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FRAUD MANAGEMENT AND INTERNAL CONTROL AS CORRELATES OF ORGANIZATIONAL EFFECTIVENESS (A STUDY OF NIGERIAN DEPOSIT MONEY BANKS)

FRAUD MANAGEMENT AND INTERNAL CONTROL AS CORRELATES OF ORGANIZATIONAL EFFECTIVENESS (A STUDY OF NIGERIAN DEPOSIT MONEY BANKS)


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FRAUD MANAGEMENT AND INTERNAL CONTROL AS CORRELATES OF ORGANIZATIONAL EFFECTIVENESS (A STUDY OF NIGERIAN DEPOSIT MONEY BANKS)

PROJECT TOPICS AND MATERIALS ON FRAUD MANAGEMENT AND INTERNAL CONTROL AS CORRELATES OF ORGANIZATIONAL EFFECTIVENESS (A STUDY OF NIGERIAN DEPOSIT MONEY BANKS)


ABSTRACT

No organizations can be effective towards the attainment of its desired goals without the formulation and enforcement of fraud management policies and standard internal control systems. The study examined fraud management and internal control as correlates of organization effectiveness in some selected Nigerian Deposit Money Banks in Enugu State. 450 staff across management, senior and junior level was purposively selected in Skye Bank, Access Bank and EcoBank. The study made use of primary data via the administration of a questionnaire to generate data from the respondents. The data were analyzed using the descriptive statistic analysis and the Pearson correlation analysis. The results revealed that a positive and significant relationship exists between fraud management and organizational effectiveness (r=0.772; p<0.05); and between internal control and organizational effectiveness (r=0.896; p<0.05) in the selected banks. Based on this, the study suggests that internal control, both operational and financial should be employed the management of every bank, to ensure that bank’s assets are safeguarded, cash inclusive. This will go a long way in reducing fraud in banks to the barest minimum and ensuring effectiveness in banks’ operations.


CHAPTER ONE

INTRODUCTION

1.1                               BACKGROUND OF THE STUDY

Internal control, the strength of every organization, has become very crucial in Nigerian banks. The reason for its high importance is that control system in any organization is fundamental to an efficient accounting system. The need for the internal control systems in any organizations, especially in financial institutions such as the Deposit Money Banks, cannot be underestimated, based on the fact that the banking sector, which has important role to play in the economic development process of a nation, is now being invaded by macroeconomic instability, corruption, fraud etc.

Fraud, which is among the reasons for implementing internal control, has become pervasive in the Nigerian banking industry. It has tarnished the global reputation of the country, in which Nigeria was identified as a “fantastically corrupt nation” by the advanced world economies. Fraud has totally penetrated the Nigerian banking industry and that any bank with a weak internal control system, is highly susceptible to bank fraud.

The Central Bank of Nigeria reported that cases of attempted fraud in banks, between 2007 and 2015, have exceeded what was recorded between 2001 and 2006. The CBN report showed that a total of 771 cases of attempted fraud, involving 5.4 billion naira were reported as at June, 2014. In 2015, 1,193 cases of fraud were reported involving 11.9 billion naira. This menace can be attributed to weak internal control systems of banks. This clearly chows the picture of the pervasiveness of fraud in Nigerian Deposit Money Banks (Ahmed, etal, 2014; CBN, 2015).

Fraud management is now becoming an issue that top bank chiefs and regulators in the Nigerian banking industry face, due to the alarming rate of bank fraud. The implementation of internal control systems alone cannot totally address the issue of fraudulent activities that occurs in banks. Fraudulent acts are common in every organization, but more common in Deposit Money Banks because of the instruments of their trade. Banks are highly susceptible to financial fraud as a result of money and quasi-money instruments used in the process of their operations. The acts of financial fraud have defied solutions despite the implementation of internal control systems put in place in Nigerian Deposit Money Banks (Chibuzor, 2013). Internal control system sometimes negates the efficient operations, banks put in place to curtail cases of fraud, but it has not been totally successful in mitigating the amount of funds that goes into fraud. Thus, internal control systems have become both preventive and protective of banks’ financial resources, sometimes perceived as inimical to the primary operations of these banks

Most banks are litigation-shy as judicial officers find it uninteresting to that the internal control process put in place by the banks was planned and done by their employees (Adetiloye, etal, 2014). In addition, where the banks are litigious, courts often sympathize with customers whose infractions resulted into larger losses of funds irrespective of whether collusion with an employee had existed. These cases are not funny outside the banking halls when financial fraud occurred and parties have to prove their innocence.

One of the reasons for the use and review of internal control systems in Deposit Money Banks is to minimize cases of fraudulent activities, to promptly detect any intended fraudulent acts before they are actually carried out. Fraud management and internal control are therefore pertinent predictors that determine organizational effectiveness, which implies the rate at which organizations’ achieve their desired goals.

 

1.2                                    STATEMENT OF PROBLEM

Managing fraud in Nigerian Deposit Money Banks is bedeviled with series of problems. Firstly, the inability of bank management to effectively implement the policy and operational procedures of banks, which has led to the ineffective establishment of accounting system and the mode of accounting information, has encouraged perpetration of fraud.

Secondly, lack of adequate motivation incentives coupled with poor working conditions has resulted into fraud. Thirdly, weakness in the internal control systems such as lack of proper documentation of records has led into fraud. Fourthly, poorly designed organizational structure, poor devolution of responsibility, non-compliance to directives has resulted into fraud.

Lastly, ineffective supervision, evaluation and monitoring of bank operations by bank management and regulatory agencies have also encouraged fraudulent activities.

 

1.3                                     OBJECTIVES OF THE STUDY

The objectives of the study are:

1.     To examine the relationship between fraud management and organizational effectiveness in Nigerian Deposit Money Banks.

2.     To examine the relationship between internal control and organizational effectiveness in Nigerian Deposit Money Banks.

 

1.4                                       RESEARCH QUESTIONS

The study is aimed to provide satisfactory answers to the following questions.

1.     What is the relationship between fraud management and organizational effectiveness in Nigerian Deposit Money Banks?

2.     What is the relationship between internal control and organizational effectiveness in Nigerian Deposit Money Banks?

 

1.5                                    RESEARCH HYPOTHESES

Two hypotheses are formulated to guide the study, and they are stated as follows:

1.     H01: There is no significant relationship between fraud management and organizational effectiveness in Nigerian Deposit Money Banks.

2.     H02: There is no significant relationship between internal control and organizational effectiveness in Nigerian Deposit Money Banks.

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No organizations can be effective towards the attainment of its desired goals without the formulation and enforcement of fraud management policies and standard internal control systems. The study examined fraud management and internal control as correlates of organization effectiveness in some selected Nigerian Deposit Money Banks in Enugu State. 450 staff across management, senior and junior level was purposively selected in Skye Bank, Access Bank and EcoBank. The study made use of primary data via the administration of a questionnaire to generate data from the respondents. .. accounting project topics

FRAUD MANAGEMENT AND INTERNAL CONTROL AS CORRELATES OF ORGANIZATIONAL EFFECTIVENESS (A STUDY OF NIGERIAN DEPOSIT MONEY BANKS)

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