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This research was carried out to determine the impact of internal control system at champion breweries Plc. Uyo of Akwa Ibom State. In the cause of writing this project, the researcher discovered that internal control system as used in champion breweries has a great impact both in the company and otherwise. The researchers used the method of questionnaire to collect data from the personnel staff of the company and the analysis of the data showed that internal control system could be used to boost the employees efficiency. It business enterprise. It helps to safeguard assets as well as increase employees productivity; in achieving the company’s goals.
1.1 BACKGROUND OF THE STUDY
In accounting and auditing, internal control is defined as a process effected by an organization’s structure, work and authority flows, people and management information systems designed to help the organization to accomplish specific goals or objectives. It is a means by which an organization’s resources are directed, monitored, and measured. It plays an important role in preventing, safeguarding detecting fraud, protecting the organization’s resources; both physical e.g machinery and properly and intangible eg reputation or intellectual property such as trade marks. (Leslie R. Howard, 1996). At the organizational level, internal control objectives relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations. At the specific transaction level, internal control refers to the actions taken to achieve a specific objective. Eg to third parties are for valid services rendered). Internal control procedures reduces variation, leading to more predicable out comes. Internal controls within business entities are also referred to as operational controls.
Internal control as a process effected by an entity’s board of directors, management and other personnel designed to provide reasonable assurance regarding the achievement of the objectives are in categories. These include:
a) effectiveness and efficiency of operations
b) reliability of financial reporting and
c) compliance with laws and regulations.
Effective internal control implies that organization generates reliable financial reporting and substantially complies with the laws and regulations that apply to it. Whether an organization achieves operational and strategic objectives may depend on factors outside the enterprise such as completion or technological innovation. These factors are outside the scope of internal control; therefore, effective internal control system provides only timely information of feedback on progress towards the achievement of operational and strategic objectives, but cannot guarantee their achievement. Presently, some organizations are being fold up because of lack of good control measures in finance. Some companies suffer due over staff in the organization. Other factors include lack of good managers, lack of raw materials for production and lack of effective and quality control systems. This aids in poor managerial effectives. To champion Breweries Plc, Akwa Ibom State, a study will be undergone to know the level of internal control system in the organization and the extent the system a implemented to maximize profit.
1.2 HISTORICAL BACKGROUND OF CHAMPION BREWERIES
Champion breweries Plc was incorporated on July 31st 1992 as a private limited liability company. The company was later closed down due ineffectiveness in profit maximization the product produced. This inefficiency was caused by highly effective people who connived and came up with dubious activity which later led to the down fall of the company. In May 1999, the Breweries was re-established and commissioned on the 23rd of October, 2011. The offices and directors of the company includes Obong Cycril A. Nta-Chairman of the Board, Ravindranathan Mundarath Chief executive officer. Managing Directors, Director Ndaeyo U. Ndaeyo, company secretary Akan K. Mirchandar, Director Bammand Nyong, Director Shuaibu A. ottan, Director, Thompson Sam Baji Owoka Director. The company is located at industrial layout, Aka Offot. P. M. B. 1106, Uyo Akwa Ibom State. Nigeria. With a website www. Champion breweries.com, Champion breweries Plc is a Nigeria based company primarily engaged in the brewing industry. Its main activity is the production and bottling of beer and non alcoholic beverages. The company’s portfolio of products includes champion layer beer, which is a full flavoured beer and champion malta which is a non-alcoholic malt drink. The company is a member of sona group of companies engaged in brewing, distillery, packaging, glass making, real estate and transportation etc.
1.3 STATEMENT OF THE PROBLEM
The dynamism of modern business requires all companies to seek new techniques skills and modalities to ensure successful performance by their duties. However, the fact which forms the needs and problem of this research were; How efficient is the control established by top management in the organization towards the achievement of its set goals. How would internal control and in detecting errors in the implementation of organization policies, procedures and directive. How does internal control discourage criminal misuse of organization resources. And goes on to slow how effective that organization will perform if they should implement internal system in their business enterprise.
1.4 OBJECTIVES OF THE STUDY
It is hoped that the result of this work would benefit:
a) Business enterprises to check and control their financial management.
b) It will safeguard and secure not only the company’s asset but other establishments who will use internal control system to perfect their work efficiency as far as possible.
c) It will prove the reliability, security and accuracy of this system; to the company.
d) It will assist investors in decision making.
e) It will help the company to detect fraud.
f) It will assist students and other researchers who might want to study in this area.
