{"id":6169,"date":"2022-11-25T07:45:30","date_gmt":"2022-11-25T07:45:30","guid":{"rendered":"https:\/\/file.currentschoolnews.com\/?post_type=product&p=6169"},"modified":"2022-11-25T11:39:37","modified_gmt":"2022-11-25T11:39:37","slug":"the-impact-of-internal-control-system-on-prevention-of-fraud-in-commercial-banks","status":"publish","type":"product","link":"https:\/\/pastexamquestions.com\/product\/the-impact-of-internal-control-system-on-prevention-of-fraud-in-commercial-banks\/","title":{"rendered":"The Impact of Internal Control System on Prevention of Fraud in Commercial Banks"},"content":{"rendered":"

– The Impact of Internal Control System on Prevention of Fraud in Commercial Banks –<\/strong><\/span><\/p>\n

Download The Impact of Internal Control System on Prevention of Fraud in Commercial Banks<\/strong><\/span>. Students who are writing their projects can get this material to aid their research work.<\/span><\/span><\/p>\n

Abstract<\/strong><\/h3>\n

Internal control systems can be described as the whole system of control, financial and otherwise established by management in order to carry on the business of the enterprises in an orderly and efficient manner.<\/p>\n

It involves the control environment and control procedure, all the policy and procedure adopted by the directors and management of an entity to assist in achieving their objectives, including adherence to internal policies.<\/p>\n

The safe-guarding of assets, the prevention and detection of fraud and error as well as the completeness and accuracy of records, with the timely preparation of reliable financial information (Benjamin, 2011).<\/p>\n

It is necessary that every bank must have an internal audit department to ensure that accounting systems provide an efficient means of recording and reporting financial transactions, providing management information and protecting the company\u2019s asset from fraud and misappropriation (Achibong, 2013).<\/p>\n

One of the most effective systems for detecting fraud is internal control, which is a system by definition, operating in the same environment as the fraud itself and serving as an effective, formidable adversary to the fraud scheme and<\/p>\n

that the definition of internal control, described as a process, framework, or function, do not touch upon systematic concepts (McShane, 2012). The most widely used definition is that of the Committee of Sponsoring Organizations of the Tread way Commission (COSO,ICIF, 1994):<\/p>\n

A process, effected by an entity\u2019s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:<\/p>\n

Effectiveness and 2 efficiency of operations, reliability of financial reporting, compliance with applicable laws and regulations. (COSO, ICIF, 1994).<\/p>\n

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Introduction<\/strong><\/h3>\n

1.1 Background of the Study<\/strong><\/p>\n

A system of internal controls is a critical component of bank management and a foundation for the safe and sound operation of banking organizations.<\/p>\n

A system of strong internal controls can 4 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 (Markowski & Mannan, 2012).<\/p>\n

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\u2019s reputation.<\/p>\n

The Basel Committee, along with banking supervisors throughout the world, has focused increasingly on the importance of sound internal controls. This heightened interest in internal controls is, in part, a result of significant losses incurred by several banking organizations.<\/p>\n

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.<\/p>\n

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