CHALLENGES OF INTERNAL AUDIT

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

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CHAPTER ONE

1.0    INTRODUCTION

1.1    BRIEF OVERVIEW OF THE SUBJECT OF STUDY

It is generally agreed that finance is the main stay of any economy, be it public or private sector. It is equally true that no meaningful development could be achieved without finance and proper management, as a result of this, many organizations establishes difference systems of control or ensure smooth running of their business of which internal auditing is an integral part.

Basically, internal auditing ensures that all activities of the organization are carried out by employees according to laid down procedures.

The introduction of new technologies e.g. the  invention of computerized audit system which posed challenges to the internal audit staff and their work, the update of their knowledge to meet with these challenges in the face of manipulation of these to perpetrate fraud is desirable. Moreso, the requirement of new auditing standards will make the staff of internal audit to update their knowledge and adjust to the current practice.

Auditing as a key factor in controlling every kind of organization with financial and economic aspect serves as a sort of checks and balances in the financial and administrative procedure of any organizational setup. Apart from explaining the concept of auditing and it’s operations, emphasized  is laid on the problem areas in the account of governance, accounts maintained by  the government and procedures involved in auditing government accounts.

The need for maintaining and adequate, effective and  efficient internal audit system, therefore cannot be over emphasized especially in days like these  when Nigeria economy is with effort in ensuring that wastage, pilferage, misappropriation and checked or avoided and to ensure that asset are being secured.

1.2    STATEMENT OF THE PROBLEM

i.       often management of public sector and internal audit department function are seen as contradictory rather then complementary.

ii.      Internal audit department which is set up to ensure adherence to management policy may not achieve their main objective because of interference and undue influence by top management.

1. 3. That the internal audit adequately equipped with.

4. That better and well-trained professional should be employed for efficiency and effectiveness.

1.3    OBJECTIVE OF THE STUDY

i.       To identify the problems in internal audit department of public sectors.

ii.      Finding ways of improving on the internal audit

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.

TABLE OF CONTENT
CHAPTER ONE

1. 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 mechanization 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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DEBIT RECOVERY TECHNIQUES IN THE BANKING SECTORS ISSUES, PROBLEMS AND PROSPECTS

(A CASE STUDY OF UNION BANK NIG PLC)

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ABSTRACT

When some banks in the system are distressed, it is in the best interest of the non distressed one that an effective resolution of the distressed it carried out . This is because, the distress in one bank which leads to a loss of confidence in the effected bank can also affected confidence in the entire banking system, the corporation requires enormous amount of money which it does not have at the moment given the age and size of the insurance find.
Bank customers expect their bankers to provide them with loan and advances to make up the short fall in their required find the ability of the bank to maintain profitability depends largely on the extent to which the credit policy and debt recovery techniques is maintained.
Credit control department is the center of banks and as such , they are charged with responsibility of making proper use of the share holders finds of the public at large . The union bank of Nigeria PLC has been chosen for this work.. The study is carried out to examine the debt recovery techniques employed by union bank of Nigeria PLC towards the effective running of the bank as lending attitude and preferring solution as deemed appropriate. The case study method was adopted in carrying out the work and debt were collected from secondary and primary source. Secondary sources information include the use of existing literary coupled with use of some journals and other unpublished manuals were seen to be useful for this work.
Chapter one highlights one the statement of the researches problem, definition of some important terms used for the study, scope, limitation and hypothesis.
Chapter two dealt with relate iterative. It focuses on conceptual and theorelocal bed rock upon which bank recovery techniques is built
Chapter three and four dealt on data collection which includes questionnaire analysis, personal interview, analysis as well as testing hypothesis based on response to the questionnaire
Chapter five is the findings, conclusion and recommendation of the researcher.

TABLE OF CONTENTS
CHAPTER ONE

1. INTRODUCTIOIN
   1. Statement of the problem
   2. Purpose of the study
   3. Significant of the study
   4. Statement of Hypotheses
   5. Scope of the study
   6. Limitation of the study
   7. Definition of terms.
   8. Causes of loan delinquency
   9. Reference.

CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1          Sources of data, primary data, secondary data
2.2          Population sample size
2.2.1       Description of population
2.2.2       Sample size
2.3          Instrument of data collection Description of Questionnaire
2.4          Data collection methods
2.5          Method of data presentation and analysis
2.6          Method of testing Hypothesis Reference.