1.5 SIGNIFICANCE OF THE STUDY
It is sincerely hoped that the result of this study would benefit:
a) The government of Akwa Ibom State in its move to finding causes of ailing industries in Akwa Ibom State and might contribute immensely to the government’s efforts at reactivating these industries.
b) The study might help the university, notably the centre for development studies in its, guest for improved management performance in government owned companies in Akwa Ibom State in particular and Nigeria in general.
c) The study could also benefit the management of not only the champion breweries Plc but also the management of other ailing industries in the statement towards goat achievement.
d) It would also help other student who might want to research into any related area of this study for the fulfillment of their requirements.
e) It might assist the potential investors in their investment and decisions involving assets management for increased net worth for the industry under study.
1.6 RESEARCH QUESTIONS
For the purpose of this study, the following research questions where used.
1. Will the management of champion Breweries Plc be able to tell how long the company has been in existence?
2. will they officers at champion breweries be able to tell the kinds of products produced by the company?
3. will be officers at champion breweries be able to tell how long they have been working in the company?
4. will the administration be able to indicate the kinds of internal control which they adopt in their organization for the purpose of safeguarding assorted?
5. Will they be able to tell the kinds of officer in change of internal control operation at champion breweries Plc, Uyo?
1.7 RESEARCH HYPOTHESIS
The following research hypothesis
Ho: There is significant relationship between internal control and managerial efficiency.
H1: There is significance relationship between internal control systems and managerial efficiency
Ho: Internal control systems and managerial efficiency is ineffective in the champion Breweries limited, uyo.
H1: Internal control systems and managerial efficiency is effective in the champion Breweries limited, uyo.
1.8 LIMITATIONS OF THE STUDY
This study is limited to champion Breweries Plc industry layout Aka Offot due to limited funds on transportation measures.
ii) The availabilities of research materials were highly expensive therefore this work is limited to the chapters considered relevant to the study.
iii) This study is limited to internal control and organization internal control system has many specific divisions.
1.9 ORGANIZATION OF THE STUDY
This work is organized into give chapters. Chapter one contains the introduction, the problem, purpose of the study, research questions, and research hypothesis, significances of the study, organization of the study and the definitions of terms as used in the work. Chapter two portrays a review of related literature as made. Chapter three takes care of the design of the study. In chapter four the data collected is presented analyzed and interpreted through the use of tables and figures to fully explain the findings. In chapter five; this is the last chapter of the work, it contains summary, conclusion and recommendations.
1.10 DEFINITION OF TERMS
1. Internal Control: Is broadly defined as a process affected by an entity’s board of directors, management and the personnel, designed to provide releasable assurance regarding the achievement of objectives in the following categories: Colbert, J. L. (1996).
(a) Effectiveness and efficiency of parts that are interdependent and interact to achieve a purpose.
(b) Reliability of financial reporting and
(c) Compliance with laws and regulations
2. System: A system is composed of parts that are interdependent and interact to achieve a purpose.
3. Authorization: This is the justification approval to perform or incur cost on behalf an establishment. Leslie Howard, (1964).
4. Internal Audit: This is a review of operations and control sometimes continuous undertaken within a business by specially assigned staff. Simmons, M. R. (1997).
5. Audit: An audit is such an investigation into a set of books, and into the documentary evidence from which such books have been complied as will enable an auditor to satisfy himself whether the balance sheet and/or statements have been drawn up in such a manner as to give a true and fair view of the state off affairs of the concern and whether the profit and loss accounts or revenue account gives a true and fair view of the profit or loss for the financial period under review and to report thereon. Galloway, D. J. (1994).
6. Fraud: This is a deliberate step by one or more individuals of deceive or mislead with the objective of misappropriating assets of business, distorting an organization’s financial performance or strength or otherwise obtaining an unfair advantage.
7. Asset: These are items owned by an organization eg land building etc. Asset could be fixed asset eg land, building or current asset eg cash. It is also defined as something owned by a person or firm which confer or is expected to confer economic benefits on its owner and which can be given a value in terms of money. Munter Paul (2003).
8. Data: This is a raw fact
9. Report: This is summary of some aspect of your data that is intended to be printed; and submitted for verifications. It summaries findings, recommendations and any response from the management.
10. Information: This is data arranged in an orderly and useful form to guide in report writing.
11. Internal check: This is the allocation of authority and work in such a manner as to afford checks on the routine transactions of day-to-day work by means of the work of one person being proved independently by another or the work of a person being complementary to that of another. Taylor and Perrys (1964).
12. Petty Cash: This is a fund or cash held by an organization and used to make small cash payment. Leslie Howard; (1964).
13. Voucher: A voucher is a business paper on which a transaction is summarized, its correctness certified and is recording payment approved. The content and layout of a voucher vary from one company to another depending on their on nature of operations. Taylor and Perrys (1964).
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