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EVALUATION OF FRAUD CONTROL MEASURES IN THE NIGERIAN BANKING SECTOR

CHAPTER ONE

1.0 Introduction

1.1 Background to the Study

Fraud is an intentional deception made for personal gain or to damage another individual. Fraud is a crime and a civil law violation. Defrauding people of money is presumably the most common type of fraud.

Customers of banks are currently experiencing increase in fraud schemes. Scams to get a customer personal information can occur through many different means such as e-mail and telephone.

Bank fraud is the use of fraudulent means to obtain money, assets, or other property owned or held by a financial institution. In many instances, bank fraud is a criminal offence, while the specific element of a particular banking fraud law varies between jurisdictions; the term bank fraud applies to actions that employ a scheme as opposed to bank robbery or theft.

Controlling bank fraud in the financial sector is a major task for all the stake holders in the sector. Every year, banks lose billions of naira to fraud which comes in all size and shapes both from external perpetrators and internal employees.

In its broadest terms, fraud means obtaining of something of value through deception. If fraud were described as an industry it would clearly be one of the fastest growing areas of the economy. One hundred criminals who serve several periods of imprisonment for armed robbery offence were recently reported that he wished he had understood earlier in his criminal career how easy it was to commit fraud. He now considers that fraud involves less traumas, the reward, are far greater and the penalties substantially fewer than in other form of crime.

This study therefore intends to address different forms of fraud that target the financial service sector and how the industry has responded with some measure successful in controlling this ever increasing problems and other measure that can be geared towards achieving further results.

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EVALUATION OF FRAUD CONTROL MEASURES IN THE NIGERIAN BANKING SECTOR

CHAPTER ONE

1.0 Introduction

1.1 Background to the Study

Customers of banks are currently experiencing increase in fraud schemes. Scams to get a customer personal information can occur through many different means such as e-mail and telephone.

For Complete Material

Call or Whatsapp

+2347034746560

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ENHANCING CORPORATE ACCOUNTABILITY THROUGH EFFECTIVE AUDIT SYSTEM

CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

Accountability in both public and private section has being an issue that is worth discussing due to its paramount and colossal impact to the overall performance of an organization. It (Accountability) has to do with reporting back action, task carried out by an individual to the authority who apportioned such function.

Accountability is the process or act of reporting back to a higher authority, body or individual the actions taken by a steward. It enables the person or persons reported to determine if the steward has acted or performed the assigned duties properly and satisfactory. It plays a major role in the success or failure of any business, particularly when the business is not managed by its owner.

Initially most business set-ups were managed by their owners. The owners‟ manager was the sole financial contribution to the enterprise. But with the development in the scale and scope of business, a huge capital beyond that affordable by the sole individual or a family was needed. Consequently contributors (hereafter called shareholders) were required to raise the funds for the business. The emergence of these shareholders led to the divorce of the owner managers from the management of the business as all of them cannot be directors at the same time. This the management of business was entrusted to the hands of people who have no financial claims to the business and the shareholders were sceptical about this particularly as the law does not permit them individually to go through the books of the company in their desire to keep abreast of the performance of the directors.

This scepticism aroused the need for surveillance over the activities of the non-owner managing directors. This bid to fulfil the later led to the engagement of third-party (an Auditor) to perform an audit of the company’s accounts.

Audit has since them received a lot of definitions and/or then received a lot of definitions and/or interpretations both from accounting bodies and auditors and their non-the-like. Justifiable is to say that audit has suffered a lot of misinterpretations. Most of the misgiving interpretations see it as being armed at fraud and error detection. But audit essentially involves much more than that. One of the most involved and of course the most acceptable definitions so far is that issued by the consultative council of accountability bodies (CCAB) which sees audit as “the independent examination and expression of opinion on the financial statement of an enterprise by an appointed auditor in pursuance of statutory obligation (Howard 1982).

Deductively, an audit is the objective scrutiny of someone’s work or presentation by a third party (an auditor) who is different from the users and the preparing of the presentation. The general essence of audit is to ascertain compliance of the firm’s records and operational policies with usefulness of acceptability of and the dependability on the firm’s financial statements.

