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INTERNAL AUDITING AND STOCK TAKING

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INTERNAL AUDITING AND STOCK TAKING

 

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ABSTRACT

INTERNAL AUDIT AND STOCK TALKING

          Internal auditing and stocktaking are characterized by paucity of literature mostly when it involves having a focus on a particular establishment.  Most at the work on auditing have been centered on independent audit.

However, effort were made to scrape as much as possible from the dired ground.  Internal auditing is this an independent appraisal activity within the organization for the review of accounting, financial and other operation as a basis for services to management.

The person who does the above job is known as an internal auditor.  While stoking is the counting and checking of the price and physical quantities at goods or items in the store by selected officials at the company.

In an establishment like the total Nig. Limited is a company which concentrates much on the marketing of petroleum products though diversification are being made towards such area like agriculture.

In the view of different scholars and has been established by the researcher in internal auditing is very important in any organization, since they are eyes and ears of the management and stock being one of goods or items that determines progress or failure of an producing or marketing that should be taken care of.

TABLE OF CONTENT

CHAPTER ONE

INTRODUCTION

1.1            Background of the study

1.2            Statement of problem

1.3            Purpose of the study

1.4            Significance of the study

1.5            Scope and limitation of the study

1.6            Definition of terms

CHAPTER TWO

REVIEW OF LITERATURE

What is an audit

2.1            Types of audit

2.2            Internal audit

2.3            Function of internal audit

2.4            Internal audit department and others

2.5            Problems of the internal audit

2.6            Stock taking

CHAPTER THREE

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION

3.1            Findings

3.2            Recommendation

3.3            Conclusion

BIBLIOGRAPHY

CHAPTER ONE

INTRODUCTION

1.1            BACKGROUND OF THE STUDY

Internal auditor has been described as “the review of operations and records sometimes continues, undertaken within a business by specially assigned staff.

An internal audit or section is a part of the organization headed by the chief internal audit who reports to the chief of the executive of the organization.  Internal audit is a part of system of internal control and is undertaken by the staff of the organization.  The work undertaken by the internal audit is decided by either the Board of Directors or the management.  The responsibilities duties and power of internal audit are determined by the director periodically these duties and responsibilities are reviewed by revised.

As with internal check, the internal audit system must be varied to suit each particlar business for instance the type of internal audit that is applicable to total Nigeria limited company will differ from that suitable for retail.  In the latter one of the most important point will be the safe-guarding of cash and small articles of stock.  As it is not easy for an employee to remove a large heavy machine a different system of internal audit may be applicable in a machine tool.  Manufacturing firm

 

1.2            STATEMENT OF PROBLEM

The issue of the outside world regarding internal auditors as fraud detector has to be corrected.  The auditor is only expected to express an opinion on the true and fair view of the financial statement and not to detect fraud unless specified on the letter of engagement.

          He owes the management and share holder a duty to report to them wherever he discover any in the course of his normal audit.

1.3            PURPOSE OF THE STUDY

The objective of this study is to identify the need for an organization to have an internal audit, it is also to stress the important of an organization to be aware of its stock position of all times as it could enhance management decision for intense, internal auditing in total Nigeria limited has improved the management information system and the type of activities performed by the internal auditors.

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Branch Location: Enugu State,Nigeria.
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THE ROLE OF AUDITORS IN PREVENTION OF FRAUD IN BANKING INDUSTRY

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THE ROLE OF AUDITORS IN PREVENTION OF FRAUD IN BANKING INDUSTRY           

 

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                                                     ABSTRACT
Chapter one contains the introduction and analysis of fraud. So many people define fraud in different way because of its inexplicit meaning. It also concentrate on the limitation, objectives and importance of auditing in our banking industry.While chapter two deals with the definition of Auditors and their duties in banking industry. It also discussed about various types, causes, effects of frauds in banks as well as the role of Auditors to hip it in the bud.
The paper equally looked into the means of preventing or reducing the incidence of fraud in the banking industry or operation. From the analysis, it was established that there are incidence of fraud in our banks. It was equally discovered that fraud occurs more frequently on current account department than in any other departments and this is normally done through forged cheques. It was also discovered that bank frauds can hardly succeeded without the aid of bank staff.
Finally, it was discovered that frauds have effects in operation and progress of the frauds have effects in operation and progress of the banks despite the control technique that have been instituted by the management of the bank.

