INTERNAL CONTROL SYSTEMS AND CORPORATE SURVIVAL IN THE NIGERIAN BANKING INDUSTRY: A STUDY OF SOME SELECTED BANKS
ABSTRACT
This research thesis investigates the problem of corporate failures as a result of weak internal controls system, which brings about distressness, collapse and withdrawal of licences of banks by regulatory authorities in Nigeria, thereby bringing untold hardship to all stakeholders.
The researcher used a sample of seven banks, systematically selected from a population of twenty-eight banks whose shares were traded on the floor of the Nigerian Stock exchange as at 22nd August 2003. Questionnaires were administered on 420 respondents, 60 from each of the seven banks, made-up of 20 from the management staff, 20 from audit staff and 20 from operation/banking staff. Out of this number, only 303 questionnaires were completed and returned. The primary data collected through the administration of questionnaires was analyzed using simple percentages and chi-square test (x2), while the secondary data collected from the annual report and accounts of some of the sample banks was analyzed using spearman rank order correlation and t statistics.
Thus it was found that effectiveness or otherwise of internal control system can make or mar corporate survival of banks in Nigeria.
The research work concluded that internal control system is the responsibility of every body in an organization and as such every staff must be aware of his role in its process and fully engaged in it. Finally it recommends that banks managements must put in place a sound approach to the selection of appropriate internal control practices and procedures, governed by a process of risk analysis and continuously monitor the overall effectiveness of the internal control system to ensure that it is in conformity with the nature, complexity and risk run by the banks.
TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Statement of Hypotheses
1.5 Significance of the Study
1.6 Scope of the Study
1.7 Limitations of the Study
1.8 Definition of Key Terms
1.9 Plan of the Study
References
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction
2.2 The Concept of Internal Control
2.3 Framework for the Evaluation of Internal Control System in Banking Industry
2.4 The Objectives of Internal Control Framework
2.5 Internal Controls and the Role of Auditors
2.6 Corporate Survival in the Nigerian Banking Industry
2.7 The Banking Industry in Nigeria
2.8 The Nigerian Stock Exchange
2.9 Summary of the Chapter
References
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Population of the Study
3.4 Sampling Size and Sampling Techniques
3.5 Administration of Data Collection Instruments
3.6 Method of Editing and Tabulation of data
3.7 Data Analysis Technique
3.8 Summary of the Chapter
References
CHAPTER FOUR: DATA PRESENTATION, ANALYSIS & INTERPRETATION
4.1 Introduction
4.2 Relationship Between Fraud/Forgeries and Ineffective
Internal Control
4.3 Respondents Classifications
4.4 Analysis of Responses Generated
4.5 The Role of Effective Internal Control System in
Preventing Fraud/Forgeries in the Banking Industry
4.6 The Role of Effective Internal Control System in Ensuring
Compliance with Statutory Regulations in the Banking Industry
4.7 Relationship Between Internal Controls System and
Corporate Survival
4.8 Summary of the Chapter
References
CHAPTER FIVE: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS
5.1 Summary
5.2 Conclusion
5.3 Recommendations
Bibliography
Appendices
i. Questionnaires for Internal Audit Staff
ii. Questionnaires for Operation/Banking Staff
iii. Questionnaires for Management Staff
iv. List of Abbreviations
v. List of Banks Quoted on the Floor of the NSE
vi. Nigerian Banking Industry in 2002/2003: At a Glance
CHAPTER ONE: INTRODUCTION
1.1 BACKGROUND OF THE STUDY
An organization’s internal control system is comprised of the control environment, risk assessment, control procedures, monitoring, and information & communication system. It includes all the policies and procedures adopted by the directors and management of an entity to assist in achieving their objectives, ensuring, as far as practicable, the orderly and efficient conduct of their business, including adherence to internal policies, the safeguarding of assets, the prevention and detection of fraud and error, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.
The control environment is an organization’s overall attitude toward controls. It is the tone at the top. Risk assessment is the process of identifying the risks faced by an organization. Once these risks have been identified then specific control procedures can be designed and implemented to address them. Monitoring is important to ensure that controls are functioning as designed. And Management uses an organization’s information and communication system to maintain the system of internal controls.