Accountability as explained above has suffered some misconceptions, surprisingly in the hands of those who should have understood it better. Most of the laymen conceptual understanding of accountability relates it to „communicating about monetary matters (Odon, 1999) but accountability goes beyond that. According to the Webster encyclopaedia dictionary of English language (1995), accountability is defined as “the state of being accountable, answerable, liable or responsible” the same dictionary goes further to define accountable as “liable to pay or make good in case of loss; responsible to a trust, liable to be called to account, put in another way an much more related to the context in the articles Aba times of fourth September 1999 captioned “accountability in the third republic” it says Accountability connotes answerability and stewardship, by answerability is meant answering for one’s actions and decisions (Odon1999)

Stewardship according to the article means service; it means that every leader should be responsible to the people who reposed trust in him. For accountability to be accorded its rightful place in an organization the writer believes that there is a high need for proper internal control measure and in addition, efforts should be made to ensure that company accounts are subjected to external and independent audits after each financial period.

The bible also records in chapter 25 verse 14-30 of saint Matthew gospel, the story of a rich man who went on a far journey entrusting the affairs to his servants and who when he returned, required the servants to answer individually, for their stewardship to the business while he was away. It in the same manner that it is required of the chief executives and directors of a company who are quite different from the real owners of the business to answer for their stewardship of the funds and property entrusted to them by the shareholders. It is desire for accountability that gave rise to what we know today as audit- a mechanism through which the shareholders are made abreast of the true and fair picture of the activities of the directors and chief executive of the company.

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EFFECTS OF STANDARD COSTING ON THE PROFITABILITY OF MANUFACTURING COMPANIES

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The effect of standard of standard costing on profitability has been a problem to manufacturing companies in Nigeria. The standard costing as a tool for either improving or not improving profitability. Unlike its contemporaries in the field of science, it deals with human beings and calculation significant information.

Lucey (2002) defines standard costing as a technique which establishes pre-determined cost estimates of the cost of products and services and then compares these pre-determined costs with actual costs as they incurred. Standard cost represent am estimated or pre determines total cost of product per unit for an organization. Adeniji (2009) argues that the process of estimating the total cost of production per unit is described as standard costing technique.

Standard costing as a long established concept is the management function of planning and control. In effect, yardstick has been of vital importance for planning and control exercise. As a matter of fact, problems associated with production and earning a profit was recognized for many years before the concept of standard costing was invented. Standard costing appeared in the early twentieth century when transaction volumes were overwhelming the record keeping system in the use at that time. Since then, prevalent use of computer systems and automated data entry systems have reduced the need for standard costing, though not entirely eliminated.

These standard costs reveals goals, spur actions and efforts for effective management and equally provide checks such that exceptional profit oriented goal performance can be achieved and the reserve adequate punishment to be exercised for bad performance. Standard cost cause appraisal to be made over production facilities and form management intentions and capabilities and is a first step strength and weakness appraisal. These led to the preference of standard costing system in 1920’s. it was brought into the system such that total variances might be accumulated as well as detailed variances. These steps gave rise to formal expression that significant costs were not actual and historical cost but standard or planning cost and their variances.

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EFFECTS OF INFORMATION TECHNOLOGY (ICT) ON THE EFFICIENCY OF TAX ADMINISTRATION IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

Taxation is one of the oldest and major sources of government revenue. The history of taxation in Nigeria dates back to the pre-colonial era. During this period, there were different systems of taxation existing in the forms of compulsory services, contribution of goods, money, labour and the likes, among the various kingdoms and ethnic groups and tribes controlled by the Obas, Emirs etc., in order to sustain the Monarch and also for community development (ICAN,2010)

Taxation, as we know it today, was first introduced in Nigeria in 1904 by the late Lord Lugard, when community tax became operative in the Northern Nigeria. He later made changes which culminated in the Native Revenue Ordinance of 1917. An amending ordinance that extended the provisions of the 1917 ordinance to Southern Nigeria was passed in 1918. The first ordinance applied to Abeokuta in Western Nigeria and to Benin-city in Mid-Western and in 1928, it was extended to Eastern Nigeria.

Taxation in Nigeria, in a modern sense, however, only began in 1940. A more progressive income tax Ordinance No.29 of 1943 Cap92, under which Europeans all over the country and Africans resident in Lagos were assessed, came into operation on the 1st of April, 1943.

The Commissioner, appointed by the Governor-General by notice in the Gazette (now referred to as the Federal Republic of Nigeria Gazette), was responsible for the administration of the ordinance. By the 1st Schedule, Ordinance 39/58, it was the Federal Board of Inland Revenue that took the place of the Commissioner (Ola, 1974).

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