CHAPTER
ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Banking
industries in Nigeria have over the year experienced a remarkable growth and
expansion that the traditional approach of business management is no longer
adequate to meet the heavily bordered company management in maintaining control
over the wide spread operations. The increase in regular activities, the trend
towards decentralization and greater geographical dispersion have in themselves
posed serious challenge to management control. When this is added, the fact
that in any representation of financial information or in the operation of
internal activities, individual could be guilty of self-interest, carelessness,
and dishonesty. There is the need for an outstanding performance for all levels
of management, these new problem have made it necessary for management to delegate responsibilities and authority to many
level of supervision. However management responsibilities does not end with
these allocation of duties, management has to turn to a control specialist,
(Auditor) for assistance in ~maintaining a close watch over the management
control network. Without auditors guide, management could not rely of financial
statement as a guide in making any decision and the auditor (external) cannot
rely on the internal control system without greatly increasing his test and the
extent of his auditing procedure.
The
role of auditors incorporate generally studying the efficiency of functions
within the organization which includes financial checks, operational accounting,
evaluation and reviewing of the system of internal control. The auditors
appraise financial and control periodically summarises the results of
continuous investigations, prepare recommendations for better procedure and
report the results of his findings to top management says A.W. HONES and W.S.
OVERMYER auditing standard and procedure page (3) three.
The auditors, both
external and internal auditors performs the same functions except that external
auditors performs their investigation on periodic basis usually once or twice
in a year. The regulatory examination is done by Central Banks and business
activities to ensure that banks conforms with the lay down central ~banks
banking guidelines.
The
objectives of auditing as stated in the company and allied decree (CAMD) 1990
is to express on opinion as to the truth and fairness of the financial
statement as presented by the companies. The reason why and to prevent and
detect fraud in banking industries and its implication for auditor is bone of
public contention in the country today, this is why as academician and
concerned citizens of this country, the researcher has taken it as a challenge
to make it cleared to the public that roles of auditors in a banking industries
in order to settle the misconceptions of the public in regards to auditors
roles.
1.2 HISTORICAL BACKGROUND OF UNION BANK NIG. PLC
Banks
as an institution of wealth and financial intermediary has remained a vital
part of the world economy to a single economic units. However, Union Bank of
Nigeria Pie is established as a commercial bank to carryout its operations as
it is defined by Section 4(1) of the banking amendment Act No.3 of 1970. The
origin of Union Bank Nigeria Plc can be traced as far back as 1916 when it was
initially started as colonial Bank. These colonial banks are the banks which
has been in existence in West India, so 1916 they extended their services to
Nigeria with the first branch in Lagos and Zaria. Later on these colonial bank
witness the change in name known as Baclay Bank (D.C.B) (Dominion Colonial
Bank).
Union
Bank Plc actually commence their operation in Nigeria in 1917 as a branch of
Baclays bank which was incorporated then as private limited liability company
in Nigeria in 1969. In 1970 the bank was converted to public liability company
(PLC). Union Bank Plc toady in Nigeria due to their efficiency and effective
operation is known as strong and reliable bank. The company’s shares are quoted
in the Nigeria Stock Exchange.
The
aim of establishing this bank was to bridge the gap between the surplus and the
needy that’s those that will deposit and those that are looking for money to
borrow from bank to invest in one business or the other.
Union
bank spread its branch network to cover almost everywhere in the country to serve
people at their doorstep. lit also has branch at London and has a
representative at South Africa, and also started operation in Maiduguri in
1976.
The
bank has various department which include the loans and advance department,
inter Nigeria transfer department, Accounting department, Selling department,
Current domiciliary Account department, treasury department and other
subsidiaries as well as international banking department.
1.3 STATEMENT OF THE PROBLEM
The
fact that in any representation of financial information or in the operation of
internal control system activities in a banking industries today, individual
has been found guilty of one problem or the other which always leads to fraud
or mismanagement in bank. This event might be due to:
THE
COMPLETE PROJECT IS CHAPTER 1-5 #4,000 ONLY
PAYMENT PROCEDURE;
BANK: FIRST BANK
ACCOUNT NAME: EGBE JOHN EDOGI
ACCOUNT NO: 3034851408
GTBANK
ACCOUNT NAME: EGBE JOHN
EDOGI
ACCOUNT NO: 0122005571
PLEASE AFTER PAYMENT SEND THE TELLER NUMBER
AND YOUR NAME THE WAY IT APPEAR IN THE TELLER
TO ANY OF THE FOLLOWING PHONE NUMBER:
08037940241
08183133884
YOU WILL RECEIVE YOUR
MATERIAL IN YOUR EMAIL
BOX WITHIN 24 HOURS AFTER
PAYMENT. THANKS
FOR DOING BUSINESS WITH US.
