The primary objective of this project work is to discern the impact of internal control system assessment in government establishment Power Holding Company of Nigeria, Enugu as a case study. Many people think of internal control system as a highly technical field which can be understood only by professional Auditors.
Actually nearly every establishment practices internal control in one form or another on an almost daily bases.
According to WIKIPEDIA, the free encyclopedia, in accounting and organization theory, INTERNAL CONTROL is defined as a process effected by an organizationâ€™s people and information technology (I.T) system, designed to help the organization accomplish specific goals or objectives. It is a means by which an organizationâ€™s resources are directed, monitored and measured. It plays an important role in preventing and detecting fraud and protecting the organizationâ€™s resources both physical (e.g. machinery and property) and intangible (e.g. Reputation and intellectual property such as trade marks) the organizational level, internal co9ntrol objectives relate to the reliability of financial reporting; timely feedback on the achievements of operational or strategic goals and compliance with laws and regulations. At the specific transaction level, internal control refers to the actions taken to achieve a specific objective (e.g. how to ensure the organization payments to third parties are for valid services rendered)
However, internal control system therefore could be viewed as a firms or organizational plan including all methods and measures taken to:
i)Safeguard its assets
ii)Ensure the accuracy and reliability of its accounting data
iii)Promote operational efficiency and
iv)Encourage compliance with the organizational policy.
These are the main concern of this research work efforts have been made in this research work to explain the normal governmental internal control systems, and its usage as an aid to asses government institutions. Various internal control procedures being practised in Power Holding company of Nigeria, Enugu unit are identified.
The findings were that internal control system needs urgent attention so as to ensure strict compliance to management policy.
Finally, in this research work, there is a constructive explanation of scope, objective, basis concepts and principles of internal control applicable in government establishment as an aid to solving the problem of expenditure control. The researcher therefore conclude that for internal control to be effective, emphasis should be placed on the accountability morality, integrity, Honesty, ethics and behaviours of the officers operating the system.
TABLE OF CONTENTS
TABLE OF CONTENTS
1.1BACKGROUND OF STUDY
1.2PURPOSE OF THE STUDY
1.3STATEMENTS OF PROBLEM
1.6SCOPE AND LIMITATION OF STUDY
1.7DEFINITION OF TERMS
REVIEW OF LITERATURE
2.1.1COMPONENT OF INTERNAL CONTROL
2.1.2METHODS OF KEEPING BOOKS AND RECORDS
2.1.3INBUILT CONTROL TECHNIQUES
2.2WEAKNESSES AND SPECIFIC FAILURES CONNECTED TO INTERNAL CONTROL SYSTEM
2.2.2ABUSE OF AUTHORITY
2.2.3MANAGEMENT OVERRIDING ESTABLISHED CONTROLS.
2.2.4ALTERATION OF SYSTEM
3.0RESEARCH DESIGN AND METHODOLOGY.
3.2SOURCES OF DATA
3.4SAMPLE SIZE DETERMINATION
3.6METHOD OF ANALYSIS
DATA PRESENTATION AND ANALYSIS
4.3ANALYSIS OF QUESTIONNAIRE RESPONSES
4.4TESTING OF HYPOTHESIS
SUMMARY AND FINDINGS, CONCLUSION AND RECOMMENDATION.
5.1SUMMARY AND FINDINGS
Internal Control System: A Necessity To The Survival And Growth Of Public Organization (A Case Study Of Power Holding Company Of Nigeria. Enugu)
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ABSTRACT The scope of governmental auditing has been widened over the year by the demand for independent verification of information to the extent that it can no longer be limited to the audit of financial operations, but value for money audit which ensures that the activities and programs are carried out at low cost and high standard. Lack of... Continue Reading