The Effect Of Post Covid Internal Control System In Banking Industry (Guarantee Trust Bank)

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The Effect Of Post Covid Internal Control System In Banking Industry (Guarantee Trust Bank)


Abstract


This study was carried out to examine the effect of post covid-19 on the internal control system in banking industry using some selected branches of Guarantee trust bank in Ikeja, Lagos State as a case study. To achieve this, 4 significant research objectives were formulated. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of staff(s) of some selected branches of Guarantee trust bank in Ikeja, Lagos State.In determining the sample size, the researcher conveniently selected 114respondents while 110 were received and 100 were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. While the hypotheses were tested using Chi-square statistical tool SPSS v23. The result of the findings reveals that post Covid-19 pandemic had an effect on the internal control activities of guarantee trust bank. The findings also revealed that post Covid-19 had an effect on the ability of the internal control system unit to control the working environment of guarantee trust bank. And in general, post Covid-19 pandemic did not have a negative impact on the internal control system of guarantee trust bank. In regard to the findings, the study recommends that bank managers should invest more in internal control activities in advance to reduce the negative impact of a crisis on the performance of the organization. And in cases of this nature, governments should offer more financial support and promote developing technology, which can play a complementary role with an internal control to benefit firms’ sustainable development.


Table of Content


Chapter One:

Introduction

  • 1.1 Background of the Study
  • 1.2 Statement of the Problem
  • 1.3 Objective of the Study
  • 1.4 Research Questions
  • 1.5 Research Hypotheses
  • 1.5 Significance of the Study
  • 1.6 Scope of the Study
  • 1.7 Limitation of the Study
  • 1.8 Definition of Terms
  • 1.9 Organisations of the Study

Chapter Two:

Review of Literature

  • 2.1 Conceptual Framework
  • 2.2 Theoretical Framework
  • 2.3 Empirical Review

Chapter Three:

Research Methodology

  • 3.1 Research Design
  • 3.2 Population of the Study
  • 3.3 Sample Size Determination
  • 3.4 Sample Size Selection Technique and Procedure
  • 3.5 Research Instrument and Administration
  • 3.6 Method of Data Collection
  • 3.7 Method of Data Analysis
  • 3.8 Validity of the Study
  • 3.9 Reliability of the Study
  • 3.10 Ethical Consideration

Chapter Four:

Data Presentation and Analysis

  • 4.1 Data Presentation
  • 4.2 Analysis of Data
  • 4.3 Answering Research Questions

Chapter Five:

Summary, Conclusion and Recommendation

  • 5.1 Summary
  • 5.2 Conclusion
  • 5.3 Recommendation
  • REFERENCES
  • APPENDIX 

Chapter One


Introduction

1.1 Background of the Study

The term audit is derived from the Latin word “Audire which means to hear in the holding days. The origin of an audit dates back to the ancient times when the land owners allows tenants farmers to work on the land whilst the land owners themselves did not become involved to the business of farming. The Landlords relied upon an overseer who listened to the report of stewardship given by the tenants.

The account of the parties responsible for non financial transaction is used to be called and hear the explanation needed by the person who held the account know as an auditor.

Originally, the function of an auditor is to ascertain the fact, whether the accounting party has properly received the receipts and payment of cash on behalf of his principal and whether the financial statement prepared before him show true and fair view but the scope of audits today has been wide, because the modern auditing is a complex operation calling on a wide variety of skills varying from auditing and financial accounting knowledge to statistics, computing and communication skills.

This therefore become the most important part of the auditors duties owning the enlargement of size and complexity of business enterprises.

Today, the concept and scope of auditing has changed a comprehensive definition of auditing given has Roberts Eschlessors as quoted by Jagdish Drakash in his book. Adding, principle practice and problem (1990) says auditing is an examination of financial statements, records and related operation to determine adherence is generally accepted accounting principle, management policies restated requirement.

In this definition, emphasis laid on auditing being related to operations and how far the adhere to management policies or stated requirements, in other words we find out that we needs to introduce the effectiveness and breakable control of the system.

What then is this internal control system? Internal control system is the while system of control, financial or otherwise established by the management in order to carry on the business of the enterprise in an orderly and efficient manner ensuring adherence to management policies, safe guarding the assets and securing as far as possible the completeness and accuracy of records.

Millicham (1990) In his institution manual for accounting also stated the auditor operational standard required that of an audit to be reliable on any internals control, he should ascertain and evaluate those control and perform compliance test on their control we therefore see that to have a sound reliable and effective control system in an organization we minimize the possibility failure of an enterprise.


1.2 The Statement of the Study

With reference to what was mentioned is the introduction that business failure could result to ineffective and unreliable controls system in an organization (Janu 2013). This research work therefore will look into ineffective and unreliable control system in the banking industry, today, this posses as a problem because it bring so many associated problems which could be determinate of working capital, high debt equity ratio decline, profit decline, high labour turnover, law capital utilization, low quality service and finally focused which could be either sales fraud, purchases, wages of petty cash fraud.


1.3 Objectives of the Study

The main purpose of the study is to critically look at the effect of post covid-19on the internal control system in banking industry (guarantee trust bank). Other purposes of this study are:

  1. To Find out whether post Covid-19 had an effect on the internal control activities of guarantee trust bank.
  2. To determine whether post Covid-19 had an effect on the ability of the internal control system unit to control the working environment of guarantee trust bank.
  3. To examine if post Covid-19had an effect on the effectiveness of information and communication regulation by the internal control unit of guarantee trust bank.
  4. To find out if post Covid-19 had an effect on the operation monitoring by the internal control system of guarantee trust bank.

