All praise and adoration is due to the Almighty Allah the creator of the
universe and the master of the Day of Judgment. My greatest indebtedness
goes to my beloved parent, Mr. and Mrs. LAWAL who has been assisting me
to the end of this programme.
      I am likewise grateful to my dynamic supervisor Mr K.B Ajeigbe for out
of no time he spores times to read over the research work and make
necessary corrections and even lecture me on how to write it.
      I also express my gratitude to my H.O.D Mrs. Olubunmi, my
coordinator Mr. O.S Fasola and all my lectures for their brilliant assistance
and support given to me in order to become a chattered accountant in
future.
      I will also use this opportunity to say a big thank to my caring and
loving my brothers and sisters Mr. Lawal Mudathir, Mr. Lawal Moshood,
Miss Lawal Sofiat and entire Lawals families for their advice when i was in
the School for their encouragement when am weak, for their spiritual, moral
and financial support throughout my programme, to crown it all.
      I can say boldly that they are the source of my joy today, by making
me a graduate through the grace of God.
      I also acknowledge the effort of the following friend of mine and my
hall mates: Mr. Omotara Hammed, Mr. Bello Abdullah, Mr. Abdulazeez
Oyindamola, Ronke, Augustina, Seun, Jummy, Stella, Papoose, Adeola, Bro
Abiodun, Mrs Taiwo, Atinuke, Badmus and the entire member of step up
hostel. I love you all.




                                      iv
                                  ABSTRACT

This project studies the effective internal control as a means of combating
fraud in the Nigeria banking industry the main objective of caring out this
research is to find out the cause of fraud the banking industry. This research
work Both primary and secondary sources of data collection will be used in
collecting data for this project The inferential method of data analysis shall be
employed using the table, percentages by making use of chi-square to analyze
the data collected.The present problems as well as future prospect of a bank
should not be allowed to cripple the affair of the banking industry in Nigeria. It
was discovered that experience and professional qualifications does not
guarantee that fraud cannot be perpetrated as the fraudsters are advancing
day in day out. So bankers should always be extremely careful and get their
rewards updated on daily basis so that the incidence of fraud would be
reduced. The following are the suggested recommendation, which if well
followed; the menace of bank fraud will reduce in Nigeria and mode the sector
a leading and preferred sector as well in Nigeria economy.




                                        v
                            TABLE OF CONTENT

Title page                                     i


Certification                                  ii
Dedication                                     iii
Acknowledgement                                iv
Abstract                                       v
Table of content                               vi


CHAPTER ONE
INTRODUCTION
1.1   Background of the study                  1
1.2   Statement of the problem                 2
1.3   Research Question                        2
1.4   Research Hypothesis                      2
1.5   Objectives of the study                  3
1.6   Scope of the study                       3
1.7   Limitation of the Study                  4
1.8   Significant of the Study                 4
1.9   Definition of terms                      4


CHAPTER TWO
LITERATURE REVIEW
2.1 Introduction                               6
2.2 Definition of Fraud                        7




                                   vi
2.3 Causes of Fraud                          7


2.4   Bank Fraud and its Causes              9


2.5   Causes of Bank Fraud                   9

2.6   Nature and Types of Bank Fraud         12
2.7   Extent of Fraud in Banks               14
2.8   Implication of Fraud                   16
2.9   Effects of Fraud                       17
2.10 Why people Commits Fraud                18
2.11 Fraud Prevention Programmes             20
2.12 Fraud Insurance                         26
2.13 Treatment of Suspects                   27
2.14 Historical Background of the study      29
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Research Design                          35
3.2 Area of Study                            35
3.3 Population of the Study                  36
3.4 Sample and Sampling Procedure            36
3.5 Instrument for Data Collection           37
3.6 Method of Data Collection                37
3.7 Method of Data Analysis                  37


CHAPTER FOUR
4.1 Data analysis and Interpretation         38
4.2 Questionnaire Analysis                   38

                                       vii
4.3 Analysis of Research Questions          41
4.4 Testing of Hypothesis                   45


CHAPTER FIVE
5.1 Summary                                 51
5.2 Findings                                52
5.3 Conclusion                              53
5.4 Recommendation                          54
      References                            60
      Appendix                              61




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