The First Bank Of Nigeria Internal Control Effectiveness Research

Following the recent global financial crisis and the failure of big financialinstitutions as a result of financial fraud and lack of effective internal control infinancial institutions, the need of internal control effectiveness has become ofparamount importance. This study is an attempt to evaluate the effectiveness of internalcontrol in First Bank of Nigeria and how to make the practical application of internalcontrol effectiveness.The objective of this study is to ascertain the importance of internal controleffectiveness evaluation in commercial banks with a case study of first bank of Nigeriaplc as well as internal control factors and Enterprise Risk Management (ERM) andascertain the factors affecting internal control effectiveness in first bank and proffersolution through the use of fuzzy mathematic model comprehensive evaluation. Theconnotation of internal control effectiveness should include internal control objective,internal control factors etc. Based on the international evaluation methods oneffectiveness of internal control, this paper concludes that risk-based valuation methodis the future development trend and factors influencing its effectiveness are mainlyevaluation body, evaluation standards and evaluation scope.The solution to the problem of internal control ineffectiveness in first bank can berealized through optimizing internal control environment, perfecting internal controlsystem, effective internal control disclosure system, strengthening internal controlmonitoring and strengthening external evaluation system.