CHAPTER THREE
3.1          Data presentation and Analysis
3.2          Research Questionnaire Analysis
 CHAPTER FOUR

1. 1.     Summary of finding , conclusion and Recommendation
   2.      Summary of finding
   3.      Conclusion
   4.      Recommendation

BIBLIOGRAPHY
APPENDIX   (questionnaire)
QUESTIONNAIRE

CHAPTER ONE

1.       INTRODUCTION

Actually, for every successful business, there must be a debt in the sense that one person or customer must own the owner of a business. Banks are not exempted from this, this due to the activities involved in their operations.
Debts can be accrued as a result of bank over draft, frond and forgeries, borrowing and so on therefore banks recover these debts through the rules and regulations guiding the institution. The lender will explore all the available sources of repayment of the debt. The process of recovery is the cove of the management of bad debt as it is quite an unfriendly exercise carried out by the bank against a default customers to forcefully retrieve the banks money, in recovery of debt, there must be consideration of the security position of the bank, borrowers , ability to pay bank the use of debt collections recover by legal preceding and so on .
Debt recovery can be described as responsible for the effective and economic planning and regulation of operations of an enterprise in fulfillment of a given purpose or task.
Failed bank recovery debt and financial malpractices defined debt recovery as a means of any loan, advances, credit, accommodation guarantees, or any other facility, together with the interest there on which outstanding and unpaid against a customers of a bank in favour of the bank.
In recovery of debt from the borrower or customers banks do encounter problem between the customers for inability to pay. Besides, improper documentation, credit concentration, poor supervision of the funds can or may consequently make the bank to be unable to meet its obligation.

1.1 BACKGROUND OF THE STUDY
The importance of banking in economic system singles out the industry for much heavier regulations than any other. Unlike many other economic activities, banking industry involves with statutory activities that governs it practice and it is constituted by laws. The current distress in banking sector has been widely acknowledge arising primary form non performing loans which have been traced to a number of factors such as poor management, loan policy concentration of credit, credit information emphasizes on income growth and unsound judgment, found and forgeries e.t.c.
Therefore, the federal government set up the Nigeria deposit insurance corporation (NDIC) to protect the customers which would have resulted to a problem towards their operation. The Nigeria deposit insurance corporation (NDIC) was establish by decree No 22 of 1988, the banking system has been singled out for this special protection because of the vital role bank play in an economy especially in the process of economic development.
The federal government by decree No 18 of 1994 establishes failed bank (recovery of debt) and financial malpractice tribunal which has the power to recover debt owed to failed bank.
Union Bank Plc formerly known as Barcklays bank was open in Lagos in 1917, the bank first office in Nigeria was located at the old mariner in Lagos other branches were opened in Jos and Port Harcourt.
In 1925, the bank was renamed Barcklays Bank Domino colonial and oversees and it became Barcklays Bank colonial and oversees in 1954.
In 1955, Barckey Bank Domino colonial and oversees was granted licenses in 1960, regional managers were appointed for the administration of the Eastern, Western and Northern Nigeria region. As a result of the development the bank was able to open over 50 additional branches between 1959 and 1970; in 1987 Union Bank of Nigeria has over 200 branches.
In the period of 1979, the performance of the bank was impressive because about 2500 staff voluntary retired under the Union Bank model of early retirement incentive package. The total staff strength has gone done to 8911 from the 1997 figure of almost 12.00
The gross, earning has grown from N13.8 billion which showed an increase of 33% over the 10.4 billion in 1997 profit before and after tax increased from N14billion and N1.2billion in 1997 to N2.1billion and N1.7billion in September 1998 indicating an increase of 38% and 43% respectively.
Total assets increased by 27% from N81billion in 1997 to N1200 billion in 1998 while total deposit stood at N77.2 billion in 1998 representing an increase of 30% over N59.3billion in 1997.

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PROBLEMS AND PROSPECTS OF PRIVATIZED PUBLIC CORPORATIONS IN NIGERIA [A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA PLC, KADUNA]

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

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ABSTRACT
One of the problems of public enterprises the world over, but more particularly in developing countries is inefficiency leading to waste, slow growth and in ordinance dependence on government support even their activities are apparently profitable ones. As a way of improving performance of public enterprise through which profit orientation will be the motive of these enterprises. In this study, therefore, conscious attempts were made to look critically into problems and prospects of privatization of PHCN and the research work is divided into five chapters. Chapter one is the introduction, background of the study, statement of the problems, objectives, significant of the study, research hypothesis and scope of the study and definition of terms. Chapter two deals with review of related literature such as the concepts of privatization, origin of public enterprises and evolution of privatization in these problems of privatization PHCN. The chapter three of the study places emphasis on the methodology used in carrying out the research such as the population, sample size and sampling procedure, research instrument as well as method of data collection and analysis. Chapter four of the study delves into presentation, analysis and interpretation of data, descriptive and statistical methods such as Chi-square (X2) was employed on the causes of analyzing the data collected. Conclusively, chapter five comprises of summary of finding, conclusion and recommendation where it was concluded that for effectiveness of privatization of NEPA, it needs to be handled by experts devoices of statements, as this would mean creating new capitalist or enriching the existing ones the more at the expense of large proportion of the public.

CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Privatization of state-owned enterprises (SOEs) has become a key component of the structural reform process and globalization strategy in many economies. Several developing and transition economies have embarked on extensive privatization and commercialization programmes in the last one and a half decades or so, as a means of fostering economic growth, attaining macroeconomic stability, and reducing public sector borrowing requirements arising from corruption, subsidies and subventions to unprofitable SOEs. By the end of 1996, all but five countries in Africa had divested some public enterprises within the framework of macroeconomic reform and liberalization (White and Bhatia, 1998).
In line with the trend worldwide, the spate of empirical works on privatization has also increased, albeit with a microeconomic orientation that emphasizes efficiency gains (La Porta and López-de-Silanes, 1997; D’Souza and Megginson, 1999; Boubakri and Cosset, 1998; Dewenter and Malatesta, 2001). Yet despite the upsurge in research, our empirical knowledge of the privatization programme in Africa is limited. Aside from theoretical predictions, not much is known about the process and outcome of privatization exercises in Africa in spite of the impressive level of activism in its implementation.
Current research is yet to provide useful insights into the peculiar circumstances of Africa, such as the presence of embryonic financial markets and weak regulatory institutions and the manner in which they influence the pace and outcome of privatization efforts. Most objective observers agree, however, that the high expectations of the 1980s about the “magical power” of privatization bailing Africa out of its quagmire remain unrealized (Adam et al., 1992; World Bank, 1995; Ariyo and Jerome, 1999; Jerome, 2005).
As in most developing countries, Nigeria until recently witnessed the growing involvement of the state in economic activities. The expansion of SOEs into diverse economic activities was viewed as an important strategy for fostering rapid economic growth and development. This view was reinforced by massive foreign exchange earnings from crude oil, which fuelled unbridled Federal Government of Nigeria (FGN) investment in public enterprises. Unfortunately, most of the enterprises were poorly conceived and economically inefficient. They accumulated huge financial losses and absorbed a disproportionate share of domestic credit. By l985, they had become an unsustainable burden on the budget.
With the adoption of the structural adjustment programme (SAP) in 1986, privatization of public enterprises came to the forefront as a major component of Nigeria’s economic reform process at the behest of the World Bank and other international organizations
1.2 Statement of the Problem
The first problem recorded with the privatization programme in Nigeria was lack of relevant fundamental economic environment needed before taking off. Some public enterprises that were not ripe enough in terms of competitiveness were privatized. Consideration was not given to capable buyers but to political cronies who could not successfully manage their new enterprises. This led to closure of some of these privatized firms. Lack of transparency in the entire sales has shown up its negative repercaution.
It is reported that privatized firms in Nigeria are refusing monitoring by Bureau of Public Enterprises. In this wise there has been no substantial studies on the operational activities of the privatized firms. The expected difference in the perception of efficiency after privatization could not be proved. In all, it is therefore difficult to identify the performing and non-performing privatized firms.
Among the pertinent issues to be addressed are: What is the extent and pattern of privatization and commercialization? What have been the results of privatization in Nigeria? Has privatization and commercialization improved enterprise performance as anticipated? Finally, what policy lessons are to be learned from the privatization experience so far? These are the issues that come into focus in the study.

AN EVALUATION OF THE IMPACT OF REGULATORY BODIES IN DEVELOPING A VIABLE AND SUSTAINABLE CAPITAL MARKET (A CASE STUDY OF NIGERIAN STOCK EXCHANGE)

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

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form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

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CHAPTER ONE

INTRODUCTION

1.1     THE BACKGROUNG OF THE STUDY

The economic growth and development of any economy largely depend on the ability to raise capital through the capital market. The Nigerian stock exchange is a place where the enormous capital which is required to operate the huge industrial and commercial cooperation today can be raised.

Osaze (1991) asserted that the emergence of the institution of the Nigerian stock exchange is a spontaneous reaction of the enterprise economies. The significance reaction of the stock exchange in an economy such as our own cannot be over emphasized, for it is the bed-rock of large scale investment. The Nigerian government hopes to create an economy which would bring about the best in its citizens, compete effectively in the global market and improves the standard of living of its people. An economy where hard work, accountability and transparency would be the cardinal principle that both foreign and local investors would be proud to participate in. once investors looses confidence as a result of market abuse, the growth and development of capital market would be adversely affected and considerable effort would be required to restore confidence.

To be globally attractive and completive, the stock market must be seen to imbibe practices which are globally acceptable. For this reason government tries to put in place adequate regulatory mechanism to prevent or at least minimize market abuse in order to uphold the integrity and confidence that is very essential for the development of a viable and sustainable capital market.

The Nigerian stock exchange is the centre point of the Nigerian capital market. However, the Securities and Exchange Commission (SEC) and the central bank of Nigeria (CBN) are the apex regulatory bodies to the capital market. The tendency of our financial structure has been to channel loans to industries of the past rather than the future (i.e. the rich third world countries). This has become invariably clear that even those external financiers are eroding, thus the need for our own structure in Nigeria to meet up with the excess demand for capital to finance gigantic projects and businesses.

The international organization such as the world bank group are very conscious of the high risk involved in venture of loan given to third world countries which will eventually evade payment of such loans.

There is every need to meet such demand and requirements for smooth and long lasting system for sourcing of such requisite finance.

The study therefore examines in order to evaluate what regulatory bodies have done to ensure the development and sustenance of a viable capital market that will meet global challenges.

1.2     STATEMENT OF THE PROBLEM

For an emerging market like Nigeria, the stringent control measures put in place to regulate the activities of the Nigerian stock exchange for the smooth running is a very huge problem that is hindering the development of the market. The researcher hopes to seek for solution(s).