FINANCIAL ACCOUNTABILITY THROUGH EFFECTIVE INTERNAL CONTROL SYSTEM (A CASE STUDY OF OCEANIC BANK PLC ENUGU METROPOLIS)
FINANCIAL ACCOUNTABILITY THROUGH EFFECTIVE INTERNAL CONTROL SYSTEM (A CASE STUDY OF OCEANIC BANK PLC ENUGU METROPOLIS)
ABSTRACT
Research abstract on Financial Accountability; Through Effective Internal Control System (A case study of Oceanic Bank Plc) was group under five chapters heading beginning with chapter one down to chapter five as summary of findings, recommendations and conclusion. The population of the study used is two hundred (200) that comprises both staff and customers. The sample size is 133 that were determined using Yallow Yamini formula method. That instrument used for data collections are research questionnaire, interview and observational techniques. All data collection were presented using table and analysed with chi-square method in the course of the study the researcher finds out that
The researcher recommend some possible solution on how best to achieve financial accountability through effective internal control system such as employing competent staff supervising the record book of the staff from time to time and also provision for further training of staff so as to increase their skills.
CHAPTER ONE
CHAPTER TWO
REVIEW OF RELATED LITERATURE 8
2.1 Accountability and the Nigerian Societal
Ethics and Values 8
2.2 The Role of Accountability in Business 10
2.3 Factors that Militates Against Accountability
in the Public Sector 12
2.4 The Professional Ethics of Public Financial
Management 18
2.5 Recommendation on Accounting Principals
and Standard 21
2.6 Users of Accounting Information 22
2.7 Importance of Accounting Information 24
CHAPTER THREE
Research methodology 27
3.1 Source of Data 27
3.2 Area of the Study 27
3.3 Population of the Study 28
3.4 Sample Sized Determination 28
3.5 Sampling Techniques 29
3.6 Research Instrument Used 30
3.7 Reliability of Research Instrument 30
3.8 Validity of Research Instrument 31
3.9 Questionnaire Administration 31
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS 34
4.1 Date Presentation and Analysis 34
CHAPTER FIVE
SUMMARY OF FINDINGS, RECOMMENDATIONS
AND CONCLUSION 44
5.1 Summary of Findings 45
5.2 Recommendations 45
5.3 Conclusion 46
Bibliography 48
Appendix 50
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Accounting to Lucy T. (2006) Defined accountability tells you what policies your boar should adopt or has adopted to meet their responsibility for ensuring that the organization they govern is financially sound. They would then hold these who manage the organization accountable for implementing these policies.
According to Schmitz B. (1999) Accountability has to do with responsibility of either an individual or department to perform a specific function in accounting. An auditor reviewing a company’s financial statement is responsible and loyally liable for any misstatement or instances of fraud accountability forces and accountant to be careful and knowledgeable in the professional practices, as even negligence can cause them to be loyally responsible.
According to Ilor P. (2006) Accounting is the language of business and by extension, the language of all things financial. In the same way that our sense are needed to translate information about our surroundings into something understood by nor brains, accountants are needed to translate the complexities of finance into summary numbers that the public can understand.
The central bank led by new Governor Lamido Sanusi has ordered Nigerian banks to adopt a common financial year-end accounting standard to restore investor confidence and enable comparisons within the sector. All the activities of a business are summarized in accounting records so that can be ascertained at any point required through the process of accounting. Accounting can be taken as a set of ruler and method by which financial report that ca be used in making decision. Hence, accounting records forms the bedrock for management decisions and captivity of the business concerned.
In a nutsheel, the establishment of internal control system of accounting records in organizations, accounting activities are in order with the laid-down procedure standards and statutory requirements.
In pursuing of sound and effective system of internal control various devices and methods called control and adopted by various organizations based on their nature of business and scope of operation. The internal control system usually comprises a continuous check and re-checking of day to day activities of business in order to ensure the correctness and fairness of the accounting records and detect and expose any deviations (if any) logically if can then be said that internal control system of accounting records is old as the evaluation by keeping accounts.
However, it then remains that since banking operations involves principally immediate cash, sometime in very volume higher level much more than other form of business five further. The level of public participation in keeping commercial banks liquid through deposit banks, inneficiency would affect a substantive number of folks.
1.2 STATEMENT OF THE PROBLEM
Despite the role of the accountant in ensuring effective internal control system, poor interest in control system by organization in the country (Enugu metropolis) has resulted in the failure of most banks. The development structural and operational of the banks will to a large extent be influenced by the sector and it consequent voice in the policy information.
