INTERNAL CONTROL IN AN EXAMINING BODY A CASE STUDY OF WEST AFRICAN EXAMINATION COUNCIL ENUGU ZONAL OFFICE
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INTERNAL CONTROL IN AN EXAMINING BODY
A CASE STUDY OF WEST AFRICAN EXAMINATION COUNCIL ENUGU ZONAL OFFICE
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
1.2 Statement of problem
1.3 Purpose of the study
1.4 Significance of the study
1.5 Scope and limitations
1.6 Statement of Hypothesis
1.7 Definition of term
CHAPTER TWO:
REVIEW OF RELATED LITERATURE
2.1 A checklist of internal control
2.2 Qualities of a good internal control
2.3 Internal
control and Accounting profession in Nigeria
2.4 Internal
control of real-time installation
2.5 Consideration of an effective control system
2.6 Articles
that enhance internal control system
(magazines
and journals)
CHAPTER
THREE: RESEARCH DESIHN AND METHODOLOGY
3.1 Source of Date
3.2 Survey instruments
CHAPTER
FOUR:
DATA
PRESENTATION, ANALYSIS AND INTERPRETATION
4.1
Presentation and Analysis of data
4.2
Interpretation of data
CHAPTER FIVE;
FINDINGS,
CONCLUSION AND RECOMMENDATIONS
5.1 Findings
5.2
Conclusion
5.3
Recommendation
Bibliography
Appendices
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study:
Internal control was defined by the
Auditing standards and guideline as a whole system of control both financial
and otherwise, established by management in order to carry on the business of
on enterprise in an orderly and efficient manner, ensure adherence to
management polices, safeguard the asset and secure as far as possible the
completeness and accuracy of records.
In reality, internal control form the
bedrock of auditing both from the point of view of management and the auditor,
its objectives being the prevention or early detection of fraud and errors. It
may include internal auditing which qualifies as part of the system of internal
control and it is designed for the following reasons:
(a) To enforce financial and other control:
(b) Ensure adherence to management policy
(c) Help to safeguard the assets (cash)
(d) To ensure the accuracy and reliability of
the records
(e) Help to ensure orderliness in the business
and
(f) Help in the prevention and early detection
of fraud and errors.
An
artificial review of the change in the Accounting practice will depict the
essence of internal control system in an organization especially in an
examining body.
The earliest known form of accounting,
which is stewardship, Accounting started as far back as 450 B.C. This form of accounting involves the orderly
recorded of business transaction by person appointed by the landlord to serve
as a stewards for them. This was later changed as the recording remained
primitive stewardship accounting pave may to financial accounting during the
nineteenth century which marketed the era of industrial revolution”. This
indeed led to the advent of joint stock companies- a situation where by group
of individuals contributed capital in exchange for shares in the asset and
profits of the company sea bubble of 1720, had earlier on instilled fear and
suspicion in the mind the public that they doubt the ability of the directors
to carry out this type of trade honestly.
Management accounting however, is not
left but for it is another aspect of accounting that got it authority and
ground from the historical recording and analyzing role of accounting to
emphasizing detailed information for internal planning, control and decision
making.
Currently most business are operated by
limited liability companies which are owned by their share holders, but managed
by the directors appointed by them.
In the same vein, the public corporation
and establishment, and even examining bodies are owned by the public but under
the management of appointees.
The appraisal of the work of these
appointees are carried out by an independent person referred to as an auditor,
who is charge with the responsibility of evaluating and examining the accounts
of the management and report on his finding to the owners (share holder) of the
company or corporations. It is pertinent to note that one of the tools or
mechanism adopted by an auditor in appraising the work of the management is the
internal control system with this system of control, the share holder are convinced
or self assured on efficient and effective management of their assets and
resources.
1.2
STATEMENT OF PROBLEM:
In an attempt to overcome envisaged
problem in the presentation of accounting information and the system internal
control, the government made a leading statement and regulations which serve as
a yardsticks by which an accounting system could be measured. Also accounting
and Auditing professional bodies laid town some guidelines, which will guide
their member, and all practicing Accountants and Auditor in the performance of
their professional duties.
