THE ROLE OF CENTRAL BANK OF NIGERIA PLC IN AGRICULTURAL FINANCE DEVELOPMENT PROBLEMS AND PROSPECTS

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PROPOSAL

          The role of Central Bank of Nigeria in Agricultural Finance Development, problems and Prospects.This topic provides for conceptual frame work of the role played by CBN in the development of Agricultural sector of the Nigeria economy as the primary purpose. The secondary purpose is to assess the performance of the policies and programs of the CBN to the development of Agricultural financing in particular and Agricultural development in general.

Data will be collected both primary and secondary sources. Primary data are to be collected by face to face interview with farmers, officials staff of commercial bank, and other financial institution while the secondary data is to be collected from annual time  series of different duration depending on the program and policies of the institution.

The research will show the roles played by CBN in financing Agriculture in Nigeria by making funds available to the Agricultural sectors of the economy especially at the rural areas and granting of credit scheme  funds o the farmers. It is the intention of the writer to restrict this work to the role of CBN in Agric Finance which exclude the role of CBN in stabilization measures in the economy and the role of CBN in industrial finance and development

To achieve this objectives the project work will be divided into five chapters, each will be dealing with an aspect of the work and help to highlight the rudiments which when collected get to the root of this investigation.  

ABSTRACT

          The Role of Central Bank of Nigeria in Agricultural Finance Development, Problems and Prospects

The topic provide for conceptual frame work of the role played by the CBN in the development of Agricultural sector of the Nigeria economy as its primary purpose. Its secondary purpose is to assess the policies and program of CBN to the development of Agricultural Finance.

Data was collected from both primary and secondary sources. In the primary source I interviewed some farmers, officials of CBN while in the secondary data it was from annual time series of different duration on the program and policies of the institution.

The research showed the role played by the CBN in financing Agriculture in Nigeria by making funds available to farmers especially at the rural areas and granting of credit scheme funds to the farmers

Also the problem of ultracy by the farmers has posed a problem and government should make sure that extension workers are sent into the rural areas to educate the farmers.

TABLE OF CONTENT.

CHAPTER ONE

Introduction                                                                                                1

1.1  Background of the study                                                             1

1.2  State of problems                                                                        7

1.3  Objectives of the study                                                                9

1.4  Significance of the study                                                             10

1.5  Hypothesis                                                                                  11

1.6  Scope and limitation of the study                                                         11

1.7  Definition of terms.                                                                     12

CHAPTER TWO

Review of Related Literature                                                             16

2.1 Historical overview of Agriculture financing in Nigeria              17

2.2 The importance of Agriculture                                                    19

2.3 Problems of Agriculture financing in Nigeria                              20

2.4 The establishment of Central bank in Nigeria                                       22

2.5 The Major development programs and policies of

C.B.N in relation to Agricultural financing                             26

2.6 The C.B.N and its objectives and functions.                               39

2.7 The organizational structure of C.B.N

and its Agricultural finance development.                               44

CHAPTER THREE

Research Design and Methodology                                                   48

3.1 Research methodology                                                                48

3.2 Research Design                                                                          48

3.3 Area of study                                                                              48

3.4 Sources of data                                                                                     49

3.5 Method of investigation                                                              50

3.6 Method of data analysis                                                              51

CHAPTER FOUR

Data Presentation and Analysis                                                                 52

4.1 Introduction                                                                                52

4.2 Analysis of responses to questionnaires                                               52

4.3 Testing of Hypothesis                                                                 58

CHAPTER FIVE

Summary of Findings, Recommendation and Conclusion                          64

5.1 Summary of findings                                                                            64

5.2 Recommendation                                                                        66

5.3 Conclusions                                                                                67

          Bibliography                                                                           68

 

 

 

CHAPTER ONE 

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Agriculture is defined as “the cultivation of land for the purpose of producing food for man, feed for animal and fibre or raw material for industrial companies.  It also includes the processing marketing of crops.  In other words, it embraces all activities involved in the primary and controlled production of plant and animals, such as fishing, forestry, farming, livestock, poultry and small scale industries connected with processing of agricultural products.

