THE IMPACT OF EFFICIENT INTERNAL CONTROL IN AN ORGANIZATION (A CASE STUDY OF ANCHOR INSURANCE COMPANY LIMITED, UYO)
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THE IMPACT OF EFFICIENT
INTERNAL CONTROL IN AN ORGANIZATION (A CASE STUDY OF ANCHOR INSURANCE COMPANY
LIMITED, UYO)
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
THE STUDY
Formulation and implementation of bound policies is one of
the attributes of a successful business. It’s the function of management in any
business either large or small to formulate policies for the business and
ensure that the policies that they have formulated one religiously implemented.
Santocks (1979), states the management to set guidelines for
documentations of transaction for safeguarding of assets of the enterprise and
for approval and authorization of transaction. Management also have function task
and responsibilities to it’s employees and ensures that organizational goals
and objective are not only met, but are met on target.
In short, the success of failure of any business rests on the
shoulder of it’s management. This bread function can only be achieved by the
management, if it has a control measure and standard to which all it’s
employees should adhere to also not possible for the management of a business
to be at all times and place to personally supervise operations. Hence
management usually installs all system of control which guide it’s employees on
how to perform in accordance to managements stated policies and guidelines. And
the measure is known as internal control.
The establishment and maintenance of a system of internal
control is an important responsibility to management (Auditing standards: 1982,
p55). And the system once installed, should be under continuous supervision by
management to determine that it is functioning as prescribed and modified as
appropriate for change conditions.
Large and small organizations have the financial, capability
and human resources to police their employees, and supervise them more
appropriate as a complement of internal control, but small organizations do not
posses either financial capacity or the supervisory man power to assist
management in their asset to closely monitor operation and compliance to
policies and guidelines. Hence, internal control becomes more compulsory and
relevant to them.
1.2 BRIEF HISTORY OF
ANCHOR INSURANCE, UYO
Anchor Insurance was incorporated on 16th June, 1989 as an
insurer and was licensed on 17th October, 1989 to commence general business.
Anchor Insurance is wholly owned by Akwa Ibom State Government. The companies
head office was formerly in NO. 57 Wellington Bassey Way, Uyo. But now is in
No. 7 Aka Road, Uyo.
It formally commenced operation on 10th November 1989 with
general business. It has now added a life business line to this operation. The
company has branches various cities in the country, examples are Lagos, Port
Harcourt, Calabar, Aba, Ikot Ekpene, Ikot Abasi, Ikono, Itu, Abak, Oron,
Etinan, Ukanafun, and the head of it at Uyo.
The company is headed by the Managing Director (MD). It has a
broad which make policies for companies. The board has the honourable
commissioner for finance as chairman. It has functional departments such as
finance/accounting, personnel administrative, marketing department,
life/pension department as also public relation department.
The general business department takes charge of fine as
special rents. Consequential, law, burglary goods transit, marine insurance,
personal assistance group personal assistance / workmen compensation and
merrier insurance.
Life assurance is effected as a protection against loss
caused by death. The life assurance policy may be whole life assurance or
endowment. While the bond department takes care of performance bond advance
payment, customer bond and also credit bonds.
1.3 RESEARCH PROBLEM
In organization with very few employee’s (Mergs et al, 1977,
p. 169)” there is little or no opportunity for division of duties are
responsibilities”. This makes their interest control to be weak or even
completely non – existence in some cases.
Weak or lack of control, lead to fraudulent practice
carelessness and outright embezzlement of company properties. This weak or lack
of impact of internal control has contributed to the winding up of
organizations due to the problems name above. With this in mind, the importance
of internal control to organization cannot be over emphasized.
1.4 PURPOSE OF THE
STUDY
The purpose of the study is to:
Find out if internal control system exist in anchor insurance
company Uyo, Akwa Ibom State.
To ascertain how they have complied with the system that they
have.
To determine if it has helped to reduced error rate in the
company.
To determine if that system has helped in controlling
fraudulent practices in the company rate in the company.
To suggest means of enhancing effective internal control in
the organization.
1.5 RESEARCH
QUESTION
Does the anchor insurance company really has an internal
control system?
Does the management utilizes the internal audit and annual
report is managed decisper internal control system of the organization?
Has the internal control system reduced error rate
organization?
Is there any problem mutilating against efficient internal
control system?
1.6 SIGNIFICANCE OF
THE STUDY
Many organizations do not even know what internal control is
all about. Some of these who has the knowledge think that it is too expensive
to install or that it is impossible in companies.
Also, this research would guide and would be a source of
reference or significance to the accounting student of Uyo City Polytechnic and other
institutions of higher learning in Nigeria. It could be a source of information
for their academic advancement.
This study has been improved on the growing need of our
industries especially those undertaken, accounting practice on manufacturing
companies as in Anchor Insurance Companies.
1.7 ASSUMPTION OF
THE STUDY
It is assumed that
The officials of the company under study would co-operate
with the researcher and give positive responses to questionnaire submitted to
the company.
Another assumption is that, the supervision should give the
researcher the necessary guidance and useful suggestion so as to complete the
project on schedule.
Distributed questionnaires would be completed and promptly
returned by the workers of Anchor Insurance Company, Uyo.
Another important assumption is that God would strengthen the
researcher to stand and complete the project successfully.
That the information gathered would be vital and correct.
1.8 LIMITATION
/SCOPE OF THE STUDY
The scope of this study was limited to accounting information
supplied by Account Department of Anchor Insurance Companies and the
significance of these information and how it help management to achieved it’s
corporate object.
1.9 DEFINITION OF
TERMS USED IN THE STUDY
Business: This is a series of profit directed activities that
are designed to supply and distribute useful and valuable goods and services to
customers.
System: The term “system” is used extensively and sometimes
rather loosely in connection with many factors of life and existence, e.g.
business system, computer systems, school system etc. A system therefore is
composed of parts that are inter-department and interact to achieve a purpose.
Accounting Controls: These are internal based directly on the
accurateness and reliability of the accounting data and financial statement.
Effects: The result or outcome of purpose or intention.
Internal Control: This includes the method by which top
management authority and assigns responsibility for such function as selling,
purchasing, accounting and production.
It is also includes programmes for preparing, verifying and
distributing to various of supervision to maintain and control over the variety
of activity and function that constitute a large scale corpta enterprise.
Administrative Control: These are internal controls that are
not based upon the accurateness are reliability of accounting data.
Efficiency: This means the capacity of produce desired result
with minimum costs.
Company: This is an association of person for carrying on a
commercial or industrial enterprise of business.
Management Control: This is the process by which company
personnel consisting of line managers and supervisors assure that the
organization carries out it’s activities effectively and efficiently.
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