 

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TABLE OF CONTENT
CHAPTER ONE

    1. Introduction
    2. Background of the study

CHAPTER TWO
2.1 Who is an auditor and duties of an auditor
2.2 Types of fraud
2.3 Causes of frauds in banking industry
2.4 Effect of fraud in banks
2.5 The role of auditors in fraud prevention

CHAPTER THREE
3.1 Summary / findings
3.2 Conclusion
3.3 Recommendations

 

 

CHAPTER ONE

INTRODUCTION
1.1       BACKGROUND OF THE STUDY
The last two decade have witnessed an alarming increase in the incidence of commercial bank fraud in Nigeria which result in heavy lost to the banks and its customers. Nigeria, being a developing economy with increasing level of mechanisation developing market as well as low level of competence in management. Experienced one of the most serious threat to the spread and practice of banking within the period.

Nigeria is one of the societies where corruption is the rule. Values are grossly misplaced and emphasis an wealth are able to accumulate. Undoubtedly bank frauds posses both economic and social problems and huge sum of capital has been lost by banks. Most Nigeria wants to be classified and included into the class of wealth millionaires even when they have not worked hard to be classified as rich people.

These are numerous existing laws targeted at controlling fraud but the general attitude of some Nigerians seem to make nonsense of the statutes existence. Most times, the law are visited only when the less privileged ones are involved (IKPE DENNIS NNAMDI). There is also a strain in the bank customer relationship and the image of the bank as a trust worthy financial center has been adversely affected. It is necessary the problem of bank fraud should be critically viewed and handled with perception considering the geometric rise in fraud want activities in commercial banks so as to restore a fraud free banking.

 

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THE CHANGES IN ACCOUNTING STANDARDS ITS IMPACT ON FINANCIAL STATEMENT

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THE CHANGES IN ACCOUNTING STANDARDS ITS IMPACT ON FINANCIAL STATEMENT

( A CASE STUDY OF GUINNESS NIGERIA PLC BENIN BRANCH, EDO STATE)

 

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Account Name: 3059320631

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ABSTRACT

The project is a comprehensive study of the changes in Accounting standard, the impact on financial statement with a study of Guiness Nigeria Plc Benin Branch, Edo state. This project is aimed at determining the impact of Accounting standard on the users of financial statement and also the needs of the Accounting standard. Data were collected, through primary and secondary sources. The finding revealed that the changes in Accounting standard play a vital role of the financial statment of the companies that adopted the change. Therefore, the impact of Accounting standard cannot be over emphasized hence it depends on the conferment of a given organizaitonal setting from the conclusion of the study, it can be observed that there will be serious potentials for misunderstaniding and suspicious resulting form information based on mix of conflicting accounting policies. It is therefore recommended that since international financial reporting standard has come to stay with thirteen standards already to its credit. Therefore one would except  that the standard should be aplied on small scale business that are not quoted, and also non-compliance with accounting standard should not be seen only as a statutory offence but also as a criminal offence which can probably lead to closure of such business.

 

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TABLE OF CONTENTS

CHAPTER ONE

          INTRODUCTION ………………………………………………………………………….1

  • Background of the study ………………………………………………………………….1
  • Statement of problem………………………………………………………………………3
  • Purpose of the study………………………………………………………………………..4
  • Research Question ………………………………………………………………………….5
  • Research hypothesis………………………………………………………………………..5
  • Significance of the study………………………………………………………………….6
  • Scope / defimitation of the study……………………………………………………….7
  • Definition of terms………………………………………………………………………….7

 

CHAPTER  TWO

Review of Related Literature…………………………………………………………….9

  • Introduction …………………………………………………………………………………..9
  • Theoretical framework ………………………………………………………………….10
  • Models and Theories Elevant to the research qustion…………………………28
  • Current interative review………………………………………………………………..30

 

CHAPTER  THREE

RESEARCH METHODOLOGY…………………………………………………….31

  • Research Design  …………………………………………………………………………31
  • Area of the study…………………………………………………………………………..31
  • Population of the study…………………………………………………………………..31
  • Sample and sampling techniques of the study……………………………………31
  • Instrument for data collection ……………………………………………………….32
  • Validity and reliability of Instrument ……………………………………………..33
  • Distribution and retrieval of instrument……………………………………………33

 

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

4.1     Data presentation and interpretation ………………………………………………..35

4.2     Findings ………………………………………………………………………………………43

4.3     Discussion of findings …………………………………………………………………..44

CHAPTER  FIVE

Summary, conclusion and Recommendation ……………………………………45

  • Summary of findings …………………………………………………………………….45
  • Conclusion …………………………………………………………………………………..46
  • Recommendation ………………………………………………………………………….47

References……………………………………………………………………………………48

Appendix A …………………………………………………………………………………50

Appendix B…………………………………………………………………………………..51

Questionnaires ……………………………………………………………………………..52

 

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

In recent years, there has been a lot of criticism about accounting standard and the impact of the recent changes in financial report they prepare. A lot of people have led to question the validity of the profit measuring procedures applied in arising at the profit disclosed in published accounting. Quite a number of proposal have been made in an attempt to reform the methods generally in used.

