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Several studies have been carried out in Nigeria to find out why many organisations and industries started of well later fall or remain stagnant in their operations. In essence of internal control in any given organisation or enterprise is to checkmate the profit and loss ascertained in any given business period. The major causes of this situation were traced down to how accountability and internal control which emanated from a lot of factors, part of which are poor and inadequate internal control and accountability including inadequate provision of fund in an organisation. Without internal control and accountability, it is impossible to run any activities of any organisation like P & Co feed limited, Enugu.
According to Michael (2009) Internal control in an organisation like P & co feed limited, Enugu checkmate frauds and irregularities going on in the organisation or enterprise. Using internal control reduces the risk of both erroneous and inappropriate actions. P & co feed limited adopt the function of internal control in reducing the risk and fraud in the company.
Horngreen (2002) therefore defined internal control as referring to both administration control and accounting control. Administration control organisations showing who reports to who and all the methods, planning and control of operations.
According to Adeniji (2005), accounting control comprises the methods and procedures that are mainly concerned with authorization of sections, the safeguarding of assets and accuracy of the financial records good internal accounting helps maximise profits, they help minimize waste, unintentional errors and frauds. This well designed control measure is a step towards the achievements of an organisational accountability which in other words means success of the organisation [P & co feed limited Enugu]
According to Koontz H. W. (2008), the use of internal control system as a managerial tool for effective management in P & Co feed limited and easy accountability has been recently on great increase by detection of fraud and controlling of irregularities. Since the inception of P & Co feed limited and its enuirens there hasben rapid achievement in meeting their target due internal control system.
1.1 BACKGROUND OF THE STUDY
Marshell (2002) Stated That The Success Of Any organisation like P & co limited Enugu, is depend on its management, which reflects their ability to control cost minimum level and hence make profit. Without internal control system and adequate accountability, no organisation could exist for long, since it might no co-ordinate its various activities. Internal control is very essential in an organisation, as co-ordination of individuals, works, processed or departments enable those being co-ordinated to know what they are to do and when it is to be done. Internal control is very essential in an organisation, as co-ordination of individuals, works, processed or department enable those being co-ordinated to know what they are to do and when it is to be done. Internal control in an organisation can be made accountable with the application of computer to enhance information processing in an organisation.
According to OECD/SIGMA (2004),internal control has been recognised in the most organisation like P & co feed limited as one of the most essential ingredients, necessary for the survival of the business enterprise and government agencies. Apart from the problem of scarce recources, organisations run a high risk of fraud, errors, misappropriation of funds and inefficient and ineffective operations. Step are required therefore to minimise, if not eliminate completely these risk, by establishing internal control system. For every organisational goals and objectives are not achieved. All efforts aimed at preventing such risk or identifying and correcting such risk are viewed as internal control.
Anthony (2008) defined internal control as a the process by which managers assured that resources are obtained and used effectively and efficiently in the accomplishment of the organisation objectives.
Noreen (2000) suggested a different definition for internal control as follows: “those steps taken by management that attempt to increase the likelihood that the objectives set down at the planning stage are attained and to ensure that all parts of the organisation function in a manner consistent with organisational policies. He further defined activities which include: planning, co-ordinating, communicating, evaluation and decision making as well as informal process aimed at enhancing the efficient and effective use of the organisational resources towards the achievements of the organisational objectives.
We are treating internal control as a tool used by the management to facilitate those activities which corresponds to our area study.
Anthony and govindavajan (2004) identified several aspect or activities of management/internal control namely: planning, co-ordinating, communicating, evaluation, decision-making and influencing. Planning what the organisation should do to achieve proper accountability and the planning could be view as budget preparation.
According to Saroyer (2012), internal controls are to be an integral part of any organisation’s financial and business policies and procedures. It consists of all the measures taken by an organisation for the purpose of (1) Protecting its resources against waste, fraud and inefficiency. (2) Ensuring accuracy and reliability in accounting and operating data (3) Securing compliance with the policies of the organisation. (4) Evaluating the level of performance in all organisational units of the organisation. Internal controls are simply good business practice option him.
1.2 STATEMENT OF PROBLEM
There are many problems that triggers the researcher in conducting this research work. The most apparent one is the issue of lack of materials like adequate information system (Computer) which are necessary in gathering of data and reporting them to the appropriate distinction in any organisation. Some organisation do not make use of adequate information system and financial materials which resulted in having irregularities and error in their statement of account.
The issue of employing qualified personnel who will be well trained in the field of finance and account is another case in some organisation. Financial and accounting works needed professional in the field who can deliver at any given time and who will use his professionalism and skill in checkmating where there is errors lapses in the financial management and accounting are of the organisation.
Negligence’s in the duty of some personnel employed in an organisation can result to fraud and mismanagement. Some personnel working in some organisation do not know their duties which are called lack of job specification and this bring problem to the organisation.
Moreover, some enterprise and organisation know the value and essence of using internal control system including its element in their business enterprises, thereby affecting the financial strength of the business.
Finally, lack of appreciation and motivation by management of business firms to the personal mostly on those handling financial duties sometimes lead to embezzlement of funds and fraud, then resulting to collapse of the business.
1.3 PURPOSE OF THE STUDY
The main objective of conducting this study is to know if internal control serves as a tool for efficient management. Other specific objectives are:
a. To know how segregation of duties has helped to reduce fraud in business enterprise.
b. To know if strict adherence to authorization procedures has improved spending.
c. To know the effect of internal control inn safeguarding assets of organisations.
1.4 RESEARCH QUESTION
The research questions are as follows:
a. Does segregation of duties help in reducing fraud in business enterprise?
b. Does strict adherence to authorisation procedure help in improving spending?
c. To what extent has internal control jelped in safeguarding the assets of the business enterprise?
1.5 SIGNIFICANCE OF STUDY
The vitality of every given research work is its impact to the general public and some special field of study. In this regard, this piece of work will be of immense significant to many people and many field of studies.
Firstly, business enterprise will be enlightened on the benefits of using internal control system in their business because it will provide reasonable assurance that the objectives of the business will be achieved. And as management tools that are built into the entity as a part of its infrastructure will help manager of any business enterprise to run the entity and achieve the aims on a going basis. Business owners will be highlighted on the importance of having internal control system which will serve as the first line of defence in safeguarding asset and prevent and also detect errors and fraud in his business.
Secondly, students will acquire knowledge in what internal control system is all about by knowing the elements, parties involve, effect of IT to the concept and also benefits of using internal control system in business as a tool for efficient management.
Finally, researchers and the general public will enjoy this piece of information when they come across it. It will serve as researchable material for researcher and bundle knowledge to the public.
1.6 SCOPE OF THE STUDY
The study of internal control a tool for efficient management is limited only to the internal control system of P & co feed limited, Enugu due to many limitation the researcher encountered while striving to make a thorough research.
1.7 DEFINITIONS OF TERMS
Ø FRAUD: This is an act of description carried out for the purpose of unfair, undeserved or unlawful gain.
Ø INTERNAL CONTROL: It is a measure used by management to regulate and control the affairs of the business.
Ø INTERNAL CHECK: It is an aspect of internal and it is an arrangement in which a person work is complementary to the work of another persons.
Ø RESPONSIBILITY: This is a situation whereby one is accountable of a given job or action
Ø SEGREGATION OF DUTIES: This is a critical way to reduce the risk of both erroneous and inappropriate actions.
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