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CHUKWURAH CYNTHIA.W

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Download the complete Banking and finance project topics and material (chapter 1-5) titled CHALLENGES AND PROSPECTS OF INTERNAL AUDITING NIGERIA BANKS (A STUDY OF DIAMOND BANK). here on PROJECTS.ng. See below for the abstract, table of contents, list of figures, list of tables, list of appendices, list of abbreviations and chapter one. Click the DOWNLOAD NOW button to get the complete project work instantly.

 

PROJECT TOPIC AND MATERIAL ON CHALLENGES AND PROSPECTS OF INTERNAL AUDITING NIGERIA BANKS (A STUDY OF DIAMOND BANK).

The Project File Details

  • Name: CHALLENGES AND PROSPECTS OF INTERNAL AUDITING NIGERIA BANKS (A STUDY OF DIAMOND BANK).
  • Type: PDF and MS Word (DOC)
  • Size: [100KB]
  • Length: [50] Pages

 

ABSTRACT

The study focused on the “Challenges and Prospects of Internal Audit in Diamond Bank PLC. The main purpose of this study is to determine the challenges and prospects of internal auditors in Nigerian Banks. This work made use of two specific objective, two research question and also two hypotheses. The study conducted a survey research design .Questionnaires was self-distributed among the senior managers and auditors. The population was made up of eight (8) senior managers and internal auditors in Diamond Bank PLC. Simple percentage and T-test were used to run my data analysis ,the finding is that internal auditing as a profession faces significant challenges that makes them not to have enthusiasm towards their profession. From the study, the following recommendations were made: Management should have quality technology and materials available for internal auditors.  Management should provide training ground for internal auditors.

 

TABLE OF CONTENTS

Title page                                                                                                    i

Approval                                                                                                   ii

Declaration                                                                                                 iii

Dedication                                                                                                 iv

Acknowledgements                                                                                     v

Abstract                                                                                                      vi

CHAPTER ONE: INTRODUCTION  

  • Background to the study                                                                              1
  • Statement of problem                                                                          2
  • Purposes of the Study                                                           3

1.4 Research questions                                                                               4

1.5 Research hypotheses                                                                             4

1.6 Significance of the Study                                                             4

1.7 Scope of the study                                                                                5

1.8 limitations of the study                                                                         5

1.9 Definitions of Terms                                                                             6

CHAPTER TWO:  REVIEW OF RELATED LITERATURE 

2.1 Concept of internal auditor                                                                   7

2.2 Objectives of internal auditors                                                              9

 

 

2.3 Types of auditors                                                                                 9

2.4 Challenges of internal auditors                                                             10

2.5 Reliance of internal auditors to external auditors                                 11

2.6 Internal auditors in banking sector                                                       12

2.7 Disadvantages of internal auditors in bank                                          12

2.8 Advantages of internal auditors in bank                                               13

2.9 Evaluation and prospect of internal auditors in bank                                    13

2.1.0 The evaluation of challenges and prospects of internals in

Diamond Bank-                                                                                14

2.2 Theoretical framework                                                                         15

2.3 Empirical framework                                                                            18

2.4 summary of the review literature                                                          20

CHAPTER THREE: RESEARCH METHODOLOGY

3.1 Research Design                                                                                  21

3.2. Area of the study                                                                                 21

3.3 Research Population                                                                             22

3.4 Instrument for data collection                                                               22

3.5 Method of data collections                                                                    22

3.6.0 Validation of the instrument                                                             23

  1. 7 Reliability of the instrument 23

3.8 Method of Data Analysis                                                                               23

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

4.1       Data presentation                                                                                                        20

CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS

5.1       Summary of Finding                                                                                                   32

5.2       Conclusion                                                                                                                  32

5.3       Recommendation                                                                                                        32

5.4       Suggestion for further research study                                                             33

References                                                                                                                              34

Appendix                                                                                                                                37

 

LIST OF TABLES

TABLE                                                TITLE                                                                        PAGE

 

Table 4.1           Analyzing gender of respondents                                                                   20

Table 4.2           Analyzing qualification of respondents                                                          20

Table 4.3           Analyzing work experience of respondents                                                    21

Table 4.4           Analyzing internal auditors take requisite training for carrying

out their duties                                                                                                22

Table 4.5           Analyzing that internal auditor have adequate technology and materials in

carrying out their duties                                                                                  23

Table 4.6         Internal auditors have restricted access to the necessary document needed

for carrying out their duties                                                                           23

Table 4.7         Internal auditors are not independent                                                                         24

Table 4.8         Internal auditors should report to shareholders                                              25

Table 4.9         There should be quality technology and materials available

for internal auditors                                                                                       25

Table 4.10       Management should provide training ground for internal  auditors              26

Table 4.11       Internal auditor should have easy access to necessary document                 27

Table 4.12       Shows that 3 respondent strongly agree that internal auditors should be

independent                                                                                                    29

Table 4.13       Internal auditors should have good relationship with management              29

 

CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

It is said that finance is the mainstay of an economy without finance there will be no investment and capital to start up a business and also no meaningful development could be done without finance and proper management, as a result of that diamond bank has a system of control which ensures smooth running of their bank of which internal auditing is an integral part.