This has resulted in coming together of different countries with a view to working out modalities for the standardization of these profit measuring and reporting procedures.

The international accounting standard committee (IASC) produces international accounting standards (IAS) to be followed by all member countries, of which Nigeria is one of them. Also they also produce additional statement to accounting standard (SAS) in an attempt to make the international standard meet with the local condition with the aid of globalization and increasing demand for transparency. The (IASC) as reconstructed in 2001 by creating the international accounting standard board (IASB) among other changes.

A new set of rules, which would align Nigeria with other countries and also improve investors confidence was formed in May 2011 known as international financial reporting standards (IFRS) which was issued out by international accounting standard boards which is globally accepted specially IFRS are defined in comprise

  • 13 in issue of the international financial reporting standard (IFRS) issued by IASB from 2001
  • 29 is issue of international accounting standard (IAS) issued by IAS before April 2001.
  • 15 in issue of interpretations originated from the internation financial reporting standard international committee (IFRSIC)
  • 11 in issue of the standard interpretation committee (SIC) statement, issued before April 2001.

The 13 IFRS in issue are:

IFRS  1        –         First time adoption of IFRS

IFRS  2        –         Share based payment

IFRS  3        –         Business combination

IFRS  4        –         Insurance contract

IFRS  5       –         Non-current asset held for sale and discontinued

operation.

IFRS  6        –         Exploitation for and evaluation of mineral resources

IFRS  7        –         Financial instruments disclosure

IFRS  8        –         operating segments

IFRS  9        –         Financial instrument

IFRS  10      –         Consolidated financial statement

IFRS  11      –         Joint arrangements

IFRS  12      –         Disclosure of interest in other entities

IFRS 13       –         Fair value measurement.

This work intends to analyse and examine the impact of these standards, the financial statement with particular emphasis on Guinness Nigeria Plc Benin, Edo state.

 

1.2     STATEMENT OF THE PROBLEM

Good accounting practice means that the account must be in accordance with the international financial reporting standard (IFRS), and the international accounting standard (IAS). The impact of accounting standard in the finance statement of an organization cannot be over emphasizes.

Moreover, the problem can be summarized below:

a        Lack of personnel with adequate knowledge of accounting standard is a major issues affecting the changes.

b        Lack of infrastructures and equipment which help to obtain most accurate information and report.

c        Inadequate accounting standard applied on financial statement to provide information for its users.

d        The problem of poorly designed accounting system in organization

e        The effect if faulty financial statement and report and the analysis produced by the management towards the achievement of the organizational goal.

f         The effect of financial statement and report which are not prepared at the appropriate tine.

g        Ineffectiveness of financial statement due to its improper application.

 

1.3     OBJECTIVE OF THE STUDY

The objective of this research work is intended to do the following:

A       To revealed that the changes in accounting standard play a vital role on the financial statement of the companies that adopted the changed.

B        To determine information about the changes in the net resources of the business organization

C       To find out if accounting standard is cumbersome and create problem.

D       To determine whether accounting and financial statement enhance accountability, transparency and improve quality to financial results of the organization.

 

1.4     RESEARCH QUESTION

The following are research questions postulates to guide the study.

  • What impact has this standard made on Nigeria economy?
  • How adequate is this accounting standard that is been applied in the financial statement helping to provide information to its users?
  • How necessary is the adopting of the accounting standard in the preparation of financial statement?
  • Of what importance is the extent of compliance in the preparation of the financial statement of an organization
  • To what extent has the change in the accounting standard help to harmonize and improve the accounting standard?

 

 

1.5          RESEARCH HYPOTHESIS

The following hypothesis were formulated in order to determine the validity and reliability of the study.

a             HO: The changes in accounting has no impact on the financial statement.

Hi:          The changes in accounting has impact on the financial statement.

b             Ho: Adoption of the accounting standards does not help in the standardization are harmonization of financial statement

Ho: Adoption of the accounting standards help in the standardization are harmonization of financial statement

c             Ho: it is of no importance to determine the extent of compliance of some organization in the preparation of the financial statement.

