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AN EVALUATION OF THE
INTERNAL CONTROL SYSTEM IN HOTEL INDUSTRY
ABSTRACT
This project was carried out with the sole aim of studying
and evaluating the internal control system in the hotel industry
The project has three
chapter: chapter one is introduction , statement of problem, research objective,
significant of study, limitation study, definition of term
Chapter two: review of
related literature division of internal control, fundamental practical
application. The internal control process, behaviour consideration, non profit
control
Chapter three: summary of finding, recommendation and
conclusion
the data collected were presented with the use of procedure
narrative.
The study
covered the following areas of he system: records, communication,
organizational structural and control.
The finding
were that: the internal control system of some
hotel like presidential hotel limited were not adequate effective and
efficient as a result of the condition of the hotel. The researcher then made
some necessary recommendation.
References
CHAPTER ONE
INTRODUCTION
1.1 INTERNAL
CONTROL
The Canadian institute of chartered accountants. Exposure
draft of proposal auditing recommendation describes internal control as
comprising of the plan of an organization by the management of the emprise to
achieve management objective of ensuring as far as is practical the orderly and
efficient conduct of its business including the safe guarding of assets the
reliability of accounting records and the timely preparation of reliable
financial information.
The chartered
institute of public and finance accountant (CIPFA) state that the internal
control system comprise the whole system of controls financial and otherwise,
established by management in order to carry on the business of the organization
in an orderly and efficient manner, ensure adherence to management policies,
safeguard the assets and secure as far as possible the completeness and
accuracy of the record individual component of internal control system are
known as controls or internal control.
Internal
control system therefore could be view as a firms organizational plan including
all method and measure the firm takes to
vSafeguard its assets
vEnsure the accuracy and reliability of its accounting data
vPromote operational efficiency
vTo encourage compliance with company policy
Internal
control can be divided into two main categories:
Financial control which are primarily concerned with
legitimacy of expenditure
Security of assets and income and other control mainly
administrative which are created and maintained by management to ensure that an
activity is relevant to the needs of an organization and is carried out in the
most effective and efficient manner.
These
categories are independent out should not be regarded in isolation as both have
an impact on the performance of activities and their consequent cost and value
to the organization
Accounting and financial control
These consist of all accounting, financial and monetary
techniques and system built into the internal control system to promote and
encourage the attainment of the objective of the internal control. Generally,
accounting and financial control consist of :
Budgetary control
The organization should plan and control its expenditure and
income to meet its predetermined objective
Legitimacy of income and expenditure
All income and
expenditure should be in accordance with the policies of the organization
properly authorized and within the law
Security of assets
Assets of the organization should be kept in proper custody
and not wrongly applied, either by error or intent
Accounting control
It include internal audit and internal checks
Management control
These consist of non accounting and non financial system and
method which are building into the system to promote the attainment of the four
major goal of internal control system.
These goal as enumerated before are:
vTo safeguard a firms assets
vTo ensure the accuracy and reliability a firms accounting
data
vTo promote operational efficiency of a firm
vTo encourage compliance with a firms policy
1.2 STATEMENT OF PROBLEM
Most government establishment in Nigeria of which hotel
industry is one are known for their inability to keep complete and / or accurate records and quite often lose some
of the assets under their control to fraudulent workers and other enemies of
progress who adopt any strategy possible to satisfy their selfish interest at
the expense of public interest. To this and, therefore, the researcher has
chosen as the main problem of this work, to identify the nature,
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