Internal auditing ensures that all activities of the organization are carried out employee according to laid down procedures, the introduction of new technologies e.g. the invention of computerized internal audit system which posed challenges to the internal audit system and internal audit staff and their duties the prospect of this challenges is to update their knowledge and adjust to the current practice and also to overcome those challenges in the face of manipulation and also to perpetrate fraud is desirable, more so the requirement of new auditing  standards will make staff of internal audit to update their knowledge and adjust to the current practice. Auditing is a key factor in controlling every kind of organization with financial and economic aspect serve as a sort of check and balances and administrative procedure of any organizational set up.

The need to maintain effective and efficient internal audit system, cannot be over emphasized especially in a period like this, when Nigeria government is making effort towards ensuring that wastage, privilege, misappropriation and checked or avoided to ensure that asset are being secured.

As one of the cornerstone of a career in accounting internal auditor gives strong understanding of the financial faces and processes, many may view it as a mundane and repetitive job but what they do not realize is the challenges and complexity that comes with job which are: shortage of talent, distinguishing yourself from the crowd, developing your career and market outlook.

Diamond bank plc as a private ltd liability company on March 21 1991 was incorporated on December 20 1990.Ten years later, in February 2001 it became a universal bank. In January 2005 following a highly successful private placement share offer which substantially raised the bank equity base diamond bank became a public LTD company. Since then 1990, diamond bank has challenged the market environment by introducing and setting new bench mark through international standard.

They bank also have a strong cooperate banking ethics that is helping fuel the growth across Nigeria through supporting many businesses. It serves over 150000 business including cooperate client as well as Micro Small and Medium Scale (MSME).it is also the first Nigerian bank to operate in francophone west Africa

The Carlyle group, the global alternative asset manager became a significant share holder in November 2014 following its 1.47 investment in bank. The auditor came across many challenges while carrying out their duties but with some prospect that can be able to carry out their duties effectively and efficiently.

1.2 Statement of problem:

Robert (2016) observed that there are several big challenges facing the internal audit as a whole some of them represent opportunities as well as obstacles to overcome. The difficulty in filling internal audit positions with talented candidates for example has led to increase in pay to many internal auditors the internal auditors perform their duties successfully also enhance good internal audit control as well as maintain some standard of good services which their client have engaged their services, there is need for utilization of effective management functions, However this internal auditors face some challenges while carrying out their duties such a Robert 2016 noted this challenges.

Proper document are not given to them on time.

They are not adequately equipped.

lack of requisite system

inability to adequately recommend and establish production method

It should be noted that a lot of studies have been conducted on the challenges of internal auditors in diamond bank as a whole but It is hoped that this study will contribute to debate and perhaps shed further light on the impact of reducing the challenges audit faces in diamond bank so as to make the working environment conducive for them while carrying out their duties and also to reduce the challenges auditors faces while carrying out their duties in an efficient and orderly manner.

1.3      Objectives of the Study:

The main objective of this study is to find out the challenges and prospect of internal audit in Nigerian banks. The specific objectives are to ascertain the challenges faced by internal auditors in Nigerian Banks. Toascertain the prospect of internal audit in Nigerian Banks.

1.4      Research Question

What are the challenges faced by internal auditors in Nigerian Banks.

What are the prospect of internal audit in Nigerian Bank comply with banks complies with bank management policies and regulation.

1.5       Research Hypotheses:

H0 There is no significant challenges faced by internal auditor in Nigerian Banks.

H1 There is significant challenges faced by internal auditor in Nigerian Banks

H0 There is no significant prospect of internal audit in Nigerian Banks

H1There is significant prospect of internal audit in Nigerian Banks

1.6       Significance of the Study:

They significance of the study form the contribution it will add to knowledge on the often debated topic of evaluation challenges and prospect of internal audit. This work will be of great benefit to:

Researchers and student: because it reveals the relevance of auditors and for student it also contributes significantly to the internal auditing debate.

Auditors: it will be useful to auditors because it tells them about their challenges and how to face them and also prospect toward them carrying their duties.

Management of Banks: the study is to help management appreciate auditors and understand the challenges the face in carrying out their duties, so also to provide prospect for auditors so that they can help to improve audit facilities or technology and so that  they will make the work enjoyable and they wouldn’t want to risk losing billions of money.

Government: agencies, companies, bankers researchers student who might be interested in knowing about the concept challenges and prospect of internal auditors it will cover the whole aspect of internal audit the objectives, types, reliance and prospect etc this huge amount of information will be an indispensable material to the above mentioned beneficiaries.

Public:It will also help the public in the sense that they will able to know the statues of the company so that they can make decision on either to invest in the company or not so as to avoid risk.

1.7       Scope of the Study:

It was the wish of the researcher to cover many areas of the banking sector but for the purpose of this study the researcher is only restricted to the role of auditors in detection, prevention and control of fraud in banking sector with the case study of diamond bank plc.

1.8       Limitations of the Study:

The researcher encountered a lot of hindrances and problems while carrying out this work. The major limitation was pressure of time in terms of academic work and demand of the research. The researcher was combining academic work with activities relating the research. Finance to source relevant materials was also a major hindrance. However these problems did not affect the quality of the research

1.9       Definition of Terms:

Auditor:                                                                                                                                           An auditor is a person usually professional, appointed by banks to audit its financial statement and therefore make an opinion on the truth and fairness of the financial statement Auditor in this study refers to the internal auditors

Bank: A organization or place that provide financial services Bank in this work refers to as diamond bank

Financial Statement: This is a form of annual report and accounts that includes a statement of comprehensive income and loss, statement of financial position and also other statement including directors report and cash flow statement, finance statement in this work refers bank financial statement.

 

 

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