ABSTRACT

This research work examines the appraisal of effectiveness on financial institution in Nigeria (a case study of union bank, abia state), the study specially seeks to describe the level of effectiveness of internal control system in financial institutions in Nigeria, also how effective and efficient internal control has ensured massive growth and expansion in the banking industry and how internal control has been the strength of most organization. Furthermore this study identifies the problems banks encounter on different levels of operation, how internal control when used effectively could solve many problems in financial institutions, therefore fraud and abuse of authority vested in certain individuals would reduce. The objectives achieved from this research work, were to ascertain the level of accuracy in union banks record and reports for effective transaction, and to examine how efficient internal control is in union bank. The research design employed in this project was survey research design, and primary data was used in collecting information's through the administration, while the analytical tool used was descriptive. Again from the research carried out the findings showed a very high level of effectiveness in union bank internal control, the findings shows a significant relationship between effective internal control and fraud control in the bank. The following recommendations are necessary for effective internal control, more competent hands should be employed to boost the manpower based on the internal control system. In conclusion this work focuses on the effectiveness of internal control system in union bank, therefore we can say that union hank internal control system is effective and efficient and internal control is needed in financial institutions in Nigeria.