Every good system of internal control must be able to assist an organization carry on its business in an effective and efficient manner. It must be capable of sustaining credible adherence to management’s policies, safeguard its assets, and be able to guarantee complete recording of all its business transactions. A good system must exist to correlate responsibility with authority regarding the whole process of financial reporting and other spheres of the organization’s activity (Hamid, 2004:6).
Internal control systems must be effective, particularly in banking organizations where their stock-in-trade is cash. Ineffective internal control systems can results to high financial losses to banking organizations and their customers, the depletion of shareholders’ fund, as well as loss of confidence by the public. Similarly, fraud, which may result from ineffective internal control system, could in extreme cases lead to closure of banks as had happened in the country (Tanko, 2003:186). Owoh (2003:6) contends that weak internal control system renders an organization very soluble to fraud and corrupt practices. It encourages non-productive pursuits such as embezzlement, falsification of records and accounts, insider dealing, betrayal of fiduciary relationships, etc. The management of an organization has a duty to institute a system of internal control that will be appropriate to the enterprise. This will assist in preventing, or at least, substantially reducing the incidence, not only of mistakes, but also of irregularities and intentional errors, including fraud.
A system of effective controls is a critical component of a bank management and a foundation for safe and sound operation of banking organization. A system of strong internal controls can help to ensure that the goals and objectives of a banking organization will be met, that the bank will achieve long-term profitability targets, and maintain reliable financial and managerial reporting. Such a system can also help to ensure that the bank will comply with laws and regulations as well as policies, plans, internal rules and procedures, and decrease the risk of unexpected losses or damage to the bank’s reputation (Hamid, 2004:7).
This heightened interest in internal controls is, in part, a result of significant losses incurred by several banking organizations. An analysis of the problems related to these losses indicates that they could probably have been avoided had the banks maintained effective internal control systems. Such systems would have prevented or enabled earlier detection of the problems that led to the losses, thereby limiting damage to the banking organization (Hamid, 2004:6). Sound internal controls are therefore essential to the prudent operation of banks and to promoting stability in the financial system as a whole and ensuring corporate survival of banking organizations.
Internal control is a process effected by the board of directors, senior management and all levels of personnel. It is not solely a procedure or policy that is performed at a certain point in time, but rather it is continually operating at all levels within the bank. The board of directors and senior management are responsible for establishing the appropriate culture to facilitate an effective internal control process and for continuously monitoring its effectiveness: however, each individual within an organization must participate in the system. The exact application of internal control systems depends on the nature, complexity and risks of a bank’s operations. The
main objective of internal control in banking organizations is to attain, operational, information and compliance objectives (Hamid, 2004:7).
Operational objectives of internal control pertain to the effectiveness and efficiency of the bank in using its assets and other resources in protecting the bank from loss. The internal control process seeks to ensure that personnel throughout the organization are working to achieve its objectives in a straight forward manner, without unintended or excessive cost or placing other interests (such as an employee’s, vendor’s or customer’s interest before those of the bank).
Information objective of internal control address the preparation of timely, reliable reports needed for decision making within the banking organization. They also address the need for reliable annual accounts, other financial statements and other financial related disclosures, including those for regulatory reporting and other external uses. The information received by management, the board of directors, shareholders and supervisors should be of sufficient quality and integrity that recipient can rely on it in making decisions.
Compliance objectives of internal control ensure that all banking business is conducted in compliance with applicable laws and regulations, supervisory requirements and internal policies and procedures. This objective must be met in order to protect the bank’s franchise and reputation, which are necessary for its survival.
In varying degrees, internal control is the responsibility of everyone in a bank. Almost all employees produce information used in the internal control system or take other actions needed to effect control. An essential element of a strong internal control system is the recognition by every employee of the need to carry out his responsibilities effectively and to communicate to the appropriate level of management any problems that may arise in operations, instances of non-compliance with the code of conduct, or other policy violations or illegal actions that are noticed.
Many internal control failures that resulted in significant losses for banks could have been substantially lessened or even avoided if the board and senior management of organizations had established strong control culture. Adamu (2004:3) contends that good internal control is necessary in ensuring the healthy survival and growth of any organization especially financial institution. Internal control is being put in place to achieve accountability, prudence and completeness. One common feature of all strong banks in the country is their common passion for controls. They do not compromise on them (Adamu, 2004:3). Adamu (2004:3) reported that available statistics has shown that all banks that have at one time or the other gone under have a weak internal control system in place. He argues that without weak internal control system there is no way that accounts could illegally be overdrawn, or be overdrawn with inadequate collaterals, or even be extended to a sector that is clearly under threat due to socio economic or other factors.
