Here is a project materials for Appraisal Of Internal Control System In An Organization from chapter one to five
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CHAPTER ONE
INTRODUCTION
The need for internal control in an organization cannot be overemphasized.
Both small and large size organization engages in internal control towards the effective and efficient utilization of resources.
Mean while, the internal control adopted by organization will vary.
This is as a result of the size, nature of operation, environment, influence, as well as financial strength of the organizations.Presently, many organizations both profit and non-profit making are encountering serious financial crisis because of poor internal control system adopted.
The emphasis here is that internal control should not be underrated in any organization. Base on this Emeka .E. (2000) opined thanks said that there should be well articulation organizational structure with the unit chain of command and well delegated authority to achieve for money, having full recognized this, the consultative committee of accounting bodies in United kingdom (Uk) had this to say about internal control system.
It is established by the internal control system it is establishes by the management in order to carry out the business of the enterprise in an orderly manner, to ensure adhere to management policies, safeguard the accuracy of the records.
Generally the reliability and effectiveness of internal control system in Nigeria Organization , Kogi state University Anyigba (KSU) is used as a case study.
It is used because of its reliability, transparency, accounting, effectiveness and efficiency.
Background of the Study
A formal definition of internal control was originally published by accounting profession in 1949.
This was repeatedly used in subsequent publications including statement of addition standard (ASA) and standard in Auditing procedure (SAP). In both publications, internal control was defined as:
the plan of the organization and all the coordination method and measures adopted within a business to safeguarded its assets, check accuracy and reliability of its accounting data, promote the organizational efficiency and encourage adherence to prescribed managerial policies.
In recent auditing literatures, internal control have been seen as a separate system superimposed upon accounting system and investigation and the testing of both system time this contention is to behold throughout this project work i.e there is no separation between accounting system and internal control system.
In order to acquire or achieve the aim of, an efficient and effective internal control system, there must be principal of separation of functions and the functions must be separated if internal control system is to exist in an organization such as authorization and recording, any violation of the above principal will render the system of internal control ineffective.
It is working to rote from the foregoing definition that internal control does not only relate to accounting and financial matters but it also relates to the entire system of control in an organization for instance,
where you have security officers at the gate of the company premises searching all vehicle leaving the premises, this would be part of internal control system in the organization, such check cannot however be said by any stretch of interpretation to be accounting for a financial matter.
Statement of Problem
In an organization where there are employees at various departments, there should be adequate internal control system with laid down rules for salary control procedures.
It is the responsibility of the management to initiate these control measure and make sure that they are well implemented and should assess the prospect and short coming at the control so that the effectiveness of the control over salaries and wages are ascertained.
However, most organization have fully realized the important of the internal control as one of the basic for achieving organizational goals and have now adopted this system act as a check on its day to day activities. Despite these facts,
the organization are still faced with multi-dimensional problems such as fraud, errors, ghost, workers and others. It is the researcher belief that the adoption of effective implementation of a good system on internal control on salaries and wages will take care of these short coming.
This research work is embarked on to enable the researcher study the wages and salaries control use fullness in Nigeria organization using Kogi state university Anyigba ,Kogi state as a case study
The study specially attempt consuming the following questions:
- Are time records kept by the means of supervised check recording ?
- Are personal files kept for each employees by personal independent at wages department?
- Are there independent comparism of wages paid with budgets and investigation of variance?
- Is an authority required before an employee can be collect unclaimed wages?
- Is the pay roll checked by the separate personal independently or with collective effort of the personal ?
- It was against this back drop that Anao R.A(2008:18) pointed out this ‘’kogi state university Anyigba has be recognized the need to join the band wagon of the modern organization for staying ahead of change on the environment for meeting the needs and requirement effectively and efficiently’’?
It is the researcher belief and conviction that .if these few question are answer with absolute sincerity, it will go a long way in solving some of the problem facing the Nigerian organizations
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