EVALUATING THE EFFECTIVENESS OF INTERNAL CONTROL IN NIGERIA COMMERCIAL BANKS
Abstract
This study evaluated the effectiveness of internal control systems in Nigerian Deposit Money Banks, using Guaranty Trust Bank Plc (GTBank) as a case study. The study focused on operational risk mitigation, fraud detection and prevention, and regulatory compliance. A descriptive survey research design was adopted, and data were collected using structured questionnaires administered to staff across relevant departments. Data were analyzed using descriptive and inferential statistics, including simple linear regression and Pearson correlation. Findings revealed that effective internal control systems significantly mitigate operational risks, enhance fraud prevention, and ensure regulatory compliance. The study recommends continuous improvement of internal control systems through technology adoption, regular staff training, independence of internal audit functions, and periodic risk assessments.
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