The agricultural sector forms the background of Nigeria economy dispite concerted effort in industrialization.  Agriculture occupies the pride place as the source of livelihood for over 70 percent of the population.  It is recognized as a pre-requisite to economic development.  With large scale dependence on agriculture for food, raw-material for industries etc, one would expect production to increase, rather it is disheartening to note that this is not the case.  Agriculture has suffered some neglects due to lack of investment since the inception of oil boom in 1970.  in fact, Nigeria is experiencing a dcline in the space of agricultural production in general, this situation is causing a great concern to the government.  Throughout the 1960s, Agriculture contributed 61.5%.  in the 1970s, it declined miserably be 2.3%.  this decline may be attributed to the domination of the nations export by oil since 1970 which accounted for 57.6% of total export income and rose steadily, attaining an overwhelming proportion of 98% in 1981.  as a result there was an absolute neglect in agriculture to both God (Gross Domestic Product) and export earnings which has been the major factor dictating the need to reactivate our agricultural products.  The need for this re-activaty and in effort to revamp this sector has been the reason for raising budgetary allocation in recent years to it.  It rose from 6% in 1970s to 22% in 1984.  this increase acts as incentive and motivation to farmers, but these farmers while engaging in these agricultural ventures are exposed to a lot of problem like diseases and pest attacks, fire destructions, industrial pollution, machinery breakdown and other problems.  To these problems, the farmers need some aids in solving or minimizing them.

Finance has been one of the most significant problems in the expansion of agricultural production.  This was as a result of the neglect of the agricultural sector following the oil boom of 1970s, when the oil sector become a major aspect of the Nigerian’s foreign exchange earning.  This contributed to the inadequate funding of the agricultural sector unlike before the boom.  Also the establishment of industries in the urban areas during the 1990 – 1994 National Development plan to boast industrialization drew the rural populace with constitute the farming population to urban cities for search of white color jobs.  A stage has reached, that average Nigerians are now underfed.  In the words of or P.N.C. Okigbo in 1990 “The average Nigerian consumed on the average, some 20.23 calories per day and 56.46 grammes of protein per day compared to the food and agricultural organization (FAO)minimum of 21.91 calaries and  53.8 grammmes of protein.  This the average Nigerian was and still, is among the worst fed in the world.

As a result of these situations; the successive Nigerian Governments showed concern over the decling situation of Agricultural production through policies and programmes aimed at revamping the agricultural production in attempt to encourage increase food production “The federal Government in 1993 tried the National Accelerated food production in programme (NAFPP) during the General Yakulu Gowon’s regime; Under the leadership of couneral Obasanjo, the Operation feed the Nation programme “(OFN) in 1976; Green Revolution came up under President Shehu Shagari and Rirectorate of food Road and Rural infrastructure under the regime of General Basangida regime.

Neither of these measures halted the Agricultural decline or any lasting effect on food production.  This is because “little or no meaningful attempt has been made to change the under developed status of the rural dwellers notwithstanding that these people constitute about 95 percent of the total population engaged in Agricultural in Nigeria.

It has been attributed that inadequate funding of agricultural project and programme has contributed in large measures to the government low production of Agriculture in Nigeria, and the government and other financial institutions forms the major sources of finance for Agriculture though policies and programmes.

Then what role and impact has the central Bank of Nigeria (CBN) as the bank at the apex of Nigeria Banking system, (Bank of last resort, bank to the government and Banker to other banks)” played to reinforce the government policies or revamp the agricultural sector of the economy.  The under – developed characteristic of the Nigerian economy has made the central Bank of Nigeria to be activity involved in the promotion of rapid economic development of other sector especially agriculture through its development roles unlike in developed economics where the role of central Bank is restricted to development of the financial system.

According to Dr Belshaw in his book entitled “Agricultural credit in economically under-developed countries he wrote that “in respect of agricultural credit, a central Bank has an important part to play by helping to establish, strengthen and promote the extension of commercial banking facilities and agricultural credit institutions.

