An Investigation into the Internal Control System in the Banking Industry (A Study of Some Selected Banks in Asaba, Delta State)

Abstract

This research examines and investigates the internal control system in the banking industry. The study examined the major types of control which include management oversight and the control culture, risk recognition and assessment.  Samples were drawn using simple random sampling techniques and they included First bank Plc and Fidelity Bank Plc and 80 personnel’s from the banks. The researcher used chi-square as a statistical tool to analyze the data obtained from the samples. The finding revealed that managerial supervision and inspector of activities in banking industry has not been carried out adequately to expose the irregularities and misappropriations. The researcher recommended that management supervision and inspection should as a matter of necessity be carried out regularly to ensure effective and affective performance by staff. There should be segregation of duty and authority to avoid over centralization, clerical errors and international manipulations.