DETECTION AND PROTECTION OF FRAUD IN BANKING INSTITUTION, THE ROLES OF AUDITORS (A CASE STUDY OF FIRST BANK PLC)

  • 0 Review(s)

Product Category: Projects

Product Code: 00001748

No of Pages: 63

No of Chapters: 5

File Format: Microsoft Word

Price :

₦3000

 

 

TABLE OF CONTENTS

 

                                                                                PAGES

Title Page                                                                 i

Certification                                                             ii

Dedication                                                               iii

Acknowledgement                                                    iv

Abstract                                                                  

Table of Content                                                     

 

CHAPTER ONE

1.0   Introduction                                                    

1.1   Background of the study

1.2   Brief history of the case study

1.3   Statement of the problem

1.4   Purpose of the study

1.5   Significance of the study

1.6   Research Questions

1.7   Scope or delimitation of the study

1.8   Definition of terms

 

CHAPTER TWO

2.0   Literature Review

2.1   Theoretical Framework

2.2   Meaning of fraud and Error

2.3   Categories of Fraud

2.4   Liabilities of auditors in preventing fraud

2.5   Types of fraud and ways of defrauding bank

2.6   Causes of fraud

2.7   Economic cost of fraud

2.8   Detection of fraud

2.9   Prevention of fraud

 

CHAPTER THREE

3.0      Research Methodology

3.1   Area of study

3.2   Population

3.3   Samples and Sampling techniques

3.4   Instrument for data collection

3.5   Method of data collection

 

 

CHAPTER FOUR

4.0   Analysis and Interpretation of Data

4.1   Analysis of Data

4.2   Interpretation

4.3   Analysis and Interpretation of preventive measures

 

CHAPTER FIVE

5.0   Summary, Conclusion and Recommendation

5.1   Summary

5.2   Recommendation

5.3   Conclusion

*       Bibliography

 

 

CHAPTER ONE

 

1.0   INTRODUCTION

        An auditor is a person appointed by an enterprise to express independent opinion on the financial statement of that organization in accordance with some relevant statutory obligation.

        It could be internal auditor, who reports to the management and who is also an employee of that organization or;

        External auditor, who reports to the shareholders and also appointed by the same people and who is not an employee of the organisation.

        The role of auditor includes the following:

i.            Expression of independent opinion on the financial statement.

ii.          Prevention and detection of fraud

iii.        To evaluate the effectiveness of internal control system in an organisation.

 

1.1   BACKGROUND OF THE STUDY

Recent business failure involving or caused by management’s illegal acts has drawn worldwide attention on the auditor’s role and responsibilities.

The issue of fraud has become a serious thought for many corporate bodies in recent times.

Almost on a daily basis nowadays, the media come out with reports of frauds successful and unsuccessful, domestic and internationally.  No part of the Nigerian economy is spared of this growing problem. And today, more time is spent on board meetings in an attempt to find solution to the prevailing fraudulent act among management and non-management staff.

The issue of fraud and fraudulent practices in any organisation should not be overlooked.  The frequency with which it occurs in any organisation will determinant the long term survival and growth of the company, and of not handled with care can lead to corporate failures.

 

1.2   BRIEF HISTORY OF FIRST BANK PLC

First Bank Plc for over a century has distinguished itself as a leading financial institution and a major contributor to the economic advancement and development of Nigeria.

The bank was incorporated as a limited liability company on March 31, 1894, with head office in Liverpool by Sir Alfred Jones, a shipping magnate.  It started business in the office of Elder Dempster & Company in Lagos under the corporate name of the Bank for British West Africa (BBWA) with a paid up Capital of 12,000 pounds sterling after absorbing its predecessor, the African Banking Corporation, which was established earlier in 1892.  In its early years of operations, the Bank recorded an impressive growth and worked closely with the colonial Government in performing the traditional functions of a Central Bank, such as issue of space in the West African Sub-region.

To justify its West African Coverage, a branch was opened in Accra, Ghana in 1896 and another in Freetown, Sierra Leone in 1898.  These marked the genesis of the Bank’s International Banking Operations.  The second branch of the Bank in Nigeria was in the old Calabar in 1900 and two years later, services were extended to Northern Nigeria.

To reposition and take advantage of opportunities in the changing environment, the bank had at various times embarked on reconstructuring initiatives.  In 1957, it changed its from the Bank of British West Africa to Bank of West Africa.

In 1969, the Bank was incorporated locally as the standard Bank Nigeria Limited in line with the companies Decree of 1968.  Changes in the name of the Bank also occurred in 1979 and 1991, to First Bank of Nigeria Limited and First Bank of Nigeria PLC respectively.  In 1985, the Bank introduced a decentralized Structure with fire regional administrations.

First Bank got listed on the Nigerian Stock Exchange (NSE) in March 1971 and has won t he NSE president’s Merit award eleven times for the best financial report in the banking sector.

In line with the Bank’s Mission Statement “remains true to our name by providing the best financial Services possible” and its brand essence, “depending dynamic”, the Bank will consistently transform itself as it forges ahead in its second century of qualitative banking to the nation.

 

1.3   STATEMENT OF THE PROBLEM

The existence of fraud and error in banking institution is not an uncommon or unexpected phenomenon.  It is disturbing because of all the various problems contending the Nigeria banking industry today, that of fraud is the most common.  The banking industry especially the commercial banks worries more about fraud because of the damage caused on the existence of the institution.  Fraud in commercial banks always lead to loss of monies, that is, monies that belongs to the customers.  Where such fraud occurs with crippling frequency and in wholesale sizes, the bank may be forced to close down.  This lead to loss of confidence in the banks and reduced patronage.

        In our kind of financial environment where banking habit is being encouraged and developed, this could result in a major setback, for the frequent occurrence of frauds ultimately distract the management and leads to increased running cost.  It also brings about distortion in resource a2llocation system in the economy, that is, fraudsters reap where others have sown.  The loss, which results from the fraud, reduce the level of resources availability which could hamper the operations of the banks and could force a close down (liquidation) if the frequency and size of the fraud are high.

 

1.4   PURPOSE OF STUDY

The purpose of this study is to examine the auditors role and responsibilities in detection and prevention of fraud in Nigeria banking industries.

The need for this type of study is to find out the causes of frauds which can ultimately lead to collapse of some industries in Nigeria.

The study identifies and examines some of these causes and the effect and it finally attempts some recommendation in order to prevent frauds and to improve the efficiency of management of banking industries as identified in the study.

 

1.5   SIGNIFICANCE OF THE STUDY

The significance of auditors role in Nigeria Banking is worthy to study in detail with some of its essential features such as effective administration of an economic organization, expression of independent opinion on the financial statement and to evaluate the effectiveness of internal control system in the organization.

        The study of this research will private information to aid the management of bank in detection and prevention of fraud in the banking industry.

1.6   RESEARCH QUESTIONS

The study will make an attempt to answer the following research questions.

RQ 1:       What are the various causes of fraud in Nigerian Banking Industries.

RQ 2:       What are the effects of such fraud on the management of the banks.

RQ 3:       What remedies are available for correction in such situations.

 

1.7   SCOPE OR LIMITATION OF THE STUDY

This research work will be limited to auditor role in preventing frauds and also the causes of frauds and the detection of frauds would be looked into in the cause of this study.

The study is strictly based on First Bank PLC therefore, collection of data and various information will have to be a primary research to be carried out.

Questionnaire will be prepared and designed to satisfy the purpose of the research work and will be distributed to selected sample of the Management Staff.

 

 

 

 

 

1.8   DEFINITION OF TERMS

FRAUD:   Refers to irregularities involving the use of criminal deception to obtain an unjust or illegal advantage.

 

VOUCH:   To examine the account books.

 

ERROR:   Refers to an unintentional mistakes

 

AUDITOR:       An independent person who is appointed to investigate the organization, its records and financial statement prepared by them, and thus form an opinion on the accuracy and correctness of the financial statement.

 

INTERNAL AUDITOR:     Is a person appointed by the management of the organization to investigate the organization, its records and financial statement and reports to the management about the financial statement.

 

EXTERNAL AUDITOR:    Is a person appointed by the shareholders to form and express independent opinion on the financial statement of the enterprise and also reports to the shareholders.

 

ILLEGAL ACTS:  Is any act which is contrary to law which may be intentional or unintentional.

 

INVESTIGATIONS:  These are examinations of or enquiries into something or somebody.

        For the purpose of investigation in an audit firm, it is “an enquiry commissioned by a client for some purpose of his”.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buyers has the right to create dispute within seven (7) days of purchase for 100% refund request when you experience issue with the file received. 

Dispute can only be created when you receive a corrupt file, a wrong file or irregularities in the table of contents and content of the file you received. 

ProjectShelve.com shall either provide the appropriate file within 48hrs or send refund excluding your bank transaction charges. Term and Conditions are applied.

Buyers are expected to confirm that the material you are paying for is available on our website ProjectShelve.com and you have selected the right material, you have also gone through the preliminary pages and it interests you before payment. DO NOT MAKE BANK PAYMENT IF YOUR TOPIC IS NOT ON THE WEBSITE.

In case of payment for a material not available on ProjectShelve.com, the management of ProjectShelve.com has the right to keep your money until you send a topic that is available on our website within 48 hours.

You cannot change topic after receiving material of the topic you ordered and paid for.

Ratings & Reviews

0.0

No Review Found.


To Review


To Comment