It is pertinent to note that several
cases of frauds, misappropriation of public funds, looting of public
properties, and other irregularities in connection with public funds have been
reported in different establishment in our country which West African
Examination Council is not exceptional.
Therefore, it is the aim of the research
to use this study entitled “internal control an examining body” to ascertain
the effectiveness of control system employed in government owned establishment
by using the laid down rules and regulations as parameters.
1.3 Purpose
if the Study:
The mission statement of the study is to
find out the effort made by government institution including the bodies towards
ensuring compliance with the set out police, guidelines and procedures as laid
down by Auditing standards and guidelines and the financial Regulations.
Internal Audit function however, need to
be reviewed in order to find out the extent it is performing its duties as the
internal control system watchdog. Also there is need to ascertain the
objectives of internal control the basis for its development and factors
militating against it smooth running. Questions on whether the control measures
employed by the examining bodies are adequate relevant and reliable as to
ensure the safety of assets, completeness and accuracy of record should be
ensured.
Finding,
recommendations on how to improve on the arrears of weaknesses (if any) will be
given.
1.4 Scope
and Limitations:
Due to the
versatility of internal control, it is not possible to deal with it
exhaustively going by limitations in time and resources.
In the first
place, the time limit is applicable in that the researcher has to handle this
as well other courses that will hardness the successful completion of the
programme.
Another
limiting factor boils down to finance. This has made the research not be
detailed because of the hard economic situation in the country and its
consequences.
Consequence
to the above limitation, the scope of thee research work has been reduced to a
manageable level. The study will be restricted to examining bodies with
particular reference to the Nationals Examination Council (WAEC) Enugu zonal
office and will further be narrowed to four (4) main divisions of internal
control viz
1. Fixed asset control
2. Cash control
3. Stock maintenance
4. General financial
1.5
Significance of the Study:
Fraud of all kind and misappropriation
of funds and properties are invoked in most government establishment of which
the examining bodies are part of the posterity. In order to achieve the
corporate objective and the needed fulfillment of the individual employees,
there is need for the system of control to be adequate in design, effective and
efficient in operations.
Government
who is the main provider of funds and resources for these organizations will
benefit from this study; as the maternal control system is to conserve funds
and resource.
Other who
will benefit from this study are the employees of these examining bodies who
are dependent upon these organizations for their livelihood. Also future
researcher and students may find the study very relevant and beneficial.
Finally, the
attendant increase in the examining bodies, this study entitled “internal
control in an examining bodies will be of immense interest to the prospective
candidates.
1.6 Research Questions
The
following research questions were formulated by the researcher:
1. What are the impacts of internal
control system in West African Examination Council?
2. How effective is the internal control
system in West African Examination Council?
3. What are the problems encountered by
the internal control unit of the organization?
4. How adequate is the control measures
employed by the examination body?
5. How can the problems be solved?
1.7
Statement of Hypothesis:
Below was
the hypothesis-formulated test the effectiveness of internal control system in
an examining bodies using West African Examination (WAEC) as a paradigm:
The internal control system in the West
African Examination is ineffective.
1.8
Definition of Terms:
For clarity
and common understanding misinterpretations the following specialized terms are
hereby defined:
Internal
Audit
This is an
independent appraisal function with an organization for the review of system of
control and the quality of performance as a service to the organization. Their
objective examines, evaluates and reports adequacy of internal control as a
contribution to the proper economic, efficient use of resources.
Internal
Check
Continuously
as part of the routine system, whereby the work of one person is proved
independent or is complementary to the work of another. The rationale behind
this is for prevention or early detection of errors and delegation and fraud.
It includes matters. Such as delegation and allocation of authority and the
division of work, the method of recording transactions, and the use of
independently ascertained total against which a large number of individual
items can be proved.
Vouching
Audit
This is a
method of auditing which involved a consideration of each entry in the book and
vouching the available evidence to support each entry, the evidence usually
consist of document and papers and should satisfy the auditor that.
(a) the transaction was authorized by the
management.
(b) The transaction was correctly and adequately
described by the entry in the book.
(c) The entry is correctly incorporated in the
final accounts.
(d) The transaction came within the aims and
objectives of the organization.
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