THE EFFECTS OF INTERNAL CONTROL SYSTEM IN AN ORGANIZATION

THE EFFECTS OF INTERNAL CONTROL SYSTEM IN AN ORGANIZATION

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CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY        

With the prevailing situation in the Nigeria economy, it is an established fact that embezzlement and mismanagement of resources is what the director of companies embarked upon, instead of adequate management of resources pulled together by the shareholders. Also these directors despite the stewardship they hold are not exhibiting accountability and transparent honesty, it is for these reasons the researcher deems it fit to examine how effective internal control system can serve as a means of preventing fraud in the public sector.

According to Oxford Advanced Learner Dictionary fraud can be defined as an Act of deceiving in order to make money or obtain goods, “Kirk Patrick” (1985) described a person who pretends to be something that he is not a fraud, deceptive, tricky, a cheat and a swindler”, furthermore fraud includes embezzlement, theft or nay attempt to steal unlawful possession of assets.

From the above, it is understood that fraud involves the use of deceit and tricks. The action, it is understood that form of forgery, falsification, of document, authorized signature and outright theft.

However, it has been establish that majority of frauds in the public sector can be attributed to lack of sound or lap set in the internal sector and the existence of poor control region.

1.2     STATEMENT OF PROBLEM

Organizations have failed in their occasional review and appraisals of the internal control system in operation or have totally ignored the operations of effective internal system in the discharge of their duties and this has over the years been the bane of an effective service to the people.

Also it is the use of internal control as a management tool. In the society; the work will also provide answers to the role of internal control in manufacturing organization.

1.3   SIGNIFICANT OF THE STUDY  

Internal control is the type of control exercised by the management within the organization. Internal control is not only internal check and internal audit but the whole system of controls, financial and otherwise, established to secure the asset and secure as far as possible the completeness and accuracy of the records.

It should be noted that the need to safeguard assets and keep proper records is an essential justification for internal control. All measures employed by an organization to:

  • Safeguard assets from waste, fraud and inefficient use.
  • Promote accuracy and reliability in the accounting records and encourage compliance with company policies and evaluate the efficiency of operations.

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