AN APPRAISAL OF INTERNAL CONTROL SYSTEM ON LARGE FIRM

AN APPRAISAL OF INTERNAL CONTROL SYSTEM  ON LARGE FIRM

(A CASE STUDY OF EMENITE LTD ENUGU)

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CHAPTER ONE

• Introduction

1.1 Background

1.2 Statement of the problem

1.3 purpose of the study

1.4 The scope of the study

1.5 Research question

1.6 Statement of Hypothesis

1.7 Significance of the study

1.8 Limitation of the study

CHAPTER TWO

• REVIEW OF RELATED LITERATURE

2.1 Origin and purpose of internal control

2.2 Definition of internal control system

2.3 Internal check and control

2.4 Types of internal control

2.5 Element of internal control and internal auditing

2.6 Limitations of internal control

 

CHAPTER THREE

• Research METHODOLOGY

3.1 Research design

3.2 Area of study

3.3 population of the study

3.4 Determination of sample size

3.5 Instrument for data collection

3.6 Method of data collection / Administration of research instrument.

3.7 The validity of the instrument used.

3.8 Method used for water data analysis

CHAPTER FOUR

• PRESENTATION AND ANALYSIS OF DATA

4.1 Interpretation of data.

4.2 Finding

CHAPTER FIVE

• SUMMARY CONCLUSION AND RECOMMENDATION.

5.1 Summary of findings

BIBLIOGRAPHY

QUESTIONNAIRES

 

ABSTRACT

This project invested the appraisal of internal control system in large firms. The study was aimed at determining the strength and weakness of internal control system in public limited liability companies and how the existing control has helped the management in the realization of the organizational objective

 

In this project the research found out whether

1. There is regular cash survey to ensure that amount voted into imprest in judiciously used.


2. Majority of the employees are paid through banks and all authorized deductions are remitted to their appropriate authorities.


3. Stocktaking is usually carryout by a team consisting of store and accounting staff preparation of pay roll and payment of salaries are not usually done by some person.

 

Data for research was collected from both primary and secondary. Primary data was conducted mainly through the use of questionnaires supplemented by oral interview, which was conducted among the staff of the company. Data was analyzed using the chi-square and percentage method of analysis. A test was carried out which showed that system of internal control in the company is effective.

 

 

 

 

CHAPTER ONE

• BACKGROUND OF THE STUDY


• Internal control has attained greatest significance in large-scale business organizations. It is of great assistance to both the management and auditors of such organization because it enables them to carry on the business in an orderly and efficient manner. It safeguard its assets and secure the accuracy and reliability of records.

 

The primary aim of an organization that is profit oriented is to operate the business in the most efficient way. That is to maximize profit at a minimum cost. This can be made possible by establishing strong internal control which acts as regulator of an organization. The internal control can be compared to a persons nervous system. It embraces the entire organization internal control as the nervous system has five component that help it to coordinate the activities of the organization. They are:

1. The control environment


2. Risk assessment


3. The (accounting) information and communication system


4. Control activities and

 

 1.THE CONTROL ENVIRONMENT

The control environment set the tone an organization by influencing the control consciousness of the people. It may be viewed as the foundation for the other components of internal control. Control environment factors include integrity and ethical values; commitment to competence board of directors or audit committee, managements philosophy and operating style organizational structure; assignment of authority and responsibility to human resource politices and practices.

 2. RISK ASSESSMENT

The second component of internal control is risk assessment. Management should carefully identify and analyze the factors that affect the risk that the organizations objectives will not be achieved and then attempt to manage that risk. Managements risk assessment involves consideration of those factors that effects all of the organizations objective.

 

3. The accounting information and communication system information is needed at all levels of an organization to assist the management in meeting the organizations objective of major concern to the auditors is the accounting information system, and the way in which responsibilities for internal control over financial reporting are communicated throughout the organization. Accounting information system should include a chart of accounts and a manual of accounting policies and procedure as aids for communicating policies.

 

4. CONTROL ACTIVITIES

Control activities are policies and procedures that help to ensure that management’s directives are carried out. These policies and procedures promote actions and address the risks that face the organization. There are many different types of control activities performed in an organization.

 

5. MONITORING

Monitoring is a process that assesses the quality of internal control overtime. It is important to monitor internal control to determine whether any modifications are necessary. Monitoring can be achieved by performing ongoing activities or by separate evaluations ongoing monitoring activities include regularly performed supervisory and management activities such as: continuous monitoring of customers complains or reviewing the reasonableness of management reports.

 

In Nigeria, much emphasis is plaid on account ability and the keeping of accurate records of transportation by those who manage the affairs of all business enterprises.

 

    

• STATEMENT OF THE PROBLEM

The statement of research problem serves to explain in detail the information in the title of the study. This research seeks to find out the extent to which the system of internal control has helped to prevent both employee fraud and fraudulent reporting, assuming control over manufacturing and other process through the following questions.

1. How far has the existence of internal control audit has helped to minimize errors in the company?


2. do all staff see the company’s goal as a joint responsibility?


3. are all empolyee’s motivated by the process of strong internal control?

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