Banking is a dynamic, rapidly evolving industry. Banks must continually monitor and evaluate their internal control systems in light of changing internal and external conditions, and must enhance these systems as necessary to maintain their effectiveness and ensue their survival.
1.2 STATEMENT OF THE PROBLEM
The prevalence of fraudulent practices in the Nigerian banking industry has affected the franchise and reputation of many banking organizations over the years. During the period, February 1951 and May 1952, 18 indigenous banks were registered. All of them failed without any exception within a short period. The failure of these indigenous banks was as a result of lack of banking expertise and non-prudent lending policies (Olalusi, 1997:145). History has it that by 1952, a total of 25 banks closed their doors to depositors in Nigeria with consequent untold hardship for customers. There is a story of a customer of Farmers’ Bank Limited who on finding that his bank had closed it doors indefinitely, suffered a heart attack and dropped dead by the bank premises (Abdullahi, 2002: 10).
Abdul Mutallab (2003:14) also reported that the operating licenses of thirty-six (36) banks were withdrawn between 1994 and March 2003, and many banks that were involved in foreign exchange malpractices were sanctioned. Abdullahi (2002:7) explained that in the year 2001, 723 cases of fraud and forgeries were reported in the Nigerian banking industry, out of which 388 were successfully executed representing 53.7%. The amount involved was N2.185 billion, while the actual loss totaled N1.07 billion, mainly through defalcation of customers’ cash lodgments by bank employees, substitution and depression of clearing cheques and manipulation of customers’ accounts. NDIC reported that the banking sector recorded N12.9 billion fraud-related cases in 2002/2003 financial year, and CBN was reported to have said that there were 981 reported cases of fraud and forgery involving N5 billion, $5.25 million and 1,701.17 million Pound sterling respectively in 2002 (The New Age, 2003:29). Out of this number however, CBN said 428 cases resulted in losses of N1.40 billion and $153,000 to the banks while the other cases were nipped in the bud.
NDIC reported in its 2002 annual report that 16 out of the 90 licenced banks in operation failed to insure the deposits kept in their banks in violation of section 32 of the NDIC Act. No. 22 of 1988 (as amended) as at December 2002. NDIC also stated in its 2002 annual report that the level of compliance with the requirement of fidelity insurance coverage by the 74 insured banks was 82.2% as against 90% in 2001(The New Age, 2003:29). CBN annual report for 2002 also indicated that the December 2002 deadline fixed for meeting the new minimum paid-up capital for existing banks of N1 billion has expired with only 39 banks representing 43% of the 90 licenced banks meeting the requirement (Abdullahi 2002:8). Pressures to deliver reasonable returns to shareholders has pushed some bank's to take above normal risks, which has resulted in portfolio problems. Between 2001 and 2002, the Nigerian banking industry non-performing loans increased by 57% to N77 billion. Losses from fraud in the banking industry have remained high, and are likely to increase further as merchant banks converting to commercial banks have limited experience in commercial banking and are vulnerable to operational errors and frauds. These trends and the growth of unsound banks in 2002 were indeed worrisome and made many Nigerians to fear the survival of the industry.
Is it that the internal control measures put in place by banks in Nigeria are not effective or the role of managements in ensuring strict compliance to internal control system is below expectation? To what extent does in-effective Internal control systems threatens corporate survival in the Nigerian banking industry? Can corporate survival be ensured by good internal control system? What are the implications of non-compliance by banks with statutory regulations (CAMA’90, BOFIA’ 91, the Money Laundering Act of 1995, the Advance Fee Fraud & other fraud related offences Act 1995) and monetary circulars issued by the CBN on their internal control systems and corporate survival?
1.3 OBJECTIVES OF THE STUDY
One of the objectives of this research work is to determine the degree of relationship between ineffective internal controls system and fraud/forgeries of banks in Nigeria.
Another objective of the research work is to review the control environment in the Nigerian banking industry with a view to ascertain the overall attitude of the top-level management toward controls, the implications of such attitude on fraud/forgeries and performing and non-performing loans/advances, with a view to make recommendations that will bring about enhanced control and ensure survival of banks in Nigeria.
The research work equally intends to examine the relationship between internal control systems and corporate survival in the Nigerian banking industry and the extent to which internal control systems can make or mar corporate survival.
