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ABSTRACT
Over the years, there have being a problem of incorrect and unreliable
financial record which has lead to loss of organizational integrity. The
research work aimed among others at determining the relationship
between internal measures to proper accounting records. A survey
research design was adopted for this research study and a sample size
was selected using Yaro Yamane sampling technique as data used were
obtained from both primary and secondary sources. Four research
questions were formulated out of which three hypothesis were formulated
using regression co-efficient analysis method at 5% level of
significance and the Z table was also used for comparison between
calculated value of significance B and tab le value. The finding from
the analysis indicates that internal control measure management
performance and is necessary for the growth and effectiveness of the
organization. Financial management of any organization cannot do without
internal control as true and fair presentation of financial statement
may never be possible if the board and senior management are not
committed to providing a well planned internal control system. It also
recommends that a periodical review of the organization should be done
by the management so as to cope with the model trends in organizational
fraud prevention.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Every organization both profit or non-profit organization has its
objectives and goals in mind to achieve. For the non-profit making
organization, their goal is to satisfy the social need of the citizens
and in the effort to achieve these purposes supervision more often than
not play a vital role.
The size and scope of these organizations have sometimes made it hard
for the executors to exercise personal and first hand supervision of
operation. It is in this light that internal control established by
management is initiated. For an organization to carryout its business
there must be some factors put in place for the smooth running of the
organization like materials, machines, money etc.
These need to be well co-ordinated in order for the success of the
organization to be achieved. These factors are used by a group of
persons known as management. Neither can management exists without an
organization both are inseparable. The system of internal control
provides assurance to management of the dependability of the accounting
data used in the decision making of the organization
It has been discovered that due to lack of internal control several
banks have been discovered to have defrauded its customers mostly
foreign investors, Having discovered this, banks now take extra
precaution before clearing a cheque because of rampant incidence of
fraud and forgeries which have placed bank. Loss on average of N1m each
working day of the year in Nigeria. Due to this challenges, CBN issued a
directive to banks to increase its capital base to N25 billion.
Management use internal control as a tool to check it staff due to the
fact that managers are not able to monitor the activities of the
organization. It therefore adopts the internal control in such a way
that the system checks itself and any irregularity within the system is
been detected and corrected.
To ensure that the system checks itself, management could use devices
such as segregations, supervision of work and acknowledgement of
performance. The effective arrangement and implementation of this
control system would ensure proper management.
1.2 STATEMENT OF PROBLEM
We might not really understand the impact of internal control system in
an organization until probably we run an organization void of internal
control system.
The absence of adequate internal control measures exposes the financial
management of an organization to certain threats such as:
– Incorrect financial statement and /loss of the companys’assets.
– Stealing and mis-management of organizational vital documents which may be done by an employee to take undue advantage.
– Incorrect and unreliable financial records which may lead to loss of organizational integrity.
– Non implementation of accounting policies in consistent with the
applicable legislation appropriate in presentation of financial
statement.
1.3 OBJECTIVE OF THE STUDY
The overall purpose of this research work is to evaluate and determine
the impart of internal measures in an organizational financial
management.
A well defined organizational structure helps management to run the
business in an orderly manner. This enhance operational and efficiency,
which is the important features of internal control.
Specifically, this research work stands to achieve the following objective.
1. To determine the impact of internal control to proper use of organizations funds and assets.
2. To ascertain whether perpetration of fraud and losses of Revenue in
an organization are as a result of weakness in internal control system.
3. To ensure whether a true reflection of organizational activities are
presented in financial statement where there is an active observation of
internal control measures.
4. To determine the relationship between internal control measures and proper keeping of accounting records.
1.4 RESEARCH QUESTION
The following research questions will be used to form the research hypothesis and they are:
1. To what extent does the internal control measures impacts on appropriation of organizational assets and funds.
2. To what extent does perpetration of fraud and losses of Revenue in an
organization are as a result of weakness in the internal control system
3. To what extent does internal control enhance a true reflection of
organization activities as presented in the financial statement
4. To what extent does a relationship exists between internal control and proper keeping of accounting records
1.5 STATEMENT OF HYPOTHESIS
This research is undertaken on the basis of the following hypothesis.
HYPOTHESIS ONE (1)
Ho: internal control measure does not ensure proper use of organizations funds and assets.
Hi: Internal control measure ensures proper use of organization funds and assets.
HYPOTHESIS TWO (2)
Ho: Fraud perpetration and losses of revenue in an organization are not as a result of weakness in the internal control system.
Hi: Fraud perpetration and losses of Revenue in an organization are as a result of weakness in the internal control system.
HYPOTHESIS THREE (3)
Ho: internal control does not ensure, a true reflection of an organizational activities as presented in financial statement
Hi: Internal control ensures a true reflection of an organizational activities as presented in financial statement.
1.6 SIGNIFICANCE OF THE STUDY
There is no controversy that this research works have been conducted on
internal control system, however much emphasis has been placed on the
impact of a good internal control system on financial management of
organizations.
This research work will go a long way in helping an organization
discover the impact of weakness in internal control and suggest measures
in correcting them. It will also reveal the problems caused by bad
internal control system and be useful to students, scholars, lecturers
and other third parties as it shall open new area of further research
work and at same time advance challenges to up-coming researchers.
1.7 SCOPE OF STUDY
The impact of a good internal control aids management effectiveness in
its organization. This research will specifically Focus attention on the
activities of organizations in Nigeria and due
to the logical point that not every organization can be studied, this
research is therefore limited to the Nigeria Bottling Company. The focus
of this research is to show the impact of a good internal control
system in the performance of organization Financial management.
1.8 LIMITATION OF THE STUDY
The major constraints in this study include the conservating nature of
organization and their apathy towards providing information, especially
with respect to their internal operation policies
Human errors and biasness are other limiting factor of this study. This
is because some data’s were obtained through discussions and interviews
therefore there is the possibility of human error of omitting some vital
information. Respondent may also exaggerate important information in
order to give their organization a positive credit for fear of what seem
an invasion into the organization’s privacy. Time and finance is also a
limiting factor.
1.9 DEFINITION OF TERMS
The following terms have been used in the course of this research work
and as such need to be explained. They were as stated below:
INTERNAL CONTROL
It has been defined by the Auditing planning committee (APC) IN Uk as
“the whole system of control financial and otherwise established by
management in order to carry out the business of the enterprise in an
orderly and efficient manner to safeguard the assets and secure as far
as possible, the competence and accuracy of records, the prevention and
detection of errors and fraud in accordance with the final preparation
of financial statement.”
CONTROL
Is an exercise performed in the present to achieve a plan drawn up for the future.
MANAGEMENT
It is defined as the process of planning, organizing co-ordinating and
controlling the activities of an organization. It is seen as a group of
people who monitor and control the organization activities towards the
achievement of the organization objectives.
AUDIT
This comes from a Latin word “AUDIRE”meaning to hear in other words it means official examination of account and records.
REFERENCE
1. chambers Auddrew: the structure of internal audit October 1979,pp27-31
2. paddy: financial management for student pp 28-30
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