1.6          SIGNIFICANCE OF THE STUDY

The accounting standards are developed to ensure higher degree of standardization in the published of financial statement. They provide the necessary information about how accounting information should be presented in order to enhance the value of its content and facilitated through understanding.

The significance of this study to the academic world cannot be over emphasized. It is of benefit to all users of accounting information who need to interprets and use proper understanding of the financial standard and the information so derived in making management decision for the interest of the organization.

Another most importance of the study is to reveal to the management of (Guinness Nigeria Plc Benin, Edo state) on the standards in financial statement and also an accounting guides to staff of the organization

Lastly, this study would also serve as reference literature to further researchers on the changes and impact of accounting standards.

 

 

1.7          SCOPE / DELIMITATION OF THE STUDY

Despite the fact that the study is based on the impact of accounting standards in financial statement. It also covers the importance of the standard, application, compliance thus the need for the standards and also the main aim of this standardization.

The limitation is as a result of limited time, insufficient fund available with the researcher and limited source of material. Restriction of some vital information about the company with a response of confidential issue.

1.8          DEFINITION OF TERMS

A            Standards: The simply means the regulations governing the use of financial statements.

B            Changes: This simply means the process of becoming different form he former state.

C            Fair values: The price that would be received to see and asset or paid to transfer a liability in an orderly transaction between market participants at the measurement data

D            Financial statements: These are statements used in recording financial transaction of any balance sheet of business.

E            Joint Arrangement: An arrangement of which two or more parties have joint control.

F             Financial instrument: A document that has a monetary value or represents a legally enforceable agreement between two parties e.g shares.

G            Accounting: The development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization.

 

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FINANCIAL STATEMENT: A TOOL FOR EVALUATING PERFORMANCE OF COMPANIES AND INVESTMENT DECISION WITH REFERENCE TO BEING AND BOWS NIGERIA LIMITED.

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FINANCIAL STATEMENT: A TOOL FOR EVALUATING PERFORMANCE OF COMPANIES AND INVESTMENT DECISION WITH REFERENCE TO BEING AND BOWS NIGERIA LIMITED.

 

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MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:

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Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:0115939447

First Bank:
Account Name: Chi E-Concept Int’l
Account Name:3059320631

We also accept :   ATM transfer , online money  transfer 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>

Call Help Desk Line :  08074466939,08063386834.

After Payment Send Your Payment Details To

08074466939 Or 08063386834,   The Project Title  You  Selected On Our Website , Amount Paid, Depositor Name, Your Email Address, Payment Date. You Will Receive Your Material In Less Than 1 Hour Once We Confirm Your Payment.

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CHAPTER ONE

INTRODUCTION

  • Background of the study
  • Statement of problems
  • Objective of the study
  • Significance of the study
  • Historical background of the firms under study

Note

 

CHAPTER TWO

LITERATURE REVIEW

  • Financial information and its users
  • The nature of financial accounting conventions
  • The concepts and conventions
  • Development of generally accepted accounting principles
  • A review of working capital
  • The contents of financial statement
  • The statement of souces and application of fund
  • The auditors report on financial statements
  • Cash burgets
  • Financial analysis
  • Finaancial ratios
  • Empirical studies on ratios as predictive of business
  • Leverage in business

Notes

 

 

CHAPTER THREE

  • RESEARCH METHOD AND DESIGN
  • Sources of data collection
  • Primary sources of data collection
  • Secondary sources of data collection
  • Data collection and procedures
  • Analytical techniques
  • Determination of sample size
  • Validation of research instrument

 

CHAPTER FOUR

ANALYSIS AND INTERPRETATION OF DATA

  • The balance sheet of benix
  • Analysis of financial statement of benix limited and its interpretation
  • The balance sheet of bonus limited
  • The profit and loss account of bonus limited
  • Analysis of the financial statement of bonus limited and its interpretation
  • Presentation and analysis of data

CHAPTER FIVE

  • Summary findings, recommendation and conclusion

5.1     summary of findings

5.2     recommendation and conclusion

Bibliography

Vita

Questionnaire

 

 

CHAPTER ONE

 

INTRODUCTION

  • BACKGROUND OF THE STUDY

Recent researchers have been shown that one of the main causes of indigenous business failure in this country is failure to maintain proper financial records.  Many business have been operated with merely a single entry memorandum record of transactions and others with no records whatever, except possible cheque stubs.  As a result, business decisions are based on quesses and intruition. Ola (1985).