It is also an objective of this research to examine the implications of non-compliance by banks with laid down procedures and the extent to which such can affect corporate survival.
Lastly, the causes and implications of fraudulent and unethical practices, breach of procedures and legislations, and collapse of banks in the Nigerian banking industry, will be examined. The research also intends to make appropriate recommendations, in an attempt to make a modest contribution to knowledge.
1.4 STATEMENT OF HYPOTHESES
The following hypotheses have been formulated for testing in this research work with a view to propounding possible explanations for the causes of the research problems or give some perceived relationships between certain variables or factors surrounding the problems. It is hoped that the result to be obtain from the testing of these hypotheses will help to make appreciable contributions to the existing body of knowledge byproviding solutions to the research problems.
HYPOTHESIS ONE
H0: There is no relationship between fraud/forgeries and ineffective internal control system of banks in Nigeria.
HA: There is relationship between fraud/forgeries and ineffective internal control system of banks in Nigeria.
HYPOTHESIS TWO
H0: Effective Internal control system does not help in the detection of fraud and other abuses in the banking industry.
HA: Effective Internal control system helps in the detection of fraud and other abuses in the banking industry.
HYPOTHESIS THREE
H0: Effective internal control system does not ensure compliance with laid down procedures in the banking industry.
HA: Effective internal control system ensures compliance with laid down procedures in the banking industry.
HYPOTHESIS FOUR
H0: Effective Internal control system does not ensure corporate survival of banks in Nigeria.
HA: Effective Internal control system ensures corporate survival of banks in Nigeria. 1.5 SIGNIFICANCE OF THE STUDY
This study is significant because of the immense contribution it will make to knowledge by examining and evaluating the internal controls system in the Nigerian Banking Industry with a view to determine whether or not the system is effective and the extent to which its effectiveness or otherwise can determine corporate survival of Banking Organizations in Nigeria.
This study would be of enormous benefit to banks Board of Directors, managements & employees, Shareholders & Depositors, Auditors (both external and internal), and the regulatory authorities in Nigeria.
Board of Directors of banks that have the responsibility for the preparation of financial statements, which give a true and fair view of the state of affairs of their Banks at the end of the financial year; that have to ensure that adequate internal control procedures are instituted to safeguard assets, prevent and detect frauds and other irregularities; that have to ensure that proper accounting records are maintained; that have to ensure that applicable accounting standards are adhered to; that have to ensure that suitable accounting policies are adopted and consistently applied; that have to ensure that judgments and estimates made in the financial statements are reasonable and prudent; that have to ensure that financial statements are prepared on the going concern basis (unless it is inappropriate to presume that the bank will continue in business); stand to benefit from the findings of this research. The Boards will benefit especially in the areas of knowing the effectiveness or otherwise of the internal controls system being operated by them, and the degree to which those controls are adequate or inadequate to check excesses and frauds and ensure the attainment of desired objectives. It will also help them to know the correlation between internal control systems and corporate survival in the Nigerian Banking Industry. This will help them to ascertain the changes that are necessary to safe themselves and their Banks from being ruined and collapsed, ensuring the safety of depositors money and shareholders funds, and the corporate survival of their Banks.
Management & employees, who are involved in the day-to-day management of banks in Nigeria, would also benefit from the findings of this study; especially on knowing fully the roles expected of them in the internal controls system, as the Basel committee report of 1998, recommends for the involvement of all and sundry.
Shareholders and Depositors, who have interest, would also benefit from the findings of this research; especially on knowing the safety of their shareholdings and deposits in the Nigerian banking industry. The findings of the research will also help shareholders in deciding the caliber of people to be elected as their representatives in Boards of banks, as directors, who will ensure effective internal controls system that would guarantee the safety of their investments.
Auditors (both external and internal) would also benefit from this study, especially by knowing the extent of effectiveness or otherwise of the internal controls system in the Nigerian banking industry. This could help them in determining the level of audit work expected of them in the discharge of their responsibilities in the industry.
The regulatory authorities like the Central Bank of Nigeria, Nigerian Deposit Insurance Corporation, the Securities and Exchange Commission, the Nigerian Stock Exchange and the Nigerian Capital Market, would all benefit from this study. There is no doubt that the findings of this research will assist them in their regulatory activities of the Nigerian Banking Industry.