Professor G. Nwankwo also wrote “it for instance mistaken to think and believe that only the function of a central Bank is to control or regulate the financial system; it was not conoinced nor thought to be an appropriate function that a central Bank also has to the task of developing the financial system if non existed and of organizing and mobilization of resources for development.To this end, the central Bank of Nigeria embarked on some programmes and policies to curb the under economic development and low trend in agricultural production.  These policies include the following :

1. The provision of credit to marketing board for the purchase of some agricultural produce for export.  This has become the sole responsibility of the central Bank of Nigeria since may 1968, when the commercial financial still was abolished by the federal Government.
2. The establishment of the Nigeria Agricultural Bank (NAB) in 1976, this Nigerian Agricultural co-operative societies, improve agricultural production and storage facilities and promote marketing of agricultural products throy liberal credits to farmers at softer terms.  The bank started with a capital of #6 million which has increased to #250 million in 1991 with the CBN contributing 40 percent while the Federal Government has 60 percent share.  The functions of the banks includes: grant in of loans to small and medium scale farmers.
3. The CBM also used another instrument in financing of agriculture, this is through its credit guidelines contained in its monetary and fiscal policies circulars which required the commercial banks to give preferential treatment to Agriculture.
4. The establishment of Agricultural credit Guarantee sheme fund (ACGSF) in 1977 by both the federal Government and the central Bank of Nigeria.  The Act provided #100 million subscribed by the federal government, and the CBN at the ration of 60 percent or #60 million to the federal Government, 40 percent or #40 million to CBN.  This is to grantee for loan default made by commercial banks to farmers for Agricultural purposes to the time of 75% of the default.  The CBN was also appointed the managing agent of the fund.

 

1.2            STATEMENT OF PROBLEMS

Despite the various policies and programmes mapped out annually for the economic development of Nigeria with emphasis on Agriculture, the agricultural production level remained very low and recently on the decline.

 

Finance has been traced to be the major handicap to the typical Nigeria farmer, inadequacy of modern farming equipment, inputs, basic infrastructure and storage facilities, marketing and distribution system.  Then the central Bank of Nigeria – the apex bank has been mandated by the federal Government of Nigeria to find a solution to these problems.

Consequently, the central bank of Nigeria through its agencies grant credit for the purpose of agriculture.  But was faced with the following problems.

–                     Inadequate public enlightenment

–                     Mismanagement

–                     Technological constraints

–                     Poor land tenure system

–                     Environmental constraints

–                     Above all financial constraints.

Identifying financial constraints as the major handicap to increase agricultural production.  The federal government increded its spending on agriculture by 12.7 percent in 1981 as against 6.5 percent in 1970’s.  a total of #8 million was allocated to agriculture during the five years National Development plan 1981 – 85.  still not much has been achieved in food production.  To this end, the federal Government through the CBN policies and programmes aimed aimed at adequate financing to increase agricultural productivity, for a nation that can not feed herself is said to be economically undeveloped.

 

 

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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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ABSTRACT

This study is aimed at appraising the liquidity problems in commercial banking in Enugu state with a view of determining how these problems affects commercial banking business, as well as determining whether the policies imposed by the central bank has actually solved the liquidity problems of commercial banks or not.  In doing this, we want to classify the period under review (1980-1980) into want to pre-sfem period and the post-sfem period.  In order words, the study intends to discuss the pre-sefem and post-sfem experiences of banks and offer useful suggestions as to how their problems could be alleviated if not eradicated.

For this purpose, empirival survey and history research was carried out and the statistical tool used is percentages.  The source of data for this study are both primary and secondary where the primary soruce consists of questionnaires and oral interviews, the secondary source is in the form of books, journals and news papers.

The research revealed that prior to the introduction of the structural adjustment programme with the second tier foreign exchange market (sfem) as its main feature, the problem has been that of excess liquidity, however, the introduction of the structural adjustment programmes (SAP) brought about the present liquidity crunch in the banking system.  It was further found out that both excess liquidity and shortage of liquidity affect the banks loans and advances as well as their profits.  Further more, it was observed that the policies imposed by the central bank has not solved the (excess and shortage of) liquidity problems of commercial banks.