 

In todays economy information and accountability have assumed a larger role in our society.  This is why it is statutory company and allied matte decree (1990), for all registered companies in the country to prepare and present financial statements in accordance to the relevant accounting regulations.

 

Business organizations have to analyze their financial statements or accounts by way of interpretation, simplification and transaction of facts and data contained in the financial statement.

 

The essence of this is to draw relevant conclusions, make inference as to the business operations financial positions and future prospects of the organizations.

 

In the assessment of the performance of an organization, an imfortant area of management control is post factor assessment of financial results of the organization as a whole, that is the examination in retrospect of the financial effects of earlier decisions to invest.  Management must reoularly commit resources for both long term and short term purposes and because the commitment will always involve risk, or cargul assessment of the anticipated results of any project on the financial position should be made before a decision is taken, and before resources are irrevocably committed.

A periodic evaluation is needed, after resource

s have been invested, to report what has been achieved, to examine amount of the profit, or the extent of the loss, and to consider the effect of implementing the plan on the financial statement of the business, in particular to note whether financial stability has been maintained or alternatively the extent to which it has been impaired.  Information on all these aspect of the finances of the business is needed to permit management to assist the quality of past decisions at strategic level and the effectiveness with which they have been implemented.

 

Finally, it is important that informed base of financial knowledge should be developed from which future activities can be planned. An important purpose of the appraisal of results is to confirm whether or not the project has produced the expected cash flow.

 

The main function of the financial account of a business however is to measure the results in terms of profitability and it is on the basis of success or failure measured in these terms that management will be juged.

In carrying out an analysis of accounts, a number of issues must be considered and conclusion formed thereon.

These includes:

  1. Profitability of the business operation, particularly in relation to the capital employed.
  2. Solvency of the firm: the ability of the business to pay its creditors, the adequacy of its working capital and the current liabilities.
  3. the business trend: the analysis of the point term of business over a time to determine whether profit are rising or falling and the implication for future performance .
  4. The financial stability of the business, particular attention being paid to the firm’s limit of borrowing power, available resources to finance expansion and the volume of earnings.
  5. the gearing and the cover which is an assessment of the adequacy of profit to meet up with interest payments, pay dividends to share holders and provide sufficient safety to share holders investment.

 

  • STATEMENT OF PROBLEMS:

In Nigeria today most business are facing hard times which is a reflection of the bad shape of the economy.  Government on its own has been making different efforts aimed at reviving the economy.  Among the government efforts are the encouragement  of the growth of small and medium term industries and also for people to invest in some of the public enterprises that have been stated for either full or partial privatization or commercialization.

 

Unfortunately, business cannot grow reasonably under a crude business practice as most business men and investors in our society are yet to understand the need for financial statements probably, this is one of the reasons why some businesses are operating without even a book-keeper not to talk of an accountant.  Decisions are taken based on intuition dereferences made only to their cash –box perhaps they feel that this is a way of safe wording their business secret.

 

Secondly is the problem of loan securing.  Most businesses operate with a very poor capital.  This makes growth difficult, if not impossible.  Instead of growing they are declining as the result of their poor capital base :& so as there is non-existent of financial statements, they are not qualified for bank loan.

 

Thirdly is the some investors and business operators can not understand the interpretation technique of the financial statements, because of this

 

 

 

Continue reading FINANCIAL STATEMENT: A TOOL FOR EVALUATING PERFORMANCE OF COMPANIES AND INVESTMENT DECISION WITH REFERENCE TO BEING AND BOWS NIGERIA LIMITED. →

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THE EXAMINATION OF THE ROLE OF FINANCIAL BANK IN CONSOLIDATING STABILITY IN FOREIGN EXCHANGE

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THE EXAMINATION OF THE ROLE OF FINANCIAL BANK IN CONSOLIDATING STABILITY IN FOREIGN EXCHANGE

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CHAPTER ONE:

1.1 The background of the study

1.2 Statements of problems

1.3 Objective of study

1.4 Significance of study

1.5 Limitation of study

1.6 Definition of terms

1.7 Reference

 

 

CHAPTER TWO:

2.0 Review related to literature

2.1 Genesis of banking in Nigeria

2.2 Type of banking in Nigeria

2.3 Functions of banking

2.4 Similarities and differences among banks

2.5 Role of bank in the economic development

2.6 The Nigeria banking climate

2.7 Problems faced by banks

2.8 The concept of banking failure

2.9 Causes of banking failure

2.10 Indices of banking failure

2.11 Effect of bank failure

2.12 Reference.

 