The result of the study would make a good library material for researchers on internal control systems in corporate organizations.
1.6 SCOPE OF THE STUDY
This study is meant to examine the correlation between internal control systems and corporate survival in the Nigerian Banking industry. The study attempted an analytical review of the current internal control practices in the Nigerian Banking Industry. In this regard focus was made on all the various aspects of an internal controls system, and other conceptual framework for internal control systems and corporate survival.
The scope of this study is restricted to seven out of 28 banks that are quoted on the floor of the Nigeria Stock Exchange (as 1st Tier Securities) - as at 22/08/2003. The seven banks were selected using a systematic sampling technique from the 28 banks. These banks are: Access Bank Nigeria PLC., Co-operative Development Bank PLC., First Bank of Nigeria PLC., Hallmark
Bank PLC., Liberty Bank PLC., Omega Bank PLC and United Bank For Africa PLC. Our respondents were therefore drawn from these banks.
The study covered a period of ten years, from 1994 to 2003.
1.7 LIMITATIONS OF THE STUDY
The following are some of the limitations encountered in this research
work:
(i) The researcher was unable to collect all the questionnaires administered on the respondents. This was as a result of the inability of some of the respondents to complete and return their questionnaires due to their numerous banking schedules.
(ii) Some of the targeted respondents do not seem to have understood the essence of the study, thus they suspected it to be a sort of spying by the regulatory authorities. This scares some of them away from completing and returning the questionnaires administered on them.
The researcher took appropriate measures to motivate the respondents to accept the reasons why questionnaires were administered on them. This encouraged some of them to complete and return their questionnaires. Enough time was also given to them to enable them complete the questionnaires at their own convenience. The researcher is therefore of the opinion that these limitations would not in any way affect the validity of the research findings.
1.8 DEFINITION OF KEY TERMS
Below are the definitions of the major terms as used in this research
work:
[a] Bank: A bank is a company incorporated by the corporate Affairs Commission and licensed by the central bank of Nigeria to carry on the business of collecting and repaying deposits into various types of accounts and the granting of money loans and overdrafts to its customers. With the inception of Universal Banking in Nigeria, banks now act as financial supermarkets by offering wide range of financial services.
[b] Basel Committee: The Basle Committee on Banking Supervision is a committee of banking supervisory authorities, which was established by the central bank Governors of the group of ten countries in 1975, consisting of senior representatives of bank supervisory authorities and central banks from Belgium, Canada, France, Germany, Italy, Japan, Luxembourg, Netherlands, Sweden, Switzerland, United Kingdom and the United States.
[c] Corporation: This refers to limited liability companies, which are artificial beings, intangible, invisible, that can own property, enter in to a contract, and sue and be sued. This includes both private limited liability companies (LTD.)and public limited liability companies (PLC).
[d] COSO Reports: These are reports issued by the National Commission on Fraudulent Financial Reporting (better known as the Tread way Commission) to guard against financial reporting scandals which started
during the 1980s.
[e] Customer: to be a customer of a bank, the law has it that one has to have an account opened in his own name and money lodged into it.
[f] Distress: This refers to financial difficulties facing a corporate entity and its subsequent inability to transact business as expected.
[g] Information Technology: The term "information technology" or IT, encompasses hardware and software products, information system operations and management processes, and the skills required to apply those products and processes to the task of information production and information system development, management and control.[h]Internal Control System: Internal control is defined as a process, affected by an entity’s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations, reliability of financial reporting, and compliance with laws and regulations.
[i] Investors: These are individuals, institutions or corporate entities who have subscribed to the share capital of a company with a view to getting returns in the form of dividend (cash or stock or both), or with a view to capital appreciation of their investment.
[j] Management information System (MIS): This is a system using standardized procedures to provide management at all levels and in all functions with relevant information to enable management take timely and effective decisions.
[k]Nigerian capital Market: This is the market that allows companies, government and other institutions to raise capital and debt in Nigeria. [l]Nigerian Deposit Insurance Corporation (NDIC): This is the authority that insures small deposits up to a maximum of N50, 000.0 in the Nigerian banking industry. It also issues and withdraws license of banking organizations in Nigeria.
[m]Nigerian Stock Exchange (NSE): This is the place for the actual trading of shares and Securities. It regulates and over see all share and securities deals in the country.
[n]Non-performing Loan: A credit facility is referred to non-performing, when the principal and interest is due and remain unpaid for ninety (90) days or more.