As a result of these, it is suggested, among others, it is suggested among others, that banks should intensity their efforts towards acquiring more deposits drive for deposits (as it is popularly known) in order to alleviate the present problem of liquidity shortage in the system.  Moreover, there should be effective supervision of the policies imposed by the central bank to combat the liquidity problems of commercial banks to ensure that the policies are adequately implemented.  Other measure to alleviate either the excess or shortage of liquidity problems include adjustment of interest rates, adjustment of liquidity ratio, diversification of commercial banking services, establishment of more rural banks to mobilize rural savings and so on.  The essence of these is to maintain adequate liquidity and at the same time make enough profit for the shareholders.

 

 

PREFACE

 

          As a matter of fact, a lot has been written on the liquidity problems in commercial banking in Enugu state.  The basic challenge of this text attempts to discuss the two experiences (Excess liquidity and shortage of liquidity) of commercial banked in Nigeria and on a final note offer useful suggestions as to how these problems could be alleviated if not eliminated.  It is true that liquidity and profitability are among the many problems with which bank management struggles constantly.  This is because of the need to balance the pursuit of profit will the need to remain liquid.

As indicated above, commercial banks in Enugu state have obviously experienced excess liquidity era and are presently going the specific experience or shortage of liquidity.  This study therefore aims to find out the ways of the two experiences on the profitability of commercial banks, whether the agencies imposed by the federal government of ten though the central bank have solved the problems or not and how the dual problems have affected commercial banks loans and advances to their customers.

In terms of chapter organization, the next is arranged into five chapters.  The first chapter is devoted to introduction and some fundamental issues related to the research work.  The second chapter contains the review of related literature to the research work.  Here, too, the exposition of the liquidity problems of commercial banks in Enugu state is carried out.  The approach used here is pre-sfem and post-sfem experiences of banks.  Discuss here also, is the policies introduced by the federal government, mostly through the central bank, in alleviating the liquidity problems of banks.  Pre-sfem policies and post-sfem policies approach has been used here too; chapter three deals with research design and methodology which include the sources of data, interview questions, samples used, methods of investigation and scope and limitations of the study.  Chapter four bears the presentations, interpretation, test and analysis of data.  Finally, in chapter five are the summary finding, conclusion and recommendations.  Recommendation are based on the two experiences of banks, although on the two experiences of banks, although situation since it is the prevailing situation of commercial banking system in Enugu state.

 

 

TABLE OF CONTENTS

 

CHAPTER ONE

INTRODUCTION

1.1            Background of study

1.2            Statement of the study

1.3            Objective of the study

1.4            Significance of the study

1.5            Scope and limitations of the study

1.6            Definition of terms

 

CHAPTER TWO

REVIEW OF RELATED LITERATURE

2.1            Liquidity ratio significance of liquidity ratio computation of liquidity ratio

2.2            Cash ratio

2.3            Liquidity risk

2.4            Liquidity requirements of commercial banks in Enugu state

2.5            Liquidity problems of commercial banks in Enugu state pre-SFEM Experience post-SFEM Experience

2.6            Policies introduced by the central banks of Nigeria in solving liquidity problems of commercial banks in Enugu state. Pre-SFEM policies post-SFEM policies

 

CHAPTER THREE

Summary of findings, conclusions, and recommendations

3.1            Summary of findings

3.2            Conclusions

3.3            Recommendation

Bibliography

Appendix

 

CHAPTER ONE

INTRODUCTION

1.1            BACKGROUND OF STUDY

Liquidity is the word that the banker uses to describe his ability to satisfy demand for cash in exchange for deposits.  It can also be defined as the capacity of the bank to meet promptly demands that it pays its obligation.

A bank is considered to be liquid when it has sufficient cash and other liquid assets, together with the ability to raise funds quickly from other sources to enable it to meet its payment obligation and financial commitments in a timely manner.  In addition there should be a sufficient liquidity buffer to meet almost any financial emergency.

How much liquidity to hold and in what forms to hold it are a constant concern of bank management.  Banks are required to comply with legal reserve, requirements.  In addition, banks need liquidity to meet seasonal and unexpected loan demands and deposit fluctuations.  The majority of the transactions can be anticipated in advance and met from expected cash in flows from deposits, loan repayment or earnings.

Cash reserves also are needed to take advantage of unexpected profit opportunities, or for what might he termed aggressive purposes.  When a business firm that the bank has been working to secure as a customer finally presents a loan application, or a particularly desirable investment develops, the bank must have funds available to seize these opportunities.  During periods of expanding economic activity, banks are frequently presented with attractive loan situations which can only be met if banks maintain adequate liquidity. To determine the liquidity a bank needs at a particular time is to find the ratio of loans to deposits.  The higher the ratio is, the less willing banks will be in lending out and vice versa.

In Enugu State, commercial banks activities are regulated strictly by the banking act of 1969 as amended under the control of the central bank of Nigeria.  As a result of these regulation by the central bank, the commercial banks are required to hold specific assets equal to a certain percentage of their deposits and certain liabilities in liquid form.  This is known as the legal reserve requirement.  In the legal reserve requirements are liquidity ratio requirement, cash reserve requirements, stabilization securities issued by the central bank and special deposits.

Liquidity problems, for the purpose of this study, are looked at as the problems encountered by bank managers who are responsible for liquidity management, when there is either excess liquidity or liquidity squeeze in the banking system or in commercial banks.

 

1.2            STATEMENT OF THE STUDY OR PROBLEM IDENTIFICATION

There is no gain-saying, the fact that prior to the introduction of the structural adjustment programme (SAP) of which the second-tier foreign exchange market (SFEM) is the nucleus, the commercial banks in Enugu state have been wallowing in excess liquidity.  Consequently, they maintained excess liquidity ratios and were in the habit of refusing, deposits from the public.  These may be accountable to some deficiencies in the management policies of the central bank of Nigeria and the overall under developed nature of the entire economic system.  However, the structural adjustment programme with SFEM as the chief feature changed the trend.  The situation became that of shortage of liquidity or liquidity crunch, as it is popularly called.

In any case, for the purpose of this treatise, the liquidity problems of commercial banks have been identified from two perspective.

One is that they had excess liquidity before the advent of SFEM.

The other is that shortage of liquidity have been telling hard on them since the existence of SFEM under SAP.  In otherwords, this treatise takes a PRE-SFEM and posi-SFEM change on the liquidity problems of commercial banks.

With respect to the excess liquidity situation, this study intends to find out the effect of the excess liquidity in the banking system on the profitability of commercial banks, it investigates whether or not the policies imposed on the commercial banks by the central bank have succeeded in mopping up the excess liquidity in the banking system, and finally whether or not the excess liquidity in commercial banks affects loans and advances to their customers.

On the other hand, the shortage of liquidity perspective, focuses on its (shortage of liquidity) effect on the profit ability of commercial banks, whether or not the policies of the central bank can actually corrects the shortage of liquidity position of commercial banks, and above all how shortage of liquidity affects loans and advances to customers.

 

1.3            OBJECTIVE OF THE STUDY

Having identified the problems to which this study addressed itself, the writers shall in this work make a critical insight into the dual problems of excess and shortage of liquidity in commercial banks in enugu state and determine the effect and reaction of the two situations on the following:

1).     The profitability of commercial banks in Enugu State.

2).     Their reaction to the various policies of the government through the CBN to correct the two anomalies.

3).     The overall impact of these two situation on loan advanced to customers of the commercial banks.

 

 

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ABSTRACT

          Effort is made to access the effect of formal accounting reporting on the management of  a business financial accounting covers those activities related to the preparation of certain reports which are known as financial statements. These statement report the financial status of a firm at a particular time. The firms activities and resulting profit/losses during the most recent period and the flow of resources occurring within the firm during the same period.

I draw my research from the work of many authors. Such work done have included textbooks in all forms, magazine and Encyclopedias.

Apart from extensive use of literature, other method of research include (a) interview with businessmen. (b) Questionnaires have been designed and distributed to some businessmen (especially at trade fair). The questionnaires have been designed for officers  in management cadre in public and private companies, shareholders, staff, partners and owners in sole proprietorship

 

 

TABLE OF CONTENT

CHAPTER ONE

1.0  Introduction                                                                       1

1.1  Statement of problem                                                                   3

1.2  Purpose of the study                                                           3

1.3  Significant of the study                                                       4

1.4  Statement of Hypothesis                                                    5

1.5  Scope of the study                                                              6

1.6  Limitation of the study                                                       7

1.7  Definition of terms.                                                             8

 

CHAPTER TWO

2.0  Review of Related Literature                                             11

2.1  Accounting as a language of business                              11

2.2  Users of accounting information                                               13

2.3  Characteristics of good information                                17

2.4  Management of information                                            19

2.5  Basic accounting concept                                                 25

2.6  The financial accounting branch                                                25

2.7  Other accounting branches.                                             27

CHAPTER THREE    

3.0  Research design and methodology                                              30

3.1  Sources of data                                                                 31

3.2  Sample Size                                                                      32

3.3  Method of investigation                                                    32

CHAPTER FOUR

4.0  Data presentation and analysis.                                         36

4.1  Data presentation and analysis.                                       36

4.2  Test of hypothesis.                                                           43

CHAPTER FIVE

5.0  Summary of findings, conclusion and recommendation.   50

5.1  Findings                                                                                      50

5.2  Conclusion                                                                        51

5.3  Recommendation                                                               53

Bibliography                                                                     55

Appendix                                                                          57

 

 

CHAPTER ONE

  INTRODUCTION

          Financial accounting covers those activities related to the preparation of certain reports which are known as financial statement. These statements reports the financial status of a firm at a particular time the firms activities and resulting profit or losses during the most recent period and the flow of resources occurring within the firm during the same period.

This statement made by A. THOPSON MONTAOMERY gives us an idea on the meaning of financial accounting. However the question arises what are the efforts of these financial account reports in the management of business? The answer poses a problem which the paper will seek to solve. Not all business persons understand the impact of financial accounting information on the management of their business, some manages business intuitively. Other, like traffic defaulters who disobey road signs, disobey the warning of communicated by financial accounting information and end up in a “Business Accident”

There are other sources of information which have impact on the management of Business and the combination of these sources give an information system in the complex nature. As FARM WOOD puts it, “it must not be thought that accounting of any form is the management control system. Instead it is part of it”. But accounting information is the only system through which both mangers and external users get a picture of the organization as a total entity.

Moreover, financial accounting information usually comes in the disguised form by “wearing” the cloak of technicalities. Such technicalities include calculation which need expert knowledge in its interpretation. But when some business because of low financial layout, cannot employ such experts hands, they tend to ignore financial accounting information system which has an effect on the management of any business concern. The problem is: Do all businessmen know this? This is the question that the researcher seeks to answer also.

 

1.1     STATEMENT OF THE PROBLEM.

          Is very important for the functioning of any business. The financial accounting system in most business organization do not portray fully the principles of accounting systems. The flow of information, the cost of collecting any information and the internal control procedures have some loops holes.

In reality, it would be impossible for the researcher to study all the information system in all or even one of the organization. The study therefore involves a study of some typical financial accounting reporting on the management of a business. The researcher will carry out an empirical study and appraisal of a business financial accounting and see whether there is room for improvement to be made. It will therefore involve a review of the financial accounting and its related procedures.

 

1.2     PURPOSE OF STUDY

          The goal of every business is profit optimization. The management of most business exist primarily for this purpose. Whether the business ownership is separated from the management, the rules for profit optimization (or maximization as some books may choose to call it) are still the same. Profit optimization is used rather than maximization. In this paper because optimization has a social effect.

The management is able to do this as long as they are able to use their financial resources profitably they must know the effect which financial accounting information has on the management of the business. Financial accounting measures, by means of the reports they prepare the extent to which management has succeeded in their goals of profit optimization.

The report which serves as financial information of the accounting period has an impact on the future achievement of the business. This effect now becomes the goal of this research. The researcher seeks to know more about this effect (ie the financial accounting effect on the management of business) and also advises all business persons on the effect.

 

1.3     SIGNIFICANCE OF THE STUDY

          The research will be significant or useful in

1. Examining the effect of financial accounting as information system.
2. Directing the business person to such effect
3. Warning, not only business persons but all person’s from neglect of financial accounting
4. Encouraging all to obey head the warning of financial accounting information.

The following classes of people will find the work as useful references.

1. Managers of companies, corporations and any other firm business whether such business are owned by management or not.
2. Actual and potential leaders of money to business.
3. Customers
4. Owners and shareholders
5. Government
6. Other researchers.

 

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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.

 

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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