Accounting Project Topics

Financial Control in a Computerized Accounting System (a Case Study of First Bank of Nigeria Plc)

Financial Control in a Computerized Accounting System (a Case Study of First Bank of Nigeria Plc)

Financial Control in a Computerized Accounting System (a Case Study of First Bank of Nigeria Plc)

Chapter One


The need to minimize fraud and improve service to customers is very important today, due to the increasing numbers of new-generation banks therefore, the objective of this study is to assess the: –

  • The effectiveness of financial control in a computerized environment.
  • Whether computerization has minimized the level of fraud.
  • Whether computerization has improve the profitability performance of the organization, and
  • Whether it has increase speed in attending to customers needs
  • And finally, effort will be made to recommend feasible banking organization.




To the average accountants, the word “computer” translates into a miraculous machine the operation of which is beyond his or her comprehension. To the average Nigeria on the other hand the situation is even more dramatic as the computer is preserved to be a “magic box” that perform wonders. This absorb approach to the computer is a result of the inadequate or complete lack of exposure to the computer system. It’s potential abilities, it’s limitations, some of these limitations have been and are been overcome and of course, the very dynamic behavioral aspect of E.D.P systems. Development in computer technology are revolutionizing the art and science  of bookkeeping and accounting practices of the modern business world. The computer will not be used effectively if the accounting between him and the computer, because the potential of the computer is realized only when the user takes a deep interest in and gain a good understanding of the computer system which is processing the information he receive for these reasons, there is the need for the accountants and the accounting staffs in general to acquaint themselves with a working knowledge of the computer operation.

The essence is to bring out clearly what others have done in this area and see their own contribution with the aim of building on it. Specifically, this chapter will review the accounting system concept. Computerized accounting system concept, benefits of computerized  accounting and concept of financial control.


When we are talking about functional financial control in a computerized accounting system, the researcher intend to specifically look at the actual system obtainable in first bank of Nigeria Plc and their effectiveness towards enhancing or achieving it’s aim. It was discovered during the course of administering the interview and research that all accounting operation in the bank were computerized to enhance financial control.

The introduction of International Business Machine (IBM) with it’s introduction of magnetic tape electric typewriter, an automatic typewriter with text edition capability were added to the (BM) unit. Shortly after its introduction, bringing the concept of electronic mail stap close to inception.

The first development and automatic office procedure was work processing, in fact is a double system. It provide technique for preparing correspondence and document is letter perfect, the word processor the modern secretary, was the system to print it on paper.

Virtually every business is over whelmed by paper work, much of the work formally in First Bank of Nigeria Plc is repetitive, either because of continued revision or because the same document is sent to many people. For example slow payment to customers, as identified by the account’s receivable system.

Accounting programmes most follow procedures and practiced adopted by accounting procedure standard board. And Financial Accounting Standard Board (FASB).





This chapter examines the method and techniques used in solving the problems and questions raised in this research work. It also examines the problems encountered in the course of obtaining data for the research topic in question i.e financial control in a computerized accounting system.  The design to carryout is normally specified in the methodology.

Research is the process of arriving at a dependable solution to problems. Through, the planned and systematic collection, analysis and interpretation of data. It is a toll for advancing knowledge and promoting progress.

The researchers review the research method and techniques available to the researcher. Research therefore can be classified into three (3) areas of types of mainly which are of his problem ails to enable him select the appropriate reach methods. Although there are various types of research depending on any particular field chosen. But the one in which the writer is interested in is an attempt to demonstrate the step by step procedure to be follow by an organization that opened to go computerized.




This chapter is the main body of the research work of this topic.

That is financial control in a Computerized Accounting System. A Case Study of First Bank of Nigeria Plc.

It high lighten the general perspective of a computerized accounting system and its applicability in the case study. This chapter is sub-divided into four sections, each trying to being out more clearly financial control in a computerized accounting system in First Bank of Nigeria Plc.




The research aimed at looking into the need for financial control in a computerized accounting system and attempts that could be made towards the betterment of the system already inexistence and using First Bank of Nigeria Plc as a case study, the project was approached on a systematic basis starting with general view of the scope of study, aims and objectives of the study, significance of the study, the scope of the study, plan or presentation of the study.

These as followed by an attempt to review the existing literature in this field of the study, that is literature review. Accounting system was looked at in this chapter from the point of view of scholars who has created impact in the accounting system world.

This is followed by a look at the meaning of computer accounting system. The major research was done in chapter three (3) which started with research methodology. The sources of data collection (primary and secondary) and was finally followed by the conclusion.

These was followed by presentation and analysis of data. It started with an introduction, followed by computerized accounting system and its application in First Bank of Nigeria plc. Another aspect which was also discussed in this computerized system for the effectiveness of its goal.


As the topic of this research work right stated, financial control in a computerized accounting system has been practically demonstrated in the study.

This research has been carried out with the limited available resources, the fact here can be depended upon for further research study.

It is the conviction of the researcher that First Bank of Nigeria Plc has been able to drive more than its counterpart due to its effective accounting operation fully computerized. Computerization has been of tremendous help to the bank, though the fact remains that a let is yet to be done towards ensuring “a perfect and most effective financial control of First Bank of Nigeria Plc”, as quoted by the computer analyst of First Bank of Nigeria Plc, Kaduna Regional Office.

From the research data collected from different staffs of First Bank of Nigeria Plc and the field survey on fraud in the bank. The research concluded the following:-

  1. The frustration of old staff by the management of the bank is the greatest cause of fraud at the bank.
  2. That the bank does not adequately reward fraud revealers.
  3. Poor management in terms of inadequate supervision, inadequate control and favouritism are the significant causes.
  4. The inability of law enforcement agents to prosecute fraud committee is also significant cause of fraud in the bank.
  5. The experience staffs are being preferred for promotion because of proper qualification and higher seats at various levels of the bank than the experience old staffs.
  6. That unauthorized lending by branch managers are frequent types of fraud in the bank.


In the cause of this study, a number of factors were to have constituted difficulties and hence limitation of computerized accounting system towards effective financial control in First Bank of Nigeria Plc. The researcher therefore will prefer the following recommendations:-

  1. Every organization that desire to have proper functional progress in the particular area will be completely disrupted.
  2. In this case, more qualified personnel computer specialist or analyst should be employed or consulted for more chances of efficiently.
  3. At all times, the management must create an atmosphere of love and harmony between computers and personal in the organization. That is, the computerized system should not replace the human labour or else they will hinder the development or progress. This can be done by retraining its existing staff, other then recruiting new staff and disposing the existing ones.
  4. One of the most important consideration is deciding on an application package is its relevance to the particular organization. If generalized programmes are brought from the computer vendor, they are not built to specification as such more often than not the user.
  5. The organization must have update, as regard any new application package developed.
  6. This is possible by subscribing to computer manufacturing companies. Each time a new package is developed. The name, title and operation (work ability) is seat to the user in brochure form.


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