INTERNAL CONTROL SYSTEM: A NECESSITY TO THE SURVIVAL AND GROWTH OF PUBLIC ORGANIZATIONS IN NIGERIA

INTERNAL CONTROL SYSTEM: A NECESSITY TO THE SURVIVAL AND GROWTH OF PUBLIC ORGANIZATIONS IN NIGERIA

 

ABSTRACT

The primary objective of this project work is to discern the impact of internal control system in survival and growth of a government establishment using Power Holding Company of Nigeria, Enugu as a case study. Many people think of internal control system as a highly technical field which can be understood only by professional Auditors.

Actually nearly every establishment practices internal control in one form or another on an almost daily bases. According to WIKIPEDIA, the free encyclopedia, in accounting and organization theory, INTERNAL CONTROL is defined as a process effected by an organization’s people and information technology (I.T) system, designed to help the organization accomplish specific goals or objectives. It is a means by which an organization’s resources are directed, monitored and measured. It plays an important role in preventing and detecting fraud and protecting the organization’s resources both physical (e.g. machinery and property) and intangible (e.g. Reputation and intellectual property such as trade marks) the organizational level, internal control objectives relate to the reliability of financial reporting; timely feedback on the achievements of operational or strategic goals and compliance with laws and regulations. At the specific transaction level, internal control refers to the actions taken to achieve a specific objective (e.g. how to ensure the organization payments to third parties are for valid services rendered)

However, internal control system therefore could be viewed as a firms or organizational plan including all methods and measures taken to:

  1. Safeguard its assets
  2. Ensure the accuracy and reliability of its accounting data

iii)     Promote operational efficiency and

  1. iv) Encourage compliance with the organizational policy.

These are the main concern of this research work efforts have been made in this research work to explain the normal governmental internal control systems, and its usage as an aid to assess government institutions. Various internal control procedures being practiced in Power Holding Company of Nigeria, Ado unit are identified.

The findings were that internal control system needs urgent attention so as to ensure strict compliance to management policy.

Finally, in this research work, there is a co

 

TABLE OF CONTENTS

Title

Certification

Dedication

Acknowledgement

Abstract

Table of Content

CHAPTER ONE                                                                                           Introduction

1.1     Background of the Study

1.2    Statement of the Problems

  • Objectives of the Study
  • Significance of the Study
  • Research Questions/Hypotheses
  • Research Methodology
  • Scope of the Study
  • Definition of Terms
  • Organisation of the Study

End of Chapter References

CHAPTER TWO

  • Literature Review 17
    • Detection and Prevention of Frauds and Errors
      • Components of Internal Control
      • Method of Keeping Books and Records
      • Inbuilt Control Techniques
      • Management Techniques
    • Conceptual Explanations
      • Weaknesses and Specific Failures Connected to Internal

Control System

  • Staff Collusion
  • Abuse of Authority
  • Management Overriding Established Controls
  • Alteration of System
  • Obsolescence
  • Staff Incompetence

End of Chapter References

CHAPTER THREE

  • Research Methodology
    • Research Focus
    • Research Instrument.
    • Restatement of Research Questions/Hypotheses.

3.4     Description of the Population and Sample of the Study.

3.5     Sources of Data Collection.

3.6     Description of Questionnaire

3.7     Methods of Data Analysis and Tools of Analysis

End of Chapter References

CHAPTER FOUR

  • Data Analysis, Interpretation and Discussion of Findings 56
    • Interpretation of Terms
    • Analysis of Data
    • Analysis of Tables
    • Test of Hypotheses

End of Chapter References

CHAPTER FIVE

  • Summary, Conclusion, Recommendations and Suggestions for

Further Study

  • Summary
  • Conclusion
  • Recommendations
  • Suggestion for Further Study

End of Chapter References

Bibliography

Appendix

Questionnaire

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