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INTERNAL CONTROL AS A TOOL FOR EFFICIENT MANAGEMENT
CHAPTER ONE
INTRODUCTION
The study of this internal control system of an organization
is like the study of an anatomy of man. In word of Peter Druker” Good organizational
structure dose not buy itself produce good performance just like a good
constitution dose not guarantee great presidents or good laws a moral society.
But a poor organizational structure makes good performance impossible, no
matter how good the individual managers”.
Promised on this dictum, it is therefore obvious that the
organizational structures of an establishment will greatly determine to what
extent the organization is to be managed. In some organizations, jobs are not
properly defined, duties are not efficiently assigned to the right persons and
functions are sometimes duplicated with the result that in fighting within the
organization results in sub-optimization. By this I mean that each staff and
sub-manager try to impress the management and often times to the detriment of
the overall goal of the organization.
A good internal control system ensures that functions/duties
are properly defined and that duties are properly are properly assigned to
qualified staff and that there is an inbuilt control in the system to ensure
feedback, detection and correction of errors in good time.
It is the overall good of any organization to ensure its
continued existence and growth hence establishments set up certain
units/departments in their organization to ensure that its good is achieved to
a reasonable degree.
The internal audit is one such unit established by the
management to ensure compliance to policy instructions and to correct for
correction deviation from the management set guideline .it objectively
examines, evaluates and reports on the adequacy of the internal control,
thereby ensuring efficient and effective application of limited resources.
Internal check is also another internal control tool employed
by the management to ensure that the objective of the organization is attained.
The entire system of check internal audit and internal check,
which is geared towards the attainment of the organizations goal, is called
internal control.
Internal control has different definitions but most widely
accepted is that of the statement of accounting standard (SAS) which defined
internal control as “not only internal check and internal audit, but the whole
system of controls, financial and otherwise establi9shed by management in order
to carry on business of the company in an orderly manner, safeguard its assets
and secure as far as possible the accuracy and reliability of its records”. The
internal control system should be an open one and should be cheap, conveniently
manipulated by management to ensure completeness and accuracy of records and
also prevent or uncover errors and fraud. It should be based on the overall
view of the organization and should provide information for all uses of the
system.
STATEMENT OF PROBLEMS
In very human endeavor, problems and difficulties will arise.
Manufacturing is not an exception to this rule
The common problems encountered include:
1. Inadequate
capital and poor administration
2. Poor
accountability
3. General increase
in all aspects of operational costs
4. Unsteady policy
by government resulting in uncertainties
5. Internal control
breakdowns
6. Stringent loan
conditions by banks
The above general problems are easily identified and are
associated with under development of the society. There is also the
psychological angle, the problem of dissatisfaction of workers and the
attending strike action which often result to loss of many hours and disruption
of the entire system
RESEARCH OBJECTIVE
This study will be aimed at accomplishing the following
objectives:
1. To examine the
nature and scope of internal control systems in a manufacturing establishment
using Peco feeds as a case study
2. To ascertain
whether the internal control systems in use are appropriate and will lead to
efficient management
3. To identify the
principal problems associated with workers dissatisfaction and recognize the
implications of such problems for control methods
4. To seek purpose
oriented solutions and make recommendations that will go a long way in solving
the identified problems
SIGNIFICANCE OF STUDY
This research work has been undertaken in such a way that
students, researchers and interested persons would be educated in the following
areas:
1. The various
internal control systems
2. The causes of
breakdown in internal control systems
3. The effects of
an efficient or inefficient internal control systems on the management of an
organization
4. Corrective
measure to ratify an inefficient control system
STATEMENT OF HYPOTHESIS
For the purposes of the study, the researcher wishes to
states the following hypothesis:
1. That the
internal control system in operation in Peco feeds limited is adequate in the
area of promotion and encouragement of effective operational efficiency and
adherence to management plans and policies
2. That the
internal control, internal check and internal audit in Peco Feeds Limited has
been of immense help to the management both in the areas of safeguarding the
assets of the organization and the prevention of questionable claims and
payments
RESEARCH QUESTIONS
In other that the research provides the results, the
following research problems, which revolve around the basic elements of an
effective and efficient internal control, system would be utilized in testing
the research hypothesis
1. To what
extent does the organizational structure and responsibility sharing arrangement
in Peco Feeds Ltd reflect the existence of an effective an efficient control
system?
2. How
efficient is the internal control system in Peco Feeds Ltd with regards to the
safeguard of its fixed and other assets as well as in the prevention of
questionable claims and payments?
3. How
efficient is the accounting system in use in Peco feeds Ltd with regard to
responsiveness to the organizational objectives as well as in the area of accuracy
and reliability of the financial records prepared under the system?
4. To what
extent has the existence of an internal audit unit in Peco Feeds Ltd helped in
the promotion of operational efficiency and encouragement of adherence to
management policies?
LIMITATIONS OF TERMS
In very human undertaking, there has to be a limitation. The
limitation could be internal or external; internal to the extent of the
researchers ability and external to the extent of things outside the control of
the researcher.
In this undertaking finance and time has been the most
constraining factor. Some others include the usual Nigerian attitude to label
every imaginable piece of information as confidential or to secret.
DEFINITIONS OF TERMS
1. Internal control - this is defined as “not only internal check
and internal audit, but the whole system of controls, financial and otherwise,
established by management in order to carry on the business of the company in
an orderly manner, safeguard the assets and secure as far as possible the
accuracy and reliability of its records.
2. Internal check-
this is defined as “the allocation of authority and work in such a manner as to
afford checks on the routine transactions of day to day work by means of the
work of one person being checked or controlled independently by another “.
3. Internal audit:
this is defined as “an independent appraisal activity within an organization
for review of accounting, financial and other operations as a basis for service
to management.
It is a management controls which functions by measuring and
evaluating the efficiency and effectiveness of other control.
4. System: this is
define is an organized or a complex whole. It is a set of a complex related or
a an arrange of essential principles or facts arranged in a rational dependence
or collection forming a coherent whole.
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