There is also the problem of poor management under staffing and employment of inexperienced staff financially there is the problem of communications gap whole connection with internal control system
The above mentioned problems are such that the research will like to address in the course of this study especially that of poor accountability in the banking industry of oceanic bank plc Enugu.
1.3 OBJECTIVE OF THE STUDY
The objectives of the study includes:
1.4 RESEARCH QUESTIONS
1.5 SIGNIFICANCE OF THE STUDY
The research work will be of paramount important to the entire banking staff especially the managers, other offices of Nigeria and banking industry. This research will serves as a guide to the performance of the respective duties. It will also help them in apreciating the importance of various internal control methods adopted by the respective banks especially for the branch operation.
Moreso, it will be of immunes help in the manpower development programme of various banks it will help staffs on earning detections of fraud and its implications and other duration on approved accounting records that might cause differences in beaming figures of banking industry.
The researcher will likewise benefit from this study hence is part of the researchers study.
1.7 LIMITATION OF THE STUDY
The limitation of the study includes:
Download our android mobile app for more materials
ORDER NOW
COMPLETE MATERIAL COST N2,500 Or $10. FRESH PROJECT MATERIAL COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.
THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE
Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
Account Number: 0117780667.
Swift Code: GTBINGLA
Dollar conversion rate for Naira is 175 per dollar.
ATM CARD: YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY.
OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.
form>DELIVERY PERIOD FOR BANK PAYMENT IS LESS THAN 24 HOURS
CALL OUR CUSTOMERS CARE OKEKE CHIDI C ON : 08074466939,08063386834.
AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO
08074466939 or 08063386834, YOUR PROJECT TITLE YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.
WE HAVE SECURITY IN OUR BUSINESS.
ABSTRACT
Research abstract on Financial Accountability; Through Effective Internal Control System (A case study of Oceanic Bank Plc) was group under five chapters heading beginning with chapter one down to chapter five as summary of findings, recommendations and conclusion. The population of the study used is two hundred (200) that comprises both staff and customers. The sample size is 133 that were determined using Yallow Yamini formula method. That instrument used for data collections are research questionnaire, interview and observational techniques. All data collection were presented using table and analysed with chi-square method in the course of the study the researcher finds out that
- It was discovered that the bank has good effective internal control system which enables their financial accountability
- It is also determined that the bank has qualified accountant who takes charge of the accounting records
- It is also noted that these are some factors that contributed negatively to the success of the accounting work such as fraud, error/mistake etc.
The researcher recommend some possible solution on how best to achieve financial accountability through effective internal control system such as employing competent staff supervising the record book of the staff from time to time and also provision for further training of staff so as to increase their skills.
CHAPTER ONE
- Background of the Study 1
- Statement of the Problem 4
- Objective of the Study 5
- Research Question 5
- Significance of the Study 6
- Limitations of the Study 7
CHAPTER TWO
REVIEW OF RELATED LITERATURE 8
2.1 Accountability and the Nigerian Societal
Ethics and Values 8
2.2 The Role of Accountability in Business 10
2.3 Factors that Militates Against Accountability
in the Public Sector 12
2.4 The Professional Ethics of Public Financial
Management 18
2.5 Recommendation on Accounting Principals
and Standard 21
2.6 Users of Accounting Information 22
2.7 Importance of Accounting Information 24
CHAPTER THREE
Research methodology 27
3.1 Source of Data 27
3.2 Area of the Study 27
3.3 Population of the Study 28
3.4 Sample Sized Determination 28
3.5 Sampling Techniques 29
3.6 Research Instrument Used 30
3.7 Reliability of Research Instrument 30
3.8 Validity of Research Instrument 31
3.9 Questionnaire Administration 31
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS 34
4.1 Date Presentation and Analysis 34
CHAPTER FIVE
SUMMARY OF FINDINGS, RECOMMENDATIONS
AND CONCLUSION 44
5.1 Summary of Findings 45
5.2 Recommendations 45
5.3 Conclusion 46
Bibliography 48
Appendix 50
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Accounting to Lucy T. (2006) Defined accountability tells you what policies your boar should adopt or has adopted to meet their responsibility for ensuring that the organization they govern is financially sound. They would then hold these who manage the organization accountable for implementing these policies.
According to Schmitz B. (1999) Accountability has to do with responsibility of either an individual or department to perform a specific function in accounting. An auditor reviewing a company’s financial statement is responsible and loyally liable for any misstatement or instances of fraud accountability forces and accountant to be careful and knowledgeable in the professional practices, as even negligence can cause them to be loyally responsible.
According to Ilor P. (2006) Accounting is the language of business and by extension, the language of all things financial. In the same way that our sense are needed to translate information about our surroundings into something understood by nor brains, accountants are needed to translate the complexities of finance into summary numbers that the public can understand.