 

CHAPTER THREE:

3.0 Research methodology

3.1 Source of secondary data

3.2 Method of analysis

3.3 Location of data

3.4 Reference

 

CHAPTER FOUR:

4.0 Findings

4.1 General discussion

4.2 Reference

 

CHAPTER FIVE:

5.0 Recommendation and conclusion

5.1 Recommendation

5.2 Conclusion

5.3 Biography

 

 

CHAPTER ONE

INTRODUCTION

1.0 BACKGROUND OF THE STUDY

 

The goal of every government of nay economy is to archive equilibrium in the economic system. It is therefore important that the authorities concerned must regulate the system indirectly with policies. This necessitates that government of any country adopting certain economic policies in order to consolidate specific macro-economic goal or objective.

 

Some of such major economic policies include the monetary policies, fiscal policies, exchange rate policies, most of this policies can only be administered thorough the agent of commercial bank which is the pivot of this research work. In Nigeria for instance. Monetary policies have been conducted under wiled ranging economic environment since the establishment central bank of Nigeria (CBN) over many years ago.

 

Basically, monetary and finical polices serve as one of the vital and strategic economic policy adopted by the government of the country in posturing the economic development with a view of consolidating certain economic goals such as acceleration of the economic growth, sustainable balance of payment, maintaining a stable exchange rate of international competitive level, combating inflation, price stability and full employment.

 

Monetary policy is defined according to the CBN briefs 1994 as the combination of measures design to regulate the values supplied and cost of money in an economy. In consonance with the level of economic activity. Anyanwu (1993, VS 140) refer monetary policies as major stabilization weapon involves measure designed to regulate and control the volume, cost, and availability and direction of money and credit in an economy to archive some specified macro-economic policy objectives. Fiscal policy on the other hand is an attempt by the government using expenditure and tax policy to shift the aggregate demand and aggregate expenditure functions towards desired position.

 

According to Anyanwu (1997, VS 241) fiscal policy is taking to refer to that part of government policy is concerning the raising of revenue and deciding on the level and pattern of expenditure fore the purchase of influencing economic activities or attaining some desirable macro-economic goods. The intricacy in handling the monetary and fiscal policy to consolidating the desired macro-economic objective necessitate that needs for an independent authority so in Nigeria today.

 

The federal government is the sole monetary authority, but it has delegated some aspect of implementation to both the ministry of finance and the central bank of Nigeria is to formulate and execute monetary policy, to promote financial system. To archive a desired policy objective, the CBN is empowered to use monetary policy techniques or instrument and the CBN dose most of its function through he commercial banks. This techniques can be classified into group, the direct portfolio control and the indirect portfolio approaches. Indirect portfolio includes the open market operation (OMO), reserve requirements, discount rate mechanism. While direct instrument includes; selective credit control, credit selling and moral suasion.

 

Furthermore monetary policy presupposed that there is some relationship between the supply and the demand for money on the one hand economic aggregate such as output, income, savings, general price level and investment. The mix of monetary policy instrument to be used and its effectiveness depends on this relationship. Monetary policy involves monetary management. Monetary management according Ojo (1992, VS 3) is defined as the act of controlling the movement of monetary and credit aggregate in the issuancxce of stable price and sustainable economic growth.

 

Therefore the Central bank or the central monetary authorities must attempt to keep the money supply growing at an appropriate rate o insure sustainable economic growth, domestic and external stability. Howe ever, in Nigeria the role of monetary and fiscal policy has increased tremendously since after independence. Both civilians and minitry government has adopted this policies consolidate macro objectives. But despite this measure to suit the constant changes in the economic situation of Nigeria, still a lot of problem be deviled the economy ranging from high unemployment, inflation and balance of payment. This prompted me to research on examination of the roles of commercial banks in consolidating stability in foreign exchanges.

 

1.1 STATEMENT OF PROBLEMS

The application on the monetary and fiscal policies by the monetary authorities using the monetary instrument such as open market operation (OMO), bank reserves etc. in consonance with the prevailing economic situation is aimed at consolidating the macro-economic good of the country such as full employment, low level of inflation, favorable balance of payment

 

 

 

Continue reading THE EXAMINATION OF THE ROLE OF FINANCIAL BANK IN CONSOLIDATING STABILITY IN FOREIGN EXCHANGE →