INTERNAL CONTROL SYSTEM IN MANUFACTURING INDUSTRIES (A CASE STUDY OF LIFE BREWERIES LIMITED ONITSHA)
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INTERNAL CONTROL SYSTEM IN
MANUFACTURING INDUSTRIES (A CASE STUDY OF LIFE BREWERIES LIMITED ONITSHA)
ABSTRACT
INTERNAL
CONTROL SYSTEM IN MANUFACTURING INDUSTRIES (A CASE STUDY OF LIFE BREWERIES LTD
ONITSHA)
There is a
need for strong internal control system in manufacturing organization to make
sure that organization assets are safe guarded.
Considering the importance of
internal control to life Breweries limited Onitsha the researcher deems it
necessary to study the effectiveness of internal control.
Officers of the organization were
interviewed and their records were also examined related tools were also
reviewed by the researcher.
The researcher revealed that the
organization applies internal control measurers though weak, because of the
nature of human beings.
The researcher recommends that the company
should review their operation, measure applied and improve in their system of
internal control by training their staffs and changing the corrupted ones.
TABLE OF
CONTENTS
Title
page ii
Approval
page
iii
Dedication
iv
Acknowledgement
v
Abstract
vii
Table of
content
viii
CHAPTER ONE
1.0 Introduction
1
1.1 Background of study 5
1.2 statement of problem
6
1.3 Purpose of the study
6
1.4 Significant of the study 7
1.5 Statement of hypothesis
7
1.6 Scope of the study
8
1.7 Limitation of the study
8
1.8 Definition of terms
9
CHAPTER
TWO
2.0 Review of related literature 11
2.1 Introduction
11
2.2 Internal cheek and internal audit 14
2.3 Internal control in manufacturing
industries 24
2.4 Delegation of duties
29
CHAPTER
THREE
3.0 Research design and
methodology 33
3.1 Sources of data
33
3.2 Sample population and size 34
3.3 Method of data collection 34
3.4 Sources of data
35
3.5 Description of questionnaires 36
3.6 Method of data analysis
37
3.7 Method of typing hypothesis 38
CHAPTER
FOUR
4.0 Data presentation and analysis
40
4.1 Data presentation
40
4.2 Interpretation of data 48
4.3 Analysis of data
50
CHAPTER FIVE
5.0 Summary of findings, conclusion and
recommendation55
5.1 Finding 55
5.2 Conclusions
56
5.3 Recommendation
56
Bibliography
58
Appendix
(ices)
60
CHAPTER ONE
INTRODUCTION
Internal
control is defined by the consultative committee of accounting bodies in the
united kingdom as a whole system of controls, financial an do otherwise
established by the management in order to carryon the business of the
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 his records.
The individual components of an
internal control system are known as “control” or internal control.
According to J.C Ezeh Apil 2001 he
defined internal control system as a whole system of control financial and
otherwise, established by the management in order to carry on the business of
the enterprise in an orderly and efficient manner, ensure adherence to
management policies, safe guard the asset and secure as far as possible the
completeness and accuracy of the records.
The individual components of an internal control system are known as
“control or internal controls”.
Internal control by J.C. Ezeh can
also be seen in the following definitions they are:
i. As a whole system
ii. Established by the management
iii. Ensure Adherence to management
policies
iv. Safeguard the assets
v. Secure completeness
vi. Accuracy of the records
i. Internal control as a whole
system, can be seen as a single procedure (e.g a clerical officer Y, check the
calculations done by a clerical officer z) or as a whole system. The whole
system should be more than some of the parts.
ii. Internal control system are
established by the management, either directly or by means of external
consultants, internal audit or accounting personnel external auditors may be
asked to advice on the establishment of system.
Finally by
J. C. Ezeh internal control refutes to the entire system of controls in an
enterprise and is not limited to accounting information.
Millichamp
A.H of 1991 defined internal control as a whole system of control finance and
otherwise established by the management in order to carry on the business of
the enterprise in an orderly and efficient manner ensure adherence of
management policies and completeness and accuracy of records.
Oknowko I. E
of 1994 in his own definition of internal control he defined it as that which
comprise the plan of an organization and all of the coordinated methods and
measure adopted, within a business to safeguarded its assets, checking accuracy
and reliability of the accounting records, promotes operation efficiency and
encourage adherence to management policies.
Control is
necessary to assure that management policies and directives are properly
adherence to.
Management is far removed from the
scene of operation in the typical large industry and personal supervision of
employers is an impossibility. As a
substitute, management must rely on various control techniques to implements
its decision and goals.
The
responsibility for establishing and maintaining an adequate system of internal
control lies with management to decide the extent of the internal control
system which is appropriate to the enterprises.
It depends on nature size and volume of the enterprise and the
geographical distribution of the enterprise and many other factors. Management has recognized internal control as
a valuable tool in effectively carrying out its responsibilities and auditors
have pressed for improvement in internal control to their effects to be of
assistance to management as well as to permit education in audit work made
possible by the concomitant increase in the creditability of the accounting
records.
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