This is a complete project materials on Internal Control System and Performance of Manufacturing Company In Nigeria from chapter one to five with references and abstract.
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ABSTRACT
The constant failure of many organization resulting from fraud due to loopholes in the Accounting system of the organization calls for a proper understanding of the “Internal control System” and its impact on manufacturing organization performance. Internal control System has remained the bedrock for organization or management efficiency.
The objectives of these study is to find out what makes the Internal control System of a manufacturing company, to examine critically the impact of Internal control in the management of the company under these study to assess the strength and weakness of Internal control System in the manufacturing organization, to make necessary recommendation on how to correct lapses in Internal control which may be discovered at the course of the research. Method of data collected, was done through questionnaire and other relevant literature.
Data collected were properly analyzed and frequency table was used in the analysis. The techniques adopted was random sampling techniques, used to get total number of twenty two (22) staff administrative/accounts of Olasco pure watercompany were subjected to questionnaire and of which five (5) of them were senior management staff and the rest were also given questionnaires.
The major findings of this research work states that good accounting system of the company is product of its Internal control System. Recommendation state that, it is imperative that companies should operate with effective Internal control System to reflect on the organizational performance.
TABLE OF CONTENT
Title page
Certification
Dedication
Acknowledgement
Abstract
CHAPTER ONE
INTRODUCTION
Background of the Study
Statement of Problems of the Study
1.3 Research questions
Aims and Objectives of the Study
Significance of the Study
1.6 Scope and Limitation of the Study
1.7 Organization Plan of the Study
Definition of Terns and Concepts
CHAPTER TWO
LITERATURE REVIEW
2.1 Introductions
2.2. Conceptual Review
2.2.1 What is Internal Control System
2.2.2 The Concept of Internal Control
2.2.3 The Objectives and Roles of Internal Control Framework
The Major Elements of an Internal Control Process
2.2.5 Scope of the Internal Contro
2.2.6 The Importance of Internal Control
2.2.7 Types of Internal Control
2.2.8The Internal Control Procedure
2.2.9 Limitations of Internal Control
2.2.10 Control Environment
2.2.11 Internal Audi
2.2.12 Function of Internal Audit
2.2.13 Reliance of Internal Audit
2.3 Theoretical Review
2.4 Empirical Review
CHAPTER THREE
RESEARCH METHODOLOGY
3.0 Introduction
3.1 Research Design
3.2 Population of Study
3.3 Sample and Sampling Techniques
3.4 Sources of Data Collection
3.5 Research Instrument
3.6 Methods of Data Collection
3.7 Techniques of Data Analysis
3.8 Decision Rule
CHAPTER FOUR
DATA ANALYSIS AND INTERPRETATION
4.1 Introduction
4.2 Presentation and Analysis
Testing of Hypotheses
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
1 Introduction
5.2 Summary of Findings
5.3 Conclusion
5.4 Recommendations
References
Appendix A (Introductory Letter)
Appendix B (Questionnaire)
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
There are several problems faced by organizations, some of them are the problem of scarce resources, high risk of fraud, errors and lot more. Steps are required therefore to minimize this risk by establishing operating rules and regulations which is simply referred to as internal control system.
Every organization that wants to enhance its performance needs an effective internal control system in place irrespective of whether they are new, old, big or small businesses. An internal control is so necessary that no organization can perform well without it.
Therefore, internal controls can said to mean those procedures, rules and regulations which are set up by organizations to ensure that the use of their resources are maximized and that the potential risk of intentional and unintentional irregularities are reduced to a minimum Charles Dains (1992).
Internal control system is the whole system of control financial and otherwise establish by the management of an organization in order to carry out the business of the enterprise in an orderly and efficiency manner. It main objectives are to ensure adherent to management policies safeguard its asset and to ensure records of the organization is complete and secured.
According to Charles Dains (1992), an internal control system is defined as a set of policies and procedures designed to protect assets, ensure compliance with laws and company policy, provide accurate accounting records and evaluate performance.
Also, internal control to be a means through which management obtains the information, protection and controls that is vital to successful operations of a business enterprise.
This research work is structured to examine the effectiveness of internal control on organizational performance using Olasco Pure Water Company as a case study.
1.2 Statement of problems of the Study
The series of business failures and corporate scandals have been identified by KPMG to be as a result of weak internal control system. The failure of EnronCorporation (an American energy company based in Houston, Texas) in 2001 caused a precipitous decline in investor confidence in the capital markets. The federal government through the regulatory authorities has responded to this, by passing guidelines using SAS2 under information which is to be disclosed in financial statements.
The guidelines codified the responsibilities of corporate executives, corporate directors, lawyers, accountants and created a board oversight regime for auditors of public companies. In seeking to enhance accountability and restore investor’s confidence, the guidelines emphasizes the critical role of internal control over financial reporting. This gave rise to the need for corporate governance especially in public institutions.
In recent times, there is an evidence of lack or inadequacy of a strong internal control system in many organizations due to the frequent occurrence of fraud committed by employees of some business organizations in Nigeria. This includes the some pure water and manufacturing companies.
Just like in every successful organization, internal control also plays a big role in the pure water industry and cannot be overlooked.
The internal control system is a very important part of any organization. It helps to prevent fraud and many other irregularity within the company. The major problem in question therefore is,
- To evaluate the effectiveness of internal control system in a pure water company and the efficiency of such to make sure that internal checks are conducted properly and adhered to by internal audit staff and management.
- The internal control system in an organization stresses it strength and weaknesses.
- Testing the efficiency of the internal control system gingered the researcher to make a study and establish if any, the fact that the existence of an efficient internal audit department (IAD) or system can alert the inefficiencies of the company.
1.3 Research Questions
For the purpose of this research work, the following research questions are meant to be answered:
- Is there any relationship between internal control systems and organizational performance?
- Does internal control enhance completeness, accuracy and validity of the records?
- Does internal control system helps in safeguarding assets of an organization?
1.4 Aims and objectives of the Study
The main aim of this project is examine the impact of internal control on organizational performance while the objectives are:
- To examine the impact of internal control on organizational performance
- To determine the completeness, accuracy and validity of the records.
- To see how the company safeguards it assets by enforcing strict adherence to the management policies.
1.5 Significance of the Study
This study shall be of great benefits to the management of the organization in order to deal extensively with effect of internal control on organizational performance and this will eventually lead to high productivity in the organization and also prevent risks within the organization.
This study will help organization to have better understanding on how to install a good internal control system for the effective running of their organization.
To managers of organizations and individuals, this study would assist them in the area of identifying the effect of internal control on organizational performance and its consequences.
As for managers in all organization within the country the result of this research will help them to reduce the level of risk and fraud within their organization so as to increase the confident level of their shareholders or investors. Managers ensure that as goods and services are produced, machines or other equipment are properly used so any malfunctions can be avoided. Improper usage of company assets can create downtime if goods have to be re-produced because of product defects.
Moreover, the study will be more relevant to management and social science students because they will be exposed to the effect of internal control on organizational performance and not only that it would also serve as an eye opener to the fact that as managers, there are lots of issue relating to internal control within the organization which if left unattended to will jeopardized organizational goal of the company.
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