1.4 Research Questions

The following questions will be answered in this study:

  1. Did post Covid-19 pandemic had an effect on the internal control activities of guarantee trust bank?
  2. Did post Covid-19 pandemic had an effect on the ability of the internal control system unit to control the working environment of guarantee trust bank?
  3. Did post Covid-19 pandemic had an effect on the effectiveness of information and communication regulation by the internal control unit of guarantee trust bank?
  4. Did post Covid-19 had an effect on the operations monitoring by the internal control system of guarantee trust bank?

1.5 Research Hypotheses

The following statements will be tested in the course of this study;

  • H01: Post Covid-19 pandemic did not have an effect on the internal control activities of guarantee trust bank.
  • H02: Post Covid-19 pandemic did not have a negative impact on the internal control system of guarantee trust bank.

1.6 The Significance of the Study

The financial services sectors such as banking building society, consumer credit, purchase leading, factory business ventures e.t.c bank represent probably the most important sector, this is not just in term of turnover profit and employment of labour but also in its paramount impact on the other sphere of the economy. Any problem on the banking system would invariable have strong effect on the economy and that is why the research work tries in study the internal control on the banking sector with respect to guarantee trust bank and see how its effectiveness and reliability would be uses to prevent business failures.

This work will serve as a basis of broadening the research knowledge on internal control, it the research knowledge on internal control, the customer audits investors, their would be confidence control in place that can be relied upon for safeguarding their depositor.

Management on the other hand will be able to reduce losses and improve on internal control system finally, the academic world will use this work as a basis for further study for the student.


1.7 Scope of the Study

This study focuses on effect of post covid-19 internal control system in banking industry (guarantee trust bank). Specifically, this study is focused on finding out whether post Covid-19 had an effect on the internal control activities of guarantee trust bank, determining whether post Covid-19 had an effect on the ability of the internal control system unit to control the working environment of guarantee trust bank, examining if post Covid-19 had an effect on the effectiveness of information and communication regulation by the internal control unit of guarantee trust bank, and finding out if post Covid-19 had an effect on the operation monitoring by the internal control system of guarantee trust bank. The study will be carried out in some selected branches of Guarantee trust bank in Ikeja, Lagos State.


1.8 Limitations of the Study

In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. However, the researcher were able to manage these just to ensure the success of this study.

Moreover, the case study method utilized in the study posed some challenges to the investigator including the possibility of biases and poor judgment of issues. However, the investigator relied on respect for the general principles of procedures, justice, fairness, objectivity in observation and recording, and weighing of evidence to overcome the challenges.


1.9 Definition of Terms

COVID 19:

Of the genus Beta coronavirus), is transmitted chiefly by contact with infectious material (such as respiratory droplets) or with objects or surfaces contaminated by the causative virus, and is characterized especially by fever, cough, and shortness of breath and may progress to pneumonia and respiratory failure.

Internal Control System

Internal control system can be generally defined as a system which has the features of maintaining the assets of a company, ensuring accuracy and reliability of information and reports related to accounting and other operations, and increasing the effectiveness of the operations.


1.10 Organization of the Study

This research work is organized in five chapters, for easy understanding, as follows

  • Chapter one is concern with the introduction, which consist of the (overview, of the study), statement of problem, objectives of the study, research question, significance or the study, research methodology, definition of terms and historical background of the study.
  • Chapter two highlight the theoretical framework on which the study is based, thus the review of related literature.
  • Chapter three deals on the research design and methodology adopted in the study.
  • Chapter four concentrate on the data collection and analysis and presentation of finding.
  • Chapter five gives summary, conclusion, and recommendations made of the study.

Chapter Five


Summary, Conclusions and Recommendations:

5.1 Introduction

This chapter summarizes the findings on the examination of the effect of post covid-19 on the internal control system in banking industry using some selected branches of Guarantee trust bank in Ikeja, Lagos State as a case study. The chapter consists of summary of the study, conclusions, and recommendations.


5.2 Summary of the Study

In this study, our focus was on the examination of the effect of post covid-19 on the internal control system in banking industry using some selected branches of Guarantee trust bank in Ikeja, Lagos State as a case study. The study is was specifically carried out to; find out whether post Covid-19 had an effect on the internal control activities of guarantee trust bank, determine whether post Covid-19 had an effect on the ability of the internal control system unit to control the working environment of guarantee trust bank, examine if post Covid-19 had an effect on the effectiveness of information and communication regulation by the internal control unit of guarantee trust bank, and find out if post Covid-19 had an effect on the operation monitoring by the internal control system of guarantee trust bank.

The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondent were staff(s) of some selected branches of Guarantee trust bank in Ikeja, Lagos.


5.3 Conclusions

Based on the findings of this study, the researcher concluded that;

  1. Post Covid-19 had an effect on the internal control activities of guarantee trust bank.
  2. Post Covid-19 had an effect on the ability of the internal control system unit to control the working environment of guarantee trust bank.
  3. Post Covid-19 had an effect on the effectiveness of information and communication regulation by the internal control unit of guarantee trust bank.
  4. Post Covid-19 had an effect on the operation monitoring by the internal control system of guarantee trust bank.
  5. In general, post Covid-19 pandemic did not have a negative impact on the internal control system of guarantee trust bank.

5.4 Recommendations

Based on the findings of the study, the following recommendations are proffered.

  1. In cases of this nature, governments should offer more financial support and promote developing technology, which can play a complementary role with an internal control to benefit firms’ sustainable development.
  2. Bank managers should invest more in internal control activities in advance to reduce the negative impact of a crisis on the performance of the organization.
  3. Regulators should help firms to establish and improve internal controls systems to avoid heavy loss during the crisis period.

The Effect Of Post Covid Internal Control System In Banking Industry (Guarantee Trust Bank)


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