The central bank led by new Governor Lamido Sanusi has ordered Nigerian banks to adopt a common financial year-end accounting standard to restore investor confidence and enable comparisons within the sector. All the activities of a business are summarized in accounting records so that can be ascertained at any point required through the process of accounting. Accounting can be taken as a set of ruler and method by which financial report that ca be used in making decision. Hence, accounting records forms the bedrock for management decisions and captivity of the business concerned.
In a nutsheel, the establishment of internal control system of accounting records in organizations, accounting activities are in order with the laid-down procedure standards and statutory requirements.
In pursuing of sound and effective system of internal control various devices and methods called control and adopted by various organizations based on their nature of business and scope of operation. The internal control system usually comprises a continuous check and re-checking of day to day activities of business in order to ensure the correctness and fairness of the accounting records and detect and expose any deviations (if any) logically if can then be said that internal control system of accounting records is old as the evaluation by keeping accounts.
However, it then remains that since banking operations involves principally immediate cash, sometime in very volume higher level much more than other form of business five further. The level of public participation in keeping commercial banks liquid through deposit banks, inneficiency would affect a substantive number of folks.
1.2 STATEMENT OF THE PROBLEM
Despite the role of the accountant in ensuring effective internal control system, poor interest in control system by organization in the country (Enugu metropolis) has resulted in the failure of most banks. The development structural and operational of the banks will to a large extent be influenced by the sector and it consequent voice in the policy information.
There is also the problem of poor management under staffing and employment of inexperienced staff financially there is the problem of communications gap whole connection with internal control system
The above mentioned problems are such that the research will like to address in the course of this study especially that of poor accountability in the banking industry of oceanic bank plc Enugu.
1.3 OBJECTIVE OF THE STUDY
The objectives of the study includes:
- To determine the impact of accountability in business organization
- To identify those factors that may serves as a barrier/hindrance to financial accountability in Enugu metropolis
- To evaluate the accounting standard of oceanic bank financial accountant
- To identify and defined the various controls being practiced by various commercial bank in Nigeria
- To offer useful recommendations based on the findings that will be discovered.
1.4 RESEARCH QUESTIONS
- What impact does accountability have irrespective to growth and development of Oceanic bank plc
- How effective is the internal control system of the bank
- Whether the bank adopt the standard method in accounting
- What problems is associated with accountability through effective internal control system
- Whether those challenges problem of financial accountability can be solve.
1.5 SIGNIFICANCE OF THE STUDY
The research work will be of paramount important to the entire banking staff especially the managers, other offices of Nigeria and banking industry. This research will serves as a guide to the performance of the respective duties. It will also help them in apreciating the importance of various internal control methods adopted by the respective banks especially for the branch operation.
Moreso, it will be of immunes help in the manpower development programme of various banks it will help staffs on earning detections of fraud and its implications and other duration on approved accounting records that might cause differences in beaming figures of banking industry.
The researcher will likewise benefit from this study hence is part of the researchers study.
1.7 LIMITATION OF THE STUDY
The limitation of the study includes:
- Time constraint: Indeed, time as one of the major factors that militate against the success of the study has to do with the shut duration set aside for the research work couple with other educational work load which limitate against the project time.
- Financial constraint: Finance is another constraint that come into play on the aspect of transportation so as to visit the study location, type-setting of questionnaire and other things that required money.
- Respondent attitude: Indeed, some of the attitude of the respondent are that discouraging whereas some find it difficult to respond to question or supply information. All these limiate against the study.
Download our android mobile app for more materials
ORDER NOW
COMPLETE MATERIAL COST N2,500 Or $10. FRESH PROJECT MATERIAL COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.
THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE
MAKE YOUR PAYMENT INTO ANY OF THE FOLLOWING BANKS:
GTBANK
Account Name : Host Link Global Services Ltd
ACCOUNT NUMBER: 0138924237
Account Name : Host Link Global Services Ltd
ACCOUNT NUMBER: 0138924237
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631
Account Name: Chi E-Concept Int’l
Account Name: 3059320631
Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
Account Number: 0117780667.
Swift Code: GTBINGLA
Dollar conversion rate for Naira is 175 per dollar.
ATM CARD: YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY.
OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.
form>DELIVERY PERIOD FOR BANK PAYMENT IS LESS THAN 24 HOURS
CALL OUR CUSTOMERS CARE OKEKE CHIDI C ON : 08074466939,08063386834.
AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO
08074466939 or 08063386834, YOUR PROJECT TITLE YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.
WE HAVE SECURITY IN OUR BUSINESS.
Comments
Post a Comment