6  BIS central bankers’ speeches  When the new management of the banks took office, it became necessary to also carry out further detailed and independent assessment of the financial conditions of the banks. Thus, the third approach was to carry out management account audit of the affected banks by their new management.
The outcome was very much in line with that of the audit report. Consequently, the management took numerous actions under the CBN guidance to ensure that the banks operated effectively with particular emphasis on improving transparency and operations.