This to avoid the effect of such risk and uncertainties management and other potential banks are achieved to adopt the challenges financial control in banking industry.
The challenges of financial control in banking industry will expose the position of the banking in terms of performance and efficiency of operations.
The show whether the management are efficient or inefficient utilization of resources such as capital. This project work is aimed at high lighting the challenges of financial control in banking industry.
Chapter one (The introduction) will explain the meaning of financial control, it will go four there to explain statement of problem, statement of hypothesis purpose of the study, its significance of the study scope of study, limitation as well as definition of terms with respect of financial control.
Chapter two deal with the literature review.
Then the explanation of selected financial control will also be shown.
Coming to chapter three which talks research methodology, source of data, primary data, secondary data, method of data analysis.
The four will show the data presentation analysis and interpretation.
Finally, chapter five, summary to be made will be stated followed by conclusion and recommendation to ensure effective and efficient use of financial control. The conclusions will inform reader that the challenges or benefit of financial control in banking industry.
The chapter one is the introduction will also explain the meaning of financial control it explain statement of problems and purpose of the study and its significance objectives of the study as well as the definition of terms with respects of financial control.
Chapter two deals with the literature review then the explanation of selected financial control.
Coming to chapter three which discuss about research methodology, the design describe here. Then the techniques for collection of data will include the questionnaire, personal interview and secondary source. The data analytical tools to be used as percentages size analysis and chi-square.
Then chapter four will show the collection of data and the analysis of the data collected. Lastly in chapter five, Summary, findings to be made will be stated followed by conclusion and recommendations to ensure effective and efficient use of financial control by the users for investment decision. The conclusion will also inform the readers or users that the challenges control or benefits financial control in evaluating the performance of companies for investment decision cement be over emphasized and that if neglected the share holders or investors will not know their position or gate of their respective companies.
TABLE OF CONTENTS
CHAPTER ONE
1.1 Statement of problems
CHAPTER TWO
2.1 Nature of control financial literature
CHAPTER THREE
3.1 Research Design
CHAPTER FOUR
CHAPTER FIVE
5.0 Summary, Conclusion and Recommendations
It is impressive to state that success or failure of any industry (most especially the banking industry) depends on how well the finance is controlled. Some banks have liquidated due to ineffective financial control.
Financial control thus be defined as the process which assumes that financial resources are obtained economically on used efficiently and effectively in the accomplishment of desired goals. It will be found that there control parameter or benchmarks, which becomes the standard against which subsequent actions are compared are themselves the product of financial planing decisions. However, since financial control is an assurance process, it includes the process of decision making. If the assertion is accepted that management consist of decision and actions financial control becomes a part of the process f making financial decision but not the decision themselves.
It covers the entire process of monitoring actions emanating form the decision seen as an integral part of financial management, it also forms part of planning, budgeting, accounting, reporting and reviews.
A financial control system has some principal characteristic.
In this project work the researcher shall enumerate some of the financial tools those employed by the banking industry and their effectiveness.
However, financial system refers to a set of rules and regulations and the aggregation of the financial arrangement, institutions and agents that interact with other and the rest of the world to foster economic growth and development of a nation, it does this by providing a medium of a nation, it does this by providing a medium of exchange which promotes specialization, mobilization of saving from the surplus unit and channeling them into deficit unit of the economy for productive investment which would enhances the productive capacity and overall output and employment.
An efficient and a highly developed financial system is essential to a healthy economy. It is primary role is the distribution of capital in the economy e.g the personal saving of an individual placed in a bank, can be loaned to another individual to buy a house or a business form to build a plant thus our can see that the activity if the financial affects every citizen within the economy.
1.1 STATEMENT OF PROBLEMS:
There has been an increase in the rate of collapse in the financial institutions most especially the banking industry. These are likely due to a lack of financial control.
This has however geared the researcher to look in questions stated below.
PURPOSE OF THE STUDY
The main purpose of this research work is to meet the requirement of the award of higher national diploma (HND).
Also since it is know that finance (money) is the life blood of any country, the researcher has taken a keen interest to look into the measures/tools used by the financial controller to evaluate the control of finance in financial institutions (Banking industry as a case study).
More so to determine whether these control measures are effectively employed. This help a lot to know the casuals of failure in the banking industry in one country.
STATEMENT OF HYPOTHESIS
There are statement of relationship between variables that are related to problems which the researcher wishes to investigate. They are as follows.
Ho 1. Tat proper financial control in banking industry has
prevents the failure and liquidation of banking industry.
Hi That lack of proper financial control in baking industry
has prevent the failure and liquidation of banking
industries.
H0 2. That proper financial control in banking industry
encourages financial institutions to give out more loans
to banking industry.
SIGNIFICANT OF THE STUDY
Since finance is the “Life wire” of every industry of which if not properly managed will make an industry to collapse, there no doubt that the significance or important of its study cannot be over emphasized.
The study is significance in the sense that it will bring to line light the effective financial control measures which the baking industry should adopt inorder to curb the ill befalling it and thereby achieving great success.
Another significant of the study is that it is a good vehicle for rapplied learning for student.
SCOPE OF THE STUDY
There are lots of financial control measures used in the banking industry but this research work shall be restricted to financial statements, ration analysis and financial budgets. There tools are used to evaluate an industry's performance in dimension that are crucial to its health and survival.
The research interested covering several banks in different parts of the country but due to some constrains which shall be discussed later, the research has been limited to union bank PLC.
The finding from the case study shall be used to represent the situation in the banking industry in Nigerian.
LIMITATION OF THE STUDY
It is not easy task to undertake research work in any filed of human endeavor. Mine is not an exception, such problems like finance, secrecy, the size of the establishment and time have all contributed to narrowed result.
Secrecy: This has to a great extent limited the scope of my study. The banking industry dwells strictly on keeping secret any information concerning its affairs.
This did not enable the researcher get much information to back research findings.
Size of the Establishment: The researcher only careered a branch of union bank out of the many branches and head offices.
This is due to fact that the head office is for from school and which the researcher cannot keep visiting due to lack of adequate fund and time.
Finance: The researcher did not find it easy going from school tot he case study every time before he could get the little data and because the researcher was running short of fund, the visit not be intensified.
Time: The time allotted this research work is to short and coupled with other academic work which the researcher has to face, thereby reducing the research work minimum.
DEFINITION OF TERMS:
In other to acid proper understanding, some terminologist are defined below.
operating account containing no funds.
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