[o]Performing Loan: A credit facility is deemed to be performing if payment of both the principal and interest are up to date in accordance with the agreed terms.
[p] Publicly Quoted Banks: These are banks whose shares are quoted (traded) on the floor of the Nigerian stock exchange.
[q] Shares: This can be defined as interest in a company expressed in monetary terms.
[r] Shareholder: This refers to someone who holds shares in a company.
[s] Securities and Exchange Commission (SEC): This is the apex institution in the Nigerian capital market. It regulates activities in the entire capital market.
[t] Stock Exchange Market: This is the primary capital market in which companies, government and other institutions raise funds by issuing either shares, debentures or other securities like geld edge. But it is more important as a secondary market for buying and selling existing securities.
[u] Survival: This is the ability to achieve desired objectives and continue as a going concern.
[v] System: A system is an assembly of components connected in an organized way. The components are affected by being in the system and the behavior of the system is changed if they leave it. This organized assembly does something and has been identified as of particular interest.
[w] Winding Up: This refers to the legal termination of a business.
1.9 PLAN OF THE STUDY
This work is made up of five chapters as follows:
Chapter One: Chapter one, which is this chapter, warms up the topic as clearly and precisely as possible. It explained the background of the study, problems statement, objectives(s) settings, scope description, hypotheses, justifications statement, limitations and delimitations of the study and definition of unfamiliar terms used in the study.
Chapter Two: This chapter is about the literature review. Here all relevant works would be tactfully reviewed, concentrating on the findings and recommendations of the authors of the works and expressing opinion(s) more especially, the recommendations. Relevant textbooks, journals, magazines and newspapers will be reviewed here.
Chapter Three: The method used in conducting the research will be clearly and honestly explained here. The population of the study, the sampling technique, sample size, methods of data collection, method of editing and tabulation of data, method of data analysis and interpretation will all be explained here.
Chapter Four: This chapter is about analysis and interpretation of data collected through the administration of research instruments and secondary data collected from the annual report and accounts of the selected banks. Hypotheses of the study will also be tested using the results obtained from the data analysis to confirm or disconfirm them.
Chapter Five: The study is to be concluded here by highlighting the major findings of the work. Conclusions will be drawn based on the findings and recommendations for improvement/betterment or correction of lapses shall be made accordingly.
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Abdul-mutallab, U. (2003), Chairman’s Statement at the FBN AGM for 2003, in First Bank Annual report and accounts 2003.
Abdullahi, S.A. (2002), Distress in The Nigerian Banking Sector: Who is to be blame- CBN, NDIC, Banks, Shareholders or Depositors, Being a paper presented at a seminar organized by Kano Area Bankers Clearing Representatives Forum, Held at Daula Hotel, Kano, 6th July, 2003.
Adamu, B. (2004), Distress Syndrome In The Nigerian Financial System: Causes and Probable Solution, Being a paper presented at the Department of Accounting, Bayero University Kano, During NUASA week Programmes, March 2004.
The New Age (2003). Editorial. The New Age, December 8 p.29
First Bank of Nigeria Plc: Annual Report and Accounts (2002/2003)
Gibson, L.J. Ivancevich, J.M. and Donnelly, J.H. (1996), Organizations: Behaviour, Structure and processes, Business publications inc., Dollas Texas, USA.
Hamid, K.T. (2004), Financial Fraud and Corporate Failures, Being a paper presented at a seminar at Daula Hotel, February 2004.
Olalusi, F. (1997), Introduction to Banking, Pitman Press, Bath, Great Britain.
Owoh, G.U. (2003), Effective Internal Control System For Fraud Prevention and Detection, a paper intended for presentation at the First National Conference on Ethical Issues in Accounting, organized by the Department of Accounting BUK from 6-10 2003 (Unpublished).
Sabari, M.H. (2003), Internal Auditor As a Custodian of Internal Control: A Case of National Electric Power Authority. In: Proceedings of the First National Conference on Ethical Issues in Accounting, organized by the Department of Accounting BUK From 6-10 January 2003, pp. 163-176
Tanko, M. (2003), Internal Control and Fraud Prevention in The Nigerian Banking Industry. In: Proceedings of the First National Conference on Ethical Issues in Accounting, organized by the Department of Accounting BUK From 6-10 January 2003, pp. 185-194
