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EVALUATION OF INTERNAL CONTROL
SYSTEM IN PUBLIC SECTOR
ABSTRACT
This research work has been able to assess the type of
internal control system in public sector and how they operate bringing to light
their strength and weakness. It was revealed that internal control is the back
bone of a sound system of control in every organization. Application of
internal control has help to prevent the level of fraud and falsification of
documents. It also shows that internal control is an effective tool for
management of organizational resources. The researcher shows that organization
have a good system for safeguarding its assists for them to ensure that my
arithmetic and accounting accuracy of transaction are always confirmed in as
much as they carryout supervision of staff to comply with the well designed
organizational chart is established by the management. For the purpose of this
research work, the researcher made use of questionnaires, interview and
research assumption of collect relevant information. Having concluded this
research work to its logical conclusion, the management should ensure that only
qualified and competent staff are employed and to ensure that they are placed
on their right jobs. There should be a well defined and easy to understand
organizational chart to show areas of responsibilities and protocols for
operation.
CHAPTER ONE
1.1 BACKGROUND OF
THE STUDY
The federal capital development authority has a parastatals
and self accounting unit under the territory and controls various votes under
head and sub-head due to the fact that there is a huge financial involvement
for the provision of infrastructure, social amenities and other various
activities in the city.
It is pertinent to note that such a financial project needs
to be maintained through the organization of internal control system. Some of
their financial function is centralized purely on the department on financial
and economic development of federal capital development authority. In the
middle, great land owners would not manage their own land but would appoint
persons to manage the land for them. Similarly, today limited companies which
are owned by their shareholder would not be managed by them by director
appointed by shareholders. So, also the public own central government
resources, including the nationalized industries are managed by the government
and person appointed by government.
The role of internal
control in an organization cannot be over emphasized because it explain
organizational system or procedures which provide s reasonable assurance that
error and irregularities are prevented or detected in appropriate time,
effective internal control will induce external auditors to rely on the
financial data of an organization the purpose of internal control is to help
safeguard, prevent waste and fraud.
1.2 STATEMENT OF THE PROBLEM
In spite of the advantage of internal control system in
government parastatals, internal control system is likely to face the following
problems.
Internal control system through established by the assets and
management policy to safeguard the assets and secure the completeness and
accuracy of records, how true is this in public sector particularly the federal
capital development authority.
Abiye in view of human and financial resources committed to
what internal control can measure are in place to ensure there safety.
1.3 OBJECTIVE OF THE STUDY
The following seeks to achieve the following objectives
To identified the type of internal control in the federal
capital development authority.
To find out the extent of which internal control is applied
in the public sector with particular reference to the federal capital
development authority.
To prevent fraud and embezzlement in the public sector through
effective internal control.
To make suggestion and recommendation on how to improve its
application.
1.4 RESEARCH QUESTIONS
The study with the series of analysis has brought the
following question.
How will staff of the federal capital development authority
be able to state the type of internal control in the organization?
Does the staff have any idea on evaluating the extent at
which internal control is being applied in the day to day activities?
Can internal control be an instrument for detection and prevention
of fraud in the public sector?
Are they ready and determined to change to new method that
will be identified by the researcher or static to their old ways of doing
things?
1.5 STATEMENT OF HYPTHESIS
Before formulating the hypothesis, we need to consider some
likely problem to be encountered during the course of the study.
The hypothesis is an assumption that may or may not be true,
in effect there is need to verify the correctness of such assumption. The test
can be either be accepted or rejected, thus a population under review or
consideration.
Hypothesis must be tested.
HO: is the null hypothesis
HI: is the alternative
hypothesis
HO: is the correlation that the evaluation of internal
control system does not prevent fraud in the public sector.
HI: is the correlation
that the evaluations of internal control system prevent fraud and update the
internal control officers’ knowledge in the management of organization.
1.6 SIGNIFICANCE OF THE STUDY
The following constitute the significance of the study:
The study will help to improve operation of the capital
development authority and other similar organization.
The significance of the help to reveal the relevant of
internal control in organization with particular references to federal capital
development authority, Abuja.
These studies will also b of help to the federal capital
development authority and other related organization as to show errors and
fraud and other irregularities that could be easily detected and prevented.
To assist the researchers to satisfy the requirement for the
award of advance diploma in accounting.
1.7 SCOPE OF THE STUDY
This study covers the internal control system of the federal
capital development authority. The essence of these projects is to evaluate and
ascertain the effective of internal control on the operation of the public
sector.
The scope of the
study is mainly to focus attention on how organization operates their internal
control system and the impact of internal control system to public sector.
The scope is also
to determine how internal control system prevent fraud in the public sector and
to discover how internal control system check or control system and in
determining their performance in terms of accountability and prudently so as to
prevent distress of the institution in future.
1.8 DEFINITION OF TERMS
For more clarification of those who are non-accountants who
might find this project relevant in addressing none of their internal control
measures the following.
Terminology is defined to broaden their knowledge inn the use
of such words. Such words are accounting, system, management, auditing, fraud
and internal audit.
ACCOUNTING:
Is an information processing system that provide quantitative
information, primary financial in nature, about economic activities that are
intended for rationalizing decision making. (Ekwere, 1997:1)
SYSTEM:
Is defined as an entity (a body) having sets of elements or
compounds joined together to performed specific functions, either individually
or collectively.
INTERNAL CONTROL:
To produce the necessary accounting information there
management of a business must establish an adequate accounting system. The
system should be in corporately control, to ensure that the information
produced is reliable, complete and objective is achieved by the management.
This is referred to as the internal control system of the business (Mayo-Epp:
Ais part 1-5)
MANAGEMENT:
Is the process of getting things done through people by
supervision and also the process of organizing, planning, actualizing,
directing, coordinating and controlling in order to achieve the organizational
objectives?
AUDTING:
Is the process of examining and reviewing the accounting
transaction to give assurance that the financial statements at least to
truthfulness and fairness (Ekwere 1994:01)
FRAUD:
It is defined as the misrepresentation by a person of a
material fact know by that person to be untrue or made with reckless attitude
in difference as to whether the act is ture, with the intention of deceiving
the other party and with the result that the party is endured (Ekwere 1994:22)
INTERNAL AUDIT:
As defined by the institute of internal auditors Incan
independent appraisal function established within an organization to examine
and evaluate its activities as service to the organization (Ekwere 1994:19).
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