CHAPTER ONE
1.0 INTRODUCTION
1.1 STATEMENT OF THE PROBLEM AND THE PURPOSE OF STUDY
Internal auditing it can be defined as a review of operations and records sometimes continues undertaking with a business by a special assigned staff. The main objective is to assure management that the internal chuck and accounting system are effective in design and operation.
1. The cases of increasing bad debts resulting form loans issued to customers given problem to management as a result part of their income is now issued as a provision against these debts in view of requirement of the prudential guidelines for licensed banks issued by the CBN in 1990 financial years.
2. There is lack in economy and efficiency in operations. Transition records of some banks made by employees are not in agreement with established procedures resulting in unbalanced books and records.
3. There is every recurring problems of bank manager granting credits (loans) over their discretional limits as approve by management without adequate security given this results in loan losses.
4. To identify and explain how supervision (internal auditing) can be of assistance towards achieving effective bank management.
1.2 RATIONAL OF THE STUDY
The rational of the study is
i. The identify and explain how supervision (internal auditing) can be of assistance towards achieving effective bank management.
ii. To find out whether bank management grant credit over their discretional limit as approved by management without adequate security given
iii. To determine the number if bad debts resulting form loan issued to customers that has not been recovered and also whether adequate provision for bad debts.
iv. To assure bank management that the internal check and accounting system are effective in design and operation.
1.3 SIGNIFICANCE OF THE STUDY
It is hope that the result of the equity with be of immense benefit to supervisor of bank external auditors the accounting profession bank management other operators in banking system and the state.
It is also hoped that when repots are proceed without any based consideration.
It will encourage everybody concerned to adhere to policies standards and producer as well as promoting the strive towards the collective achievement of the bank objective.
1.4 DEFINITION OF TERMS
i. Supervisor: It can be defined as a person who supervises university students showing essays to their supervisor.
ii. Internal auditing: It can be also defined a review of operations and records sometimes continues undertaking with a business by a special assigned staff. It is also a managerial control activity which functions by measuring and everlasting the effectiveness of other controls.
iii. Internal control is defined as not only internal financial and otherwise established by the management in order to carry on the business of the company in an orderly manner safeguard its assists and secure as far as possible the accuracy and reliability of its
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