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THE RELEVANCE OF INTERNAL CONTROL IN AN ORGANIZATION
THE RELEVANCE OF INTERNAL CONTROL IN AN ORGANIZATION
ABSTRACT
This term paper is aimed at assisting person who are
interested in their knowledge about “internal control” and their operations in
to days modern business. I have embarked on the thorough research to eliminate
the fact that this control system should be topmost in any company’s priority
list.
Also analyzed
are the short comings and problem confronting these system and ways of tackling
the alarming trend of crime and fraud perpetrated in our business today?
Today a lot
of business are liquidating so many bank have failed, assets are wasted or
misappropriated e.t.c if this syndrome continues without being controlled, it
will lead to serious decline of business in the economy. It also plays the
major roles in business decision based on accounting data.
After going
through this book, you will definitely be convinced beyond all reasonable
double about the fact postulated above and also come to appreciate the relevance
of internal control a business concerns.
TABLE OF CONTENT
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of content
CHAPTER ONE
Introduction
1.1
Background of study
1.2
Definition of internal control
1.3 Their
operation in large and small firms
1.4
Objective of internal control
1.5
Definition of terms
CHAPTER TWO
2.1
Literature review
2.2 Problem of
internal control
2.3 Types of
internal control
2.4 The
major role in business decision based on accounting date
2.5 The
impact of effective internal control system
CHAPTER THREE
3.1 Findings
3.2
Conclusion
3.3
Recommendation
References
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF STUDY
International audit firms together with their government to
serve as a yardstick by which they must operate failure to do so can lead this
firm to changes of negative and serious financial penalties.
However, most business concerned have developed a means of
checking the rate of fraud, illegal acts, misappropriation of assets etc. which
had lead to many companies folding up abruptly or endeared bankrupt. One of the
best preventive against crimes being committed or stated in business is through
the establishment of internal control which must be under the supervision of an
auditor or the directors, who should have as one of their objective, the
regarding of assets, and the proper knowledge of and recording of liabilities.
Internal control, contrary to frequent misconceptions, is not
operations procedures but a check on operating procedure. They are not part of
the audit function, but the establishment of rules, and regulation proofs or
balances.
Rules and regulation are those guides and procedures
establishment for the purpose of preventing a person from handling an entire
transaction without having another person proven and checking him, guiding
against one person exercising complete charge over an entire department and
someone else approval it is necessary to point out that there are some controls
acting on the business from the outside. These are called external control. An
example of this is the auditor who is expected to be government regulation
decrees etc.
1.2
DEFINITION OF INTERNAL CONTROLS
Internal control system is defined as the whole system of
control financial and otherwise, established by management in other to carry on
the business of enterprise in an orderly and efficient manner ensure adherence
to management policies safeguard the assets and secure, as far as possible the
completeness and accuracy of the records. The individual component of the
internal control system is known as control. This definition is further broken
down to ensure a better understanding of the above.
The whole system
Internal control can be seen as single procedures. (e.g clerk
a checks the calculation made by clerk B).
Financial and other wise
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