Abstract:
Internal Control System seems to be one of the most important tools of Management. Organizations design internal control systems to prevent, detect, and deter Frauds, Errors and Irregularities in other to achieve organizational objectives. It is management responsibility to decide the extent of the internal control system which is appropriate for entity.
Description:
The banking sector has become no exception to international and technological advancement which has become a distinctive feature especially of excellence for businesses today. Operations and activities of banks have been bordered the domestic arena as a result of globalization and technological advancement. Businesses have also been exposed to increase risk, fraud, disagreement and many irregularities as a result of business expansion, internationalization and technological advancement. It has therefore become vital for every business, not exempting the banking sector, existing of internal controls to be maintained. It therefore calls for proper maintenance of an effective internal control system as a result of internationalization, technological advancement increase risk of business failures, frauds and dispute than gradually become visible in the financial sector in Africa.
