THE IMPACT OF A GOOD INTERNAL CONTROL SYSTEM ON FINANCIAL MANGEMENT OF ORGANIZATION

(A CASE STUDY OF NIGERIA BOTTLING COMPANY)

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CHAPTR ONE:

 INTRODUCTION

• General introduction
• Statement of problem
• Purpose of study
• Significance of the study
• Scope and limitation of the study
• Formulation of hypothesis
• Definition of terms

 

CHAPTER TWO:

LITERATURE REIVEW

• INTRODUCTION
• What is internal control
• Types of internal control
• Overview of internal control system
• Element of a good internal control system
• Stages of internal audit planning
• Problems of internal control system
• Internal check
• Ways by which organization mangoes its scare fund

 

CHAPTER THREE

RESEARCH DESIGN AND METHODOLGY

• Area of coverage
• Data source
• Questionnaire design
• Sample size
• Questionnaire allocation
• Data analysis techniques used

 

CXHAPTER FOUR

DATRA PRESDENTATION:

FINDS AND `ANALYSIS

• Data presentation
• Analysis of responses to questionnaire
• Test of hypothesis

 

CHAPTER FIVE

SUMMARY, RECOMMENDATION AND CONCLUSION 

• General summary
• Recommendations
• Conclusion

Bibliography

Appendix

CHAPTER ONE

 

• GENERAL INTRODUCTION

Every organization, profit or non- profit making has objectives  and goals in mind to achieve, for profit whole for the non- profit making organization  their goal is to satisfy the social need of the citizens, and in the achievement of these purposes, supervisor more often than not of its activities, play a document  role. But the largess of the size and scope of these organization have some times made it impossible for the executors to exercise personal and first hand supervisor of operations. It is in this light that internal controls, financial or otherwise  established by management is initiated. According to chambers Andrews (1974) “A complex organization needs an auditor as an extension of the eyes and ears of management who however effective,  the organization might be unable to inspect the work of their subordinates whose stewardship is delegated to them.

The system of internal control keeps management informed as to whether government regulation are being followed  and whether the  financial position of the organization is sound. This ensures management of the effectiveness of the activities in the organization especially the accuracy and authority of financing data

Internal control can be broadly divided  into two  main categories

1. Administrative control
2. Accounting or financial

It is the accounting or financial control function that internal audit; internal control system  thus  consist internal audit; internal checks and other accounting polices and systems built into the internal control net-work to promote and encourage the attainment of the objectives of the firm.

Internal audit is an internal function which means that it is conducted by the employers of an organization  specially designed for this purpose and therefor means. It is an organizations  management responsibility to establish the department not to do so.

The objectives of internal  auditing is to assist all member of management  in the effective discharge of their responsibilities, by furnishing them with  analysis, appraisal, recommendation and pertinent commentary in the activities  reviewed.

To attain its overall objective, internal audit involves such activities as:

• Reviewing and app raising  the soundness, adequacy and application of accounting, Financial and other operating controls and recommending effective control at a reasonable cost.
• Assertain the extent of compliance with established polices, plans and procedures.
• Ascertain the reliability and relevance of management data development within the organization .
• Appraising the quality performance in carrying out assigned
• Ascertaining the effectiveness of established policies and plans and recommending operating improvements.

Where an internal audit department operates, the statutory auditor pays particular attention to its activities as these will have a direct bearing on the scope and depth regained by the external auditor.

This system of internal check is to  prevent or detect errors and fraud and  that the system is operating satisfactorily: It also ensure an adequate accounting system to provide the  information necessary for preparing true and fair financial statement .

Since it is the sole duty of the management of an organization to detect  fraud, errors and other Irregularities and correct them before they come to the notice of the  external auditors, the internal audit procedures adopted by an organization is of consequence. As a result of this, the procedure to be adopted by an internal audit department must have these in mind and also be set up by experts in theory and in practice..

 

• STATEMENT OF PROBLEM

It has been stated earlier that the duty of detecting frauds and Irregularities lies with the management. This could only be done through an effective and efficient internal control system in an organization.

But even with the presence of the internal auditor some problem are still inherent in organization that interfere with goal attainment.

These include:

• Stock disappear in large numbers on their daily basis.
• Assets are either misappropriated or not accounted for.
• Ghost names appear in large numbers on payrolls and are